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      Tumisang Orebonye: Overcoming Against Adversity to Reach for the Stars

      ‘Winning The CAF Super Cup Is A Dream Come True’ – Orebonye

      BAA Needs Over P3m For World Champs

      Botswana’s Sporting Future in Jeopardy: School Sports Suspension Threatens Athletic Excellence

      No House For Tebogo Despite Astral Performance in Budapest

      “No Pressure for Tebogo at Diamond League Finals”

      BOKA Aims to Host Two Prestigious International Karate Competitions

      BOKA Aims to Host Two Prestigious International Karate Competitions

      FM Botswana 2022 conference: transformation towards a greener FM 

      StanChart CEO Underscores Role of UB Marathon in Boosting Botswana’s Sports Tourism

      No House For Tebogo Despite Astral Performance in Budapest

      No House For Tebogo Despite Astral Performance in Budapest

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      Kenya scales down on new projects to achieve revised budget deficit

      mm by Kitso Dickson
      November 15, 2022
      in News
      Reading Time: 1 min read
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      Kenya scales down on new projects to achieve revised budget deficit

      Kenyan eurobond yields (%). Source: ETM Analytics, Bloomberg

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      As part of measures to achieve a revised budget deficit target of 5.7 percent of GDP, Kenya plans to “remove all new projects” from the budget for the current fiscal year through June.

      According to Treasury Secretary Njuguna Ndung’u, Kenya will also scale down on some externally funded projects. On recurrent expenditure, Treasury has directed ministries to eliminate all spending on foreign travel, purchasing furniture, motor vehicles, and refurbishing buildings. Ndung’u added that the spending cuts will be packaged into a supplementary budget and presented to lawmakers.

      Meanwhile, the bullish bias in Kenyan eurobonds remained entrenched on Monday as positive developments on the fiscal front continued to bolster investor sentiment towards the country. For context, Kenya’s 5-year eurobond yield shed 33bp to close the session at 9.86%, a level last seen in May. The longer-dated 10-year eurobond yield meanwhile fell by 29bp to close Monday’s session at 10.60%.

      Tags: Njuguna Ndung’u

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