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Decision Time : Spend More or Spend Smart? Kenya Public Expenditure Review

ADMINISTRATIVE COSTS ADMINISTRATIVE EXPENDITURE ADMINISTRATIVE EXPENSES AGGREGATE EXPENDITURE AGGREGATE FISCAL AGGREGATE FISCAL FRAMEWORK AGGREGATE SPENDING ARREARS AUDIT OFFICE BALANCE OF PAYMENTS BANK INVESTORS BOND ISSUES BUDGET ALLOCATION BUDGET ALLOCATIONS BUDGET COMMISSION BUDGET DATA BUDGET DEFICIT BUDGET EXECUTION BUDGET POLICY BUDGET POLICY STATEMENT BUDGET REVIEW BUDGETARY PRESSURE CAPITAL BUDGET CAPITAL FLOWS CAPITAL INVESTMENTS CAPITAL STOCK CENTRAL BANK CENTRAL GOVERNMENT COMMERCIAL BANKS COMMODITY PRICES CREDIBILITY CREDIT GROWTH CREDIT MARKET CREDITORS CURRENCY COMPOSITION CURRENT ACCOUNT DEFICIT DEBT COMPOSITION DEBT INSTRUMENTS DEBT INTEREST DEBT LEVEL DEBT MANAGEMENT DEBT SERVICE DEBT STOCK DEBT SUSTAINABILITY DECLINE IN INVESTMENT DEFICITS DEPOSIT DEPOSIT LIABILITIES DEPOSITS DISBURSEMENT DOMESTIC BORROWING DOMESTIC CREDIT DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC MARKET ECONOMIC GROWTH ECONOMIC RECOVERY EQUIPMENT EUROBOND EXCHANGE RATE EXPENDITURE EXPENDITURE GROWTH EXPENDITURE OUTCOMES EXPENDITURES EXPORT PERFORMANCE EXTERNAL BORROWING EXTERNAL DEBT FINANCIAL ACCOUNTABILITY FINANCIAL MANAGEMENT FINANCIAL RESOURCES FINANCIAL SUPPORT FISCAL DECENTRALIZATION FISCAL DEFICIT FISCAL MANAGEMENT FISCAL POLICY FISCAL POSITION FISCAL PRESSURE FISCAL PRESSURES FISCAL RETRENCHMENT FISCAL STANCE FISCAL STRATEGY FISCAL SUSTAINABILITY FISCAL TRANSFERS FIXED INVESTMENT FOREIGN BORROWING FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN FINANCING FOREIGN INTEREST GLOBAL MARKETS GOVERNMENT BUDGETS GOVERNMENT EXPENDITURE GOVERNMENT FINANCE GOVERNMENT INVESTMENT GOVERNMENT INVESTMENTS GOVERNMENT POLICY GOVERNMENT SECURITIES GOVERNMENT SPENDING GROSS DOMESTIC PRODUCT GROWTH POTENTIAL HEALTH SECTOR HIGHER INTEREST HIGHER INTEREST RATES HUMAN CAPITAL INCOME TAX INCOME TAXES INFLATION INFLATIONARY PRESSURES INFORMATION SYSTEM INFRASTRUCTURE DEVELOPMENT INFRASTRUCTURE INVESTMENT INFRASTRUCTURE INVESTMENTS INFRASTRUCTURE PROJECTS INFRASTRUCTURE SECTOR INTEREST PAYMENT INTEREST PAYMENTS INTEREST RATE INTEREST RATE RISK INTEREST RATE SPREAD INTEREST RATES INTERNATIONAL FINANCE INTERNATIONAL INTEREST INTERNATIONAL TRADE INVESTING INVESTMENT DECISION INVESTMENT PROCESS INVESTMENT REQUIREMENTS LABOR MARKET LEVIES LEVY LIQUID ASSETS LIQUIDATION LIQUIDITY LOAN LOAN REPAYMENT LONG-TERM GOVERNMENT SECURITIES LONG-TERM INSTRUMENTS MACROECONOMIC INDICATORS MACROECONOMIC MANAGEMENT MAINTENANCE BUDGET MARKETABLE ASSETS MATURITY MATURITY PERIOD MEDIUM TERM EXPENDITURE MEDIUM TERM EXPENDITURE FRAMEWORK MONETARY FUND MONETARY POLICY MONEY MARKET NATIONAL AUDIT NATIONAL GOVERNMENT NATIONAL GOVERNMENTS NATIONAL POLICY NATIONAL POLICY OBJECTIVES NATIONAL SECURITY NATIONAL TREASURY NEGATIVE SHOCKS NET PRESENT VALUE OUTPUT RATIO PLEDGES PORTFOLIO PRICE VOLATILITY PRIVATE CONSUMPTION PRIVATE SECTOR PROGRAMS PUBLIC BORROWING PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE REVIEW PUBLIC FINANCE PUBLIC FINANCES PUBLIC INVESTMENT PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SPENDING REAL EXCHANGE RATE RECURRENT EXPENDITURE RECURRENT EXPENDITURES REMITTANCES REPAYMENT RISK RESERVE RESERVES RISK FACTORS SERVICE DELIVERY SHARE OF CREDIT SHORT-TERM CAPITAL SOVEREIGN BOND SUSTAINABILITY ANALYSIS T-BILL T-BILL RATES T-BILLS T-BOND T-BONDS TAX TAX ADMINISTRATION TAX COLLECTIONS TAX EFFORT TAX EXPENDITURES TAX INCENTIVES TAX REVENUE TAX SYSTEM TAXPAYERS TOTAL DEBT TOTAL EXPENDITURE TOTAL SPENDING TREASURY TREASURY BILL TREASURY BILL RATE TREASURY BILLS TREASURY BONDS WEAK BUDGET EXECUTION
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Nairobi
Africa | Kenya
2015-02-25T23:21:17Z | 2015-02-25T23:21:17Z | 2014-12

Kenya is currently in an expansionary phase of its fiscal policy reflected in a widening primary deficit. The fiscal framework is marked by a significant fiscal expansion over the last three years, 2011/12 to 2013/14. The fiscal stimulus implemented in 2009/10 increased aggregate spending by 2 percent of Gross Domestic Product (GDP). However the envisaged fiscal retrenchment at the end of the program did not materialize and fiscal expansion continued with the general election in 2013. Aggregate expenditure averaged 25 percent and revenue at 18 percent of GDP. The fiscal deficit financed through debt is reflected in the doubling of the primary deficit (commitment basis) now in the range of 3.3 percent of GDP, and the rising stock of public debt from 37 percent to 43 percent of GDP (net of deposits), of which about half 22 percent was external debt in 2013/14. The fiscal developments have seen an increase in the share of debt service in total spending from 13 percent to 15 percent of recurrent spending, equivalent to 2.6 percent of GDP. Kenya s debt service is higher among East Africa Community (EAC) peers, 2 percentage points above Ethiopia and Rwanda, and 1 percentage point higher than Uganda and Tanzania.

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