Kenya Aims to Boost Income, Curb Borrowing and Keep Growth
- Government to cut 2023-24 net foreign borrowing by one third
- Ruto’s administration wary of limited access to debt markets
William Ruto
Photographer: Yasuyoshi Chiba/AFP/Getty ImagesThis article is for subscribers only.
Kenya aims to ramp up its tax collections in the next financial year to help President William Ruto’s administration ease the nation’s reliance on borrowing while boosting the economy.
The government has set a target to increase tax collection by nearly a fifth to 3 trillion shillings ($24.2 billion) in the year beginning July, the National Treasury said in a report. That will enable it to fund a bigger budget, despite a proposal to reduce net foreign borrowing by a third.