You are here: HomeAfrica2024 07 02Article 1956275

Africa News of Tuesday, 2 July 2024

    

Source: BBC

Kenya to borrow more after new taxes withdrawn - president

William Ruto, President of Kenya William Ruto, President of Kenya

Kenya's President William Ruto has announced the country will need to borrow more to sustain the government after withdrawing a controversial finance bill following deadly protests.

The bill aimed to raise taxes and reduce Kenya's $80bn debt, but its rejection means the government now plans to borrow 1 trillion shillings ($7.6bn), a 67% increase.

Ruto, who suggested spending cuts, including in his own office, said the rejected bill set Kenya back two years. Critics argue more borrowing isn't prudent and demand greater accountability.

The protests, which led to at least 23 deaths, continue, with calls for the president's resignation.

Read full article