Government to lower fiscal deficit to 5.6 per cent

Kenya will cut its budget deficit to 5.6 percent of GDP in its 2019/20 (July-June) fiscal year from a revised 6.1 percent of GDP in this fiscal year, the Treasury said in a draft budget summary sent to parliament this week.

The East African nation will borrow Sh 324.3 billion ($3.21 billion), equivalent to 3.0 percent of GDP, from abroad during the fiscal year and Sh289.2 billion, or 2.7 percent of GDP from the local market, the document showed.