Economy

It Was Productive: Says IMF After Meeting Kenyan Team on Anti-Tax Protests

September 18, 2024
650 1 minute read
IMF Satisfied After Meeting Kenyan Team on Anti-Tax Protests
President William Ruto when he met IMF team (left) in State House, Nairobi

The International Monetary Fund (IMF) said on Tuesday it held productive discussions with the Kenyan government on its plans to address the fiscal challenges, after countywide protests against Finance Bill, 2024.

The protests forced President William Ruto to abandoned the bill in June, in which the state had planned to collect Ksh.340 Billion – leaving the heavily indebted government with a bigger budget deficit for this financial year.

“We remain fully committed to support the authorities on their efforts to identify a set of policies that could support the completion of the reviews under the ongoing program as soon as feasible,” the IMF said in a statement.

in 2021, Kenya struck a four-year loan deal with the IMF.

Also Read: IMF Team in Kenya to Assess Economic Risks of Tax Protests

It also signed up for additional lending to support climate change measures in May 2023, taking its total IMF loan access to $3.6 billion.

Kenya reached a staff level agreement with the IMF in June on the seventh review of its programme, but the protest and ensuing withdrawal of the finance bill put a sign-off by the fund’s executive board, and subsequent payout, on hold.

September 18, 2024
650 1 minute read
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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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