Ruto concedes to protests, now he must fix Kenya’s budget

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Ruto concedes to protests, now he must fix Kenya’s budget - Business Mirror

Quick Summary:

Ruto had “seriously misjudged the amount of anger among the population over the tax hikes and the underlying socioeconomic conditions that have driven the high levels of frustration towards them,” said Andrew Smith, senior Africa Analyst at Verisk Maplecroft.

Now he needs to figure out how to right the fiscal ship of East Africa’s most industrialized economy, and restore trust with citizens even as the country reels from a brutal police crackdown that left at least 23 people dead this week.

Like many developing countries, Kenya faces an urgent need to enact fiscal reforms, including meeting IMF conditions that require boosting tax revenues, reducing borrowing and cut spending.