Budget |

Kenya Plans to Narrow Fiscal Deficit to 5% of GDP in 2019-20

NAIROBI (Capital Markets in Africa) – Kenya, East Africa’s biggest economy intends to narrow its budget deficit to 5 percent of gross domestic product in the fiscal year beginning in July, from 6.3 percent in the current period. The budget gap is seen at 572.2 billion shillings ($5.62 billion), compared with an estimated 635.5 billion shillings in the 12 months through June, the Treasury said in a draft document on its website. It plans to…

Nigeria to Meet New York Investors to Sell Longest-Dated Bonds

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LAGOS (Capital Markets in Africa) – Nigeria is set to meet global debt investors this week as it looks to sell its longest-maturity Eurobond yet. The government mandated Citigroup Inc. and Standard Chartered Plc to arrange a 10- and 30-year transaction, according to a person familiar with the matter, who isn’t authorized to speak publicly. Nigerian officials will hold conference calls today, before meeting investors in London on Thursday and in New York on Friday,…

Nigeria Senator Says Work on 2017 Budget Stalled by Police Raid

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LAGOS (Capital Markets in Africa) – A Nigerian lawmaker said work on passing the overdue 2017 budget stalled after police raided his house last week and took away key papers. The police denied confiscating any budget-related document. “The police truncated work on the 2017 budget by the invasion of my house,” Senate Appropriations Committee Chairman Danjuma Goje told reporters Wednesday in the capital, Abuja. “I don’t know if the police are now working on the…

Ghana’s 2017 Budget: Hope of A New Dawn, Or Illusion?

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ACCRA (Capital Markets in Africa) – Ghana’s 2017 budget statement outlined an ambitious first step towards transforming the structure of the economy. The budget, christened: “Sowing the Seeds for Growth and jobs” is grounded within the framework of the Ghana Shared Growth and Development Agenda II (GSGDA II) and within the context of the Extended Credit Facility (ECF) with the IMF. The budget targets accelerated and inclusive growth through a modernized agriculture sector, private sector-led…

Kenya Budgets Increased Spending Ahead of General Elections

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NAIROBI (Capital Markets in Africa) – Kenya plans a slight increase in government spending ahead of general elections in August as concerns increase that it could be taking on more debt than it can handle to finance its budget. Treasury Secretary Henry Rotich told lawmakers the government planned to increase spending to 2.287 trillion shillings ($22.2 billion) in the fiscal year that starts in July, a 2.6 percent increase from 2016-17. “We shall continue to progressively reduce…

Egypt targeting $9 bln in foreign financing in FY 2017-18

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CAIRO (Capital Markets in Africa) – Egypt is targeting $9 billion in foreign financing in the 2017-18 fiscal year, Deputy Finance Minister Ahmed Kouchouk told Reuters on Wednesday. The financing will be divided between $3 billion obtained from debt markets and $5 billion to $6 billion from international finance institutions, he said. Egypt agreed with the International Monetary Fund in November on a $12 billion, three-year loan programme to support government efforts to reduce its…

Military wins in first Trump budget; environment, aid lose big

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WASHINGTON (Capital Markets in Africa) – President Donald Trump will ask the U.S. Congress for dramatic cuts to many federal programs as he seeks to bulk up defence spending, start building a wall on the border with Mexico and spend more money deporting illegal immigrants. In a federal budget proposal with many losers, the Environmental Protection Agency and State Department stand out as targets for the biggest spending reductions. Funding would disappear altogether for 19…

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