Kenya’s Finance Minister reaffirmed the government’s commitment to fiscal discipline amidst financial challenges sparked by the withdrawal of proposed tax hikes.
President William Ruto withdrew a finance bill containing 346 billion Kenyan shillings ($2.69 billion) in tax increases following deadly protests.
In response, Ruto initially proposed austerity measures but later indicated the need to borrow an additional 346 billion shillings to cover the resulting budget gap, raising concerns as Kenya’s national debt already exceeds statutory limits.
Parliament’s role in approving a supplementary budget remains pivotal during the ongoing recess.