The Kenyan government announced September 19 it will reduce its 2019-20 budget spending by KSh46.2 billion, or about $445 million, due to revenue collection shortfalls.
This announcement comes a few days after Acting Finance Minister Ukur Yatani announced strict cuts in spending on foreign travel by public servants and advertising by ministries.
These new budget cuts represent 2.1% of previous expenditures. In total, government spending is estimated at $27.3 billion (26.3% of GDP) while revenues are projected at $19.9 billion (19.2% of GDP). Authorities estimate the value of currently suspended development projects such as roads and dams at nearly $3.6 billion, due to a lack of government funding.
Last July, the country’s legal court announced the arrest of Henry Rotich, the country's former Finance Minister which was heavily criticized for increasing public spending last June and for introducing additional taxes to fund spending.
Moutiou Adjibi Nourou
BYD to install 200-300 EV chargers in South Africa by 2026 Fast-charging stations powered by grid...
Drones to aid soil health, pest control, and input efficiency High costs, skills gap challenge ac...
• Parliament approves Virtual Asset Service Providers Bill 2025 to regulate digital assets• Central ...
• The five-year plan allocates 388 billion pulas to boost growth and jobs.• Focus areas include tran...
• The Bank urges Nigeria to raise excise taxes on alcohol, tobacco, and sugary drinks.• Current rate...
Company sells Montage Gold shares to fund exploration at Didievi. Cash position now about A$16 million to support new drilling programs. Project...
Company secures firm investor commitments for a $13 million share placement. Funds to finance the definitive feasibility study (DFS) of the...
London-listed Aterian secures £455,000 ($610,000) from investors. Funds to support operations in Rwanda, Botswana, and Morocco. Company expands focus...
Voltalia and IFC partner to develop Power-to-Mine renewable projects. Initiative targets off-grid mines and aims to cut fossil fuel reliance. Mining...
The Great Zimbabwe National Monument stands as one of southern Africa’s most iconic archaeological sites, a silent witness to a thriving African...
African countries prepare to celebrate Intangible Cultural Heritage Day Planned events spotlight traditions, rituals, and cultural...