Kenya is aiming to collect $20.1 billion in tax revenue for the fiscal year ending in June, lower than prior projections and a challenge for a government that is expanding spending commitments.
The Treasury has raised its budget to “accommodate security spending, disaster response, and higher pay demands by government staff,” Bloomberg reported.
Kenya’s central bank governor last week said the country had requested rapid financial support from the World Bank to help it manage the economic shocks sparked by the Iran war. As one of many nations on the continent reliant on energy imports, Kenya is trying to avoid fuel shortages. It is the first larger emerging economy to publicly confirm a formal support request on the matter to the World Bank, Reuters reported.