heavy debts

Kenya: Ruto, boxed in by IMF, may slash civil service and hike taxes

By Herald Aloo

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Posted on November 15, 2022 09:51

© President William Ruto of Kenya during the Cop27 summit at Sharm el-Sheikh, Egypt. REUTERS — President William Ruto of Kenya during the Cop27 summit at Sharm el-Sheikh, Egypt. REUTERS

William Ruto has pledged to cut Kenya’s public debt by reducing borrowing, and improving state revenue to bridge the East African country’s financing gap. However, mounting pressure keeps pushing the government to take out more loans, making it harder for the president to live up to his promises.

Economists say Kenya has no other choice but to extend its begging bowls to different financiers.

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