Kenya’s cabinet on Tuesday ordered all ministries and state departments to cut 10% of their operational budgets for the 2023/24 (July-June) fiscal year, the presidency said.
The East African nation is facing deepening economic challenges due to growing debt repayments, rising interest rates and high taxes that have curbed consumer demand.
“As part of the administration’s fiscal consolidation plan that seeks to contain the fiscal deficit, cabinet sanctioned the reduction of the recurrent budget of each ministry and state department by 10%,” the presidency said in a statement.
Source: CNBC Africa
