Kenya's Fiscal Deficit Triples By End-December

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Kenya's overall fiscal deficit tripled to KES 45.3 billion or 1.8% of gross domestic product through end-December 2009 compared with a deficit of KES 13.7 billion or 0.6% of GDP in 2008, the country's finance ministry said on Monday.

That was less than the 4% of GDP deficit that was originally targeted by the government.

The Kenyan government's expenditure and net lending for the fiscal year ending December 31 2009, amounted to KES 302.6 billion, which was KES 73.4 billion below the target of KES 376 billion.

Meanwhile, total revenue collection to end-second quarter of fiscal year 2009/10 amounted to KES 257.3 billion against a target of KES 274.1 billion.

At the same time, Kenya's total external debt stood at KES 525.5 billion while total domestic debt increased to KES 589 billion.

Kenya's overall fiscal deficit tripled to KES 45.3 billion or 1.8% of gross domestic product through end-December 2009 compared with a deficit of KES 13.7 billion or 0.6% of GDP in 2008, the country's finance ministry said on Monday. (Market News Provided by RTTNews)