Treasury PS Dr Chris Kiptoo tables itching news that Kenya is yet to fund its projects inspite of receiving Sh 1 trillion from US
Treasury intends to reconcile the deficit by borrowing externally and domestically on equal measures to fund projects
Kenya has a projected Fiscal deficit of Kshs. 514.7 Billion in the coming Financial Year. This was disclosed by National Treasury Principal Secretary Chris Kiptoo at a meeting with the National Assembly Public Debt and Privatization Committee.
The PS told MPs that the said deficit would be financed through domestic borrowing of Ksh. 258.9 Billion and a projected External Borrowing of Kshs. 256.8 Billion.
According to the PS, the public debt as at 30th April 2024 stood at Kshs. 10.5 Trillion representing 65,3% of the Gross Domestic Product.
Committee Members led by Chairperson Balambala MP Abdi Shurie Omar grilled the PS and his team on a raft of other public debt related matters, including the Treasury’s plans to lower the national debt portfolio, as well as strategies to cut on unnecessary government expenditures to minimize borrowing.