Kenya’s parliament approves an extra 78 billion shilling in budgetary expenses


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Kenya’s parliament approves an extra 78 billion shilling in budgetary expenses

Late on Thursday, the 28th of November 2019, the Kenyan Parliament had approved an additional $769.85 million (78.14 billion Kenyan shilling) in expenses requested earlier by the Treasury department in its revised budget for the fiscal year 2019-20.

In point of fact, the Finance Ministry of Kenya had asked for a rise of 3 per cent (86.60 billion shilling) in additional budgetary expenses for a swathe of projects ranging from roads to health to a cushion for the African nation’s scuffling manufacturing sectors which had been facing off a steep headwind throughout the year, nonetheless, the parliament had reduced the sum Finance Ministry had initially sought and approved a total of 78.14 billion Kenyan shilling or $769.85 million as beforementioned.

However, following Kenyan parliament’s Thursday’s (November 28th) decision to approve an additional sum to the nation’s budget, which had already facing off a deficit of 6.3 per cent of its GDP (Gross Domestic Product) or a $90 per capita, slightly higher than its initial target of 5.9 per cent, industry analysts were quoted saying that the deficit would likely to result in further borrowing from its allies, in particular from China, while lawmakers were quoted saying on Friday (November 29th) that they would soon roll out a bill to establish an independent debt management office to address public concerns in Kenya, a country which had been floating above a growing stockpile of debt for more than a decade.