Breaking News

Kenya cuts 2019/20 spending plans by 2.1%

Kindly Share This Story:

Kenya’s finance ministry has cut the government’s planned spending for the 2019/20 (July-June) fiscal year by 2.1 per cent, a budget review document by the ministry showed on Thursday.

The ministry said in Nairobi that the cut was equivalent to 46.2 billion shillings ($445 million) for the fiscal year.

The ministry said the cuts to the budget for this fiscal year were mainly caused by revenue collection shortfalls attained through “trade-offs and reallocations of the existing budgetary provisions.

CIBN, others to host 12th annual banking, finance confab(Opens in a new browser tab)

The former finance minister Henry Rotich was criticised for raising spending in June and imposing additional tax measures on already squeezed taxpayers.

The current minister, Ukur Yatani, who was appointed to the post in an acting capacity in July, promised strict spending cuts, aimed mainly at non-essential items such as foreign travel by officials. (NAN).


Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.


Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!