Kenya Fiscal projections 2016/17
Govt cuts further 2016/17 FY deficit projection to 7.5% of GDP
In a newly released Budget Policy Statement just after earlier this month it revised deficit to 8.1% of GDP
The current FY budget process has been discredited since its start with varying deficit targets, above those
pledged under IMF program
Not clear if revenue projections will be achieved in pre-poll year while expenditure slippages may occur
More domestic borrowing under interest rate caps does not bode well with sluggish credit growth
There are downside risks to GDP growth
Fund's stance will be important, limitation in access to USD 1.5bn precautionary funding likely to increase
jitters
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