Kenya budget deficit to swell
KENYA’S budget deficit for this financial year could increase due to revenue shortfalls and coronavirus-related disruptions, the finance minister said on Tuesday.
Ukur Yatani, who set the deficit at 7,5 percent of GDP when he presented the budget in June, did not say how far the gap was likely to expand, adding that they were developing a plan to cover it.
“It might be just cutting on some expenditures, particularly the slow-moving projects, and… some state agencies are doing well so we are likely to get some substantial dividends,” Yatani said.
Revenue collection underperformed by 40 billion shillings ($368,49 million) in the first two months of the financial year, July and August, he said, adding that he will present a supplementary budget in December or January. -Reuters