Kenya Trims Tax Revenue Goal, Ramps Up Borrowing

Kenya cut its tax revenue target for the fiscal year through June and increased its borrowing plans, according to Treasury Secretary John Mbadi.

The East African nation now expects to collect 2.6 trillion shillings ($20.1 billion), Mbadi said in an official notice, compared with 2.63 trillion shillings in the Treasury’s initial budget plans. In the nine months through March, the East African nation collected 1.7 trillion shillings, equivalent to two-thirds of the revised goal, according to the notice.