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Kenya's budget to hit 23.6 bln USD for 2017/18 financial year

Xinhua, October 4, 2016 Adjust font size:

Kenya's budget for the 2017/18 financial year is projected to increase to 23.6 billion U.S. dollars, up from the current 21.1 billion dollars, a senior official said on Monday.

Cabinet Secretary for the National Treasury, Henry Rotich, said that the government revenues will increase despite a slowdown of global economic performance.

"The growth will stem from an increase in tax revenue collections from the current 18.2 percent of the Gross Domestic Product to 18.3 percent," Rotich said during the official opening of the public sector hearing for the financial year 2017/18.

Rotich said that the 2017/18 budget will expand as tax collections will increase from 13.1 billion dollars for the current financial year to 14.9 billion dollars for the next financial year.

He said that the majority of the government expenditure will go to non-discretionary spending, such as the public wage bill and the repaying of domestic and external loans.

The government will prioritize spending on programs and projects that address poverty reduction, Rotich said, adding that 439 million dollars will be set aside in the next financial year to fund free primary and secondary education. Endit