Kenya's Fiscal Update 2025/26 | Business Redefined

An update on the fast moving 2025/26 fiscal environment:
  • The financial year was off to a strong star from a tax revenue mobilization standpoint (July 2025 collection up 7.53% y/y at Kes 171.53 billion) but there was little yield on the non-tax revenue front. What's at play?
  • The government is talking about re-denominating the US$6.0 billion SGR loan from US$ to CN¥. How is this likely to unfold?
  • We've seen aggressive front-loading of the Kes 635.5 billon borrowing, while carefully maintaining a tight yield curve play to maintain a firm lid on the cost of funds. With Supplementary Appropriations I in the horizon, what can we expect?
A conversation with Churchill Ogutu - Economist, IC Group
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