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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

IMF pledges to assist Kenya treasury lower fiscal deficit   

NAIROBI  (Xinhua) -- The International Monetary Fund (IMF) pledged on Wednesday to assist Kenya to lower its fiscal deficit.

IMF Resident Representative for Kenya Jan Mikkelsen told Xinhua that Kenya’s fiscal deficit that currently stands at approximately 8 percent of the gross domestic product (GDP) against a government target of 6 percent is not sustainable in the long run.

“We are therefore ready to work closely with government to reduce the fiscal deficit in order to reduce the amount of borrowing required,” Mikkelsen said during the launch of the Kenya Association of Manufacturers, Manufacturing Priority Agenda (MPA) 2018.

Mikkelsen said Kenya’s relatively high fiscal deficit for the 2017/2018 financial year has been caused by prolonged electioneering period in 2017 together with the drought that hit the agricultural sector.

He noted that the country has however implemented a number of measures to lower the fiscal deficit, which has declined as compared to the last financial year.

             

 

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