President of Kenya, William Ruto has rejected the finance bill after a day of rampant bloodshed in the West African country.
Kenyan youth threatened earlier today, June 26, Wednesday 2024 to organize more rallies against the approval of the bill by parliament. The bill has hereby been withdrawn by William Ruto.
In light of this, the Kenyan government which introduced the bill to raise $2.7 billion in additional taxes to reduce the budget deficit and state borrowing, presently has no approved fiscal plan for the incoming financial year. Kenya’s public debt stands at 68% of GDP, higher than the 55% of GDP recommended by the World Bank and the International Monetary Fund.