Kenya projects 5.9% drop in fiscal deficit

Kenya’s National Treasury expects the fiscal deficit to drop to 5.9 per cent of the GDP in the next budget year driven by reduction in expenditure. Elsewhere, Global Credit Ratings has accorded Cytonn Investments an initial rating of BB with a stable outlook. Maurice Oduor, Investment Manager at Cytonn Investments joins CNBC Africa to discuss market movements in the Kenyan market.

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Central Bank of Kenya issues a 5-year Ksh50bn bond for budgetary support

In Kenya, the banking sector continues to dominate activity at the Nairobi Securities Exchange with shares worth Ksh775 million transacted, which accounted for 48.27 per cent of the traded value in the week that ended on 30th April 2020. Moreover, the Central Bank of Kenya announced the insurance of a 5-year Ksh50 billion bond for budgetary support in May with the auction date set for Wednesday 6th of May. The market-determined bond will mature in May 2025 with CBK encouraging investors to use treasury mobile direct or internet banking to purchase the bond. Joining CNBC Africa for more is Rodney Omukhulu, Assistant Investments Analyst at Cytonn.

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As countries across Africa source intervention funds to battle the economic impact of the COVID-19 pandemic, with Nigeria’s economy especially taking a hit from falling oil prices and local currency devaluation, Sam Chidoka, Managing Director and CEO of Kairos Capital joins CNBC Africa to discuss how these events are impacting Nigeria's economy.

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The economic turmoil caused by the COVID-19 pandemic has had wide severe impact on financial markets not leaving behind stocks, bond and commodity markets. Uganda Securities Exchange CEO, Paul Bwiso joins CNBC Africa for more.

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