Kenya's government is reducing its rate of borrowing, officials said on Thursday, to attain a significantly narrower budget deficit in the next financial year.
revising its budget
Public debt surged under the administration of Ruto's predecessor, Uhuru Kenyatta, which presided over an infrastructure construction drive. "We intend to contain growth in non-priority expenditures to reduce the fiscal deficit," Finance Minister Njuguna Ndung'u told the meeting on budget preparation.
Economic growth is expected to rise to 6% next year, from an estimated 5.3% this year, Ndung'u said. Like other economies around the world, Kenya is experiencing a surge in prices of basic commodities, which has been exacerbated by the worst drought in four decades.
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