President Ruto says Kenya has cut 2024/2025 spending plan by 12%

Kenya will cut its spending plan for the financial year from July by 12 per cent to $28.35 billion as part of efforts to meet the budget over the next three years, President William Ruto said.

The country’s currency and stocks rose after it successfully spent 1.5 billion euros in February to finance the purchase of another bond due to mature in June. The move goes against many expectations that it may have difficulty reaching international markets.

“We are reducing the budget by four percentage points, about Ksh 4.2 trillion and Ksh 3.7 billion,” Ruto told Kenyans in Ghana in a video seen by Reuters on Wednesday.

“We need to live within our means… we are shedding off fat.”

The President was on an official visit to Ghana on Tuesday.

In a meeting with senior government officials late last month, Ruto said his government wanted to move to a three-year budget.