By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Newsunplug KenyaNewsunplug KenyaNewsunplug Kenya
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Reading: Ruto administration to borrow Sh3.6 trillion in first term
Share
Notification Show More
Font ResizerAa
Newsunplug KenyaNewsunplug Kenya
Font ResizerAa
  • News
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
  • News
    • Metro
    • Politics
    • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Tech
  • Spotify
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Newsunplug Kenya > Blog > Business > Ruto administration to borrow Sh3.6 trillion in first term
Business

Ruto administration to borrow Sh3.6 trillion in first term

new5nuke
Last updated: January 24, 2023 7:08 pm
new5nuke
2 years ago
Share
SHARE

President William Ruto’s administration is targeting borrowing Sh3.6 trillion in his first five-year term, upending his plan to go slow on debt.

The Sh3.6 trillion is equivalent to 89 percent of the record Sh4.1 trillion that his predecessor, Uhuru Kenyatta, borrowed in the five years to June 2022.

At Sh3.6 trillion, the borrowing is more than the Sh2.7 trillion that Mr Kenyatta chalked up in his first term and Sh1 trillion that the late Mwai Kibaki borrowed in his last five-year term.

Analysts had expected that the Ruto administration would cut fresh borrowing by a larger margin after committing to ramp up its tax collections over the next five years.

But the rise in spending under the so-called Bottom-Up economic plan, which proposes to channel resources to sectors that can have a mass impact in creating jobs and wealth, has prevented deeper cuts on the country’s borrowing.

sh3.6

Dr Ruto’s budget will top Sh5.1 trillion in the fiscal year ending June 2027 from Mr Kenyatta’s last annual expenditure of Sh3.0 trillion.

The additional expenses are expected to wipe out the additional taxes as the government sets a target to increase Kenya Revenue Authority (KRA) collections to Sh3.78 trillion in June 2027 from the current Sh2.19 trillion.

READ MORE  CBI and SMB Bank collaborate to encourage women in international trade.

The government will be betting on raising additional tax revenues and spending rationalisation to contain growth in the country’s debt levels over the medium term.

Kenya benchmarks Egypt’s 11pc in Eurobond buyback
Kenya is ready to capitalize on the blue economy, Mvurya says investors.
CBK issues warning over Sh532b domestic borrowing plan
Public Universities Drowning In Ksh.62B Debt
Police deny holding sugar billionaire Jaswant Singh Rai
Share This Article
Facebook Email Print
Previous Article Revellers back at Juja dam days after couple’s death
Next Article Former Education CS George Magoha dies at 71
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

Recent Posts

  • Woman stabs husband to death in Kisumu
  • Mpox: Two people dead as Mombasa intensifies surveillance amid rising cases
  • Singer Bella Thorne claims colleague Charlie Puth turned on her for not sl33ping with him
  • Son of Mexican Drug Lord ‘El Chapo’ agrees to cooperate as he pleads guilty in US
  • Aston Villa pre-season guide: Fixtures and streaming information

Recent Comments

No comments to show.
Newsunplug KenyaNewsunplug Kenya
© Newsunplug Kenya. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?