Kenya Supplementary Budget Raises 2019-20 Spending by 2.5%

(Bloomberg) --

Kenya plans to increase total expenditure in the fiscal period through June to 2.803 trillion shillings ($26.3 billion) from 2.73 trillion shillings, according to a supplementary budget tabled in parliament.

The amendment is the second this fiscal year and is a 0.3% drop from an earlier supplementary budget that sought to increase spending to 2.81 trillion shillings, according to document.

Key Highlights:

• Overall expenditure and net lending is equivalent to 26.4% of gross domestic product.
• The fiscal deficit is seen at 7.8% of GDP.
• Development spending has been cut by 2.9% to 683.95 billion shillings.
• Net foreign financing will be 3.2% of GDP, while net domestic financing will be 3.1% of GDP.
• Revenue in the nine-month period through March was 1.33 trillion shillings, against a target of 1.54 trillion shillings. Revenue for the full year is projected at 18.2% of GDP.
• Total expenditure by the end of March was 1.8 trillion shillings, compared with a target of 2.02 trillion shillings.

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