Kenya unveils Ksh4.29tn budget as debt repayments strain fiscal space

• Treasury to borrow Ksh923.2bn to plug deficit, with 70% of GDP now in debt
• No new taxes, but analysts warn targets may be too ambitious amid slow growth

Nairobi, Kenya – Kenya’s National Treasury has approved a Ksh4.29 trillion ($33.2 billion) budget for the 2025/26 fiscal year, as the country continues to grapple with a heavy debt burden and widening fiscal deficit. The budget was tabled before Parliament on Thursday by Treasury Cabinet Secretary John Mbadi in his first budget speech since assuming office.