Government to raise 2016/17 local borrowing, cut budget deficit

Kenya will raise its borrowing from the domestic market for the fiscal year from July to 294.6 billion shillings ($2.91 billion) from its initial target of 236. 1 billion shillings, the Treasury said.

The new amount will be equivalent to 4.1 percent of the gross domestic product, from 3.3 percent in the initial forecasts, the Treasury said in a budget review document posted on its website.