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.
