Kenya's Budget Deficit Likely to Swell, Finance Minister Says

Kenya’s budget deficit for this financial year could increase due to revenue shortfalls and coronavirus-related disruptions, the finance minister said on Tuesday, Reuters reported. Ukur Yatani, who set the deficit at 7.5% of GDP when he presented the budget in June, did not say how far the gap was likely to expand, adding that they were developing a plan to cover it. “It might be just cutting on some expenditures, particularly the slow-moving projects, and… some state agencies are doing well so we are likely to get some substantial dividends,” Yatani told Reuters. Revenue collection underperformed by 40 billion shillings ($368.49 million) in the first two months of the financial year, July and August, he said, adding that he will present a supplementary budget in December or January. “In the next two, three weeks, we will have some firm road maps,” he said. Read more