Kenya's Treasury cuts local borrowing target by $1.12bn

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The National Treasury building in Nairobi, Kenya. PHOTO | DENNIS ONSONGO | NMG

Kenya's National Treasury has trimmed its domestic borrowing target by Ksh172 billion ($1.12 billion), albeit at a lower cut than the previously projected Ksh270 billion ($1.84 billion).

New budget estimates by the exchequer have reduced the net domestic borrowing target to Ksh411 billion ($2.8 billion) from an approved estimate of Ksh583 billion ($3.96 billion) in June this year.