Kenya to cut 2024/25 spending plan by 12pc, President Ruto says


President of Kenya William Ruto. PHOTO | REUTERS

 Kenya will reduce its spending plan for the financial year starting this July by 12 percent to Ksh3.7 trillion ($28.35 billion), President William Ruto said, as part of efforts to attain a balanced budget in the next three years.

The nation's currency and shares have climbed after it successfully issued a new $1.5 billion Eurobond in February to finance the partial repurchase of another bond maturing in June. That move came in defiance of widespread expectations that it could struggle to access international markets.

"We are reducing our budget from four point, almost Ksh4.2 trillion to Ksh3.7 trillion," Ruto told Kenyans in Ghana in a video seen by Reuters on Wednesday.

"We need to live within our means... we are shedding off fat."

The president was in Ghana on Tuesday for a state visit.

During a meeting with chief executives of state-owned companies late last month, Ruto said his government wanted to move to a balanced budget within three years.

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