Nairobi — President William Ruto's Cabinet has approved a Supplementary Budget aimed at cutting government spending by Sh300 billion shillings as a measure of containing the fiscal deficit.

The Cabinet which met at State House, Nairobi noted that the proposed fiscal consolidation will be key to rationalizing our national debt and making it more sustainable.

Since his inauguration in September last year, President Ruto has focused to bring the recurrent expenditure down further next year by an undisclosed amount, in a bid to achieve a recurrent budget surplus by the third year.

Recurrent expenditure usually includes civil servant salaries, domestic and foreign interest payments, pensions, and fuel costs for the government fleet of vehicles.

To that end, Cabinet also considered the 2023 Budget Policy Statement as well as the Medium Term Debt Management Strategy.

The 2023 Budget anchors the economic recovery agenda of the Government through a growth-friendly fiscal consolidation plan designed to slow down the annual growth in public debt and implement an effective liability management strategy.