2019/20 budget deficit forecast to fall, overall spending to rise
SEE ALSO :Police surveillance, Huduma cash slashedTo cover the deficit, the government will borrow 271.4 billion shillings from the domestic market in 2019/20 and 306.5 billion shillings from foreign sources, the ministry said. The East African nation’s government increased borrowing and spending recently, leaving it with a fiscal deficit that peaked at 6.8 percent in the fiscal year ending in June, 2018. In October, the International Monetary Fund said Kenya’s risk of defaulting on debt repayments had increased to moderate from low, citing the government’s public investment drive and revenue shortfalls in recent years.
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