Govt. will borrow to cover 2017/2018 budget deficit, says CS Rotich

National Treasury CS Henry Rotich (right) with China ambassador to Kenya Dr Liu Xianfa (left) during a past function. PHOTO: COURTESY.

Nairobi, KENYA: The Kenyan government is expected to cushion its budget deficit through domestic and foreign borrowing.

Speaking at a press briefing in Nairobi on Friday Cabinet Secretary National Treasury  Henry Rotich added that foreign financing is already secured.

“We are working with development partners like the World Bank, African Development Bank and other bilateral donors. The Standard Gauge railway will be funded by the China Exim Bank,” Mr. Rotich remarked.

He added that sh. 4 billion would be financed through domestic borrowing.

“The recently launched M-AKIBA loans will contribute to the financing,” the CS said.

The 207/2018 budget as read by the CS was to reach a high of sh. 2.6 trillion where the Kenya Revenue Authority KRA has been charged with the task of collecting 1.7 trillion shillings.