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

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World Bank (WB)

Abstract: 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.
Type: Economic & Sector Work
Economic & Sector Work :: Public Expenditure Review
Link: http://hdl.handle.net/10986/21507
Subject: 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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