Published in: GENERAL

Kenya’s Treasury expects 2019/20 budget deficit to fall

Author

Published on: June 15, 2023

Kenya’s budget deficit is forecast to fall in the 2019/20 fiscal year, while overall spending will rise, the Finance Ministry said on Friday.

In a draft budget policy statement, the ministry said the budget deficit would drop to 5.0 percent of gross domestic product in the period from July to June, from a revised deficit of 6.3 percent of GDP in the 2018/19 fiscal year.

The deficit was forecast to fall further to three percent of GDP in 2022/23.

The policy statement said overall spending would rise to 2.70 trillion Kenya shillings ($26.56 billion) in 2019/20 from a revised 2.51 trillion Kenya shillings in the previous fiscal year.