Kenya Aims to Cut its Borrowing Requirements Both Domestically and Internationally.

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According to a draft budget policy statement from the ministry of finance, Kenya will set a net external financing goal of 198.6 billion shillings ($1.60 billion), or 1.2% of its gross domestic product, for its fiscal year 2023–24, which ends in June.

According to the policy statement, the government will aim for a net domestic borrowing target of 496.6 billion shillings, or 3% of GDP, for the same period. The new goals are lower than the ones established for the current fiscal year, which were 280 billion shillings in funding from outside sources and 581 billion shillings from domestic sources.

The administration of President William Ruto, which took office last September, intends to reduce the budget deficit from an estimated 5.8% of GDP in the current fiscal year to 4.3% of GDP in 2023–24.

Reuters.

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