Kenya will lower its budget deficit to 5.6 percent in its 2019-20 fiscal year from 6.3 percent in the current fiscal year. The National Treasury in a draft budget summary presented to the parliament this week proposed to cut the overall budget deficit to 3.8 percent of GDP by 2022-23 fiscal year, The EastAfrican reports.

Kenya’s target is in line with the East African Community (EAC) partners’ efforts to reduce budget deficits to at least 3 percent as the bloc prepares for a monetary union in 2024. That is the set deadline for abiding by the East African Community Monetary Union Protocol.

The country will borrow $3.2 billion equivalent to 3 percent of GDP from foreign countries during the fiscal year and  $2. 9 billion, or 2.7 percent of GDP from the local money market. The Treasury during the budget summary said that the economy was likely to grow by 6.1 percent this year from 6.3 percent last year, attributing the decline to the farming sector and economic conditions.

The Treasury has outlined a $27 billion spending plan for 2019-20 fiscal year. This comes in an effort to implement President Uhuru Kenyatta’s Big 4 Agenda. The Big 4 Agenda will empower Kenya by creating jobs and economic opportunities in order to secure a bright future.

The President when he addressed hundreds of youth at State House, Nairobi, said, “The Big Four Agenda provides young persons with multiple avenues for self-fulfilment, economic empowerment, dignified living and service to Kenya.”