Kenya’s remittance inflows rose to USD 404.4 mln in May, marking an increase of 14.9% YoY, although this is a slowdown from April’s 24% growth. Meanwhile, Kenya’s budget deficit is projected to decline to KES 597 bln (about 3.3% of GDP) in FY24 from KES 925 bln. The reduction will be financed partly through net external borrowing of KES 333.8 bln.