Kenya’s President, William Ruto has announced the country’s National Treasury will cut spending to make room for key commitments after anti-government protests.
In a live address from the state house, Ruto said the government will present a proposal to the national assembly to approve massive expenditure cuts after the withdrawal of the 2024 finance bill.
THE ANNOUNCEMENT
‘Over the last few days, our treasury team has been assessing the adverse impact of either reducing the budget by the entire Sh346 billion or borrowing the full amount,’ he stated on Friday.
‘We have since struck a middle ground and will be proposing to the National Assembly a budget cut of Sh177 billion and borrow the difference.
‘The additional borrowing will increase our fiscal deficit from 3.3 per cent to 4.6 per cent and will be used to protect the funding of critical government services,’ President Ruto stated.
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In addition to the financial adjustments, President Ruto also removed budgets for the offices of the first lady, and the second lady.
‘These measures are part of our commitment to enhance efficiency and transparency in serving the people of Kenya,’ President Ruto affirmed.
