Kenyan President William Ruto withdrew $2.7bn in proposed tax hikes, affecting IMF's $3.6bn lending program.
Kenyan President William Ruto spoke with IMF Chief Kristalina Georgieva after withdrawing $2.7bn in proposed tax hikes amid protests. The finance bill, containing the tax increases, was central to Kenya's policy reforms agreed with the IMF as part of a $3.6bn lending program. Analysts say the withdrawal of the tax hikes may result in Kenya missing key program targets. The IMF has not yet approved a disbursement of several hundred million dollars from the lending program's seventh review.
July 04, 2024
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