Kenyan President William Ruto has taken decisive action in response to mounting public unrest and economic challenges by dismissing all Cabinet ministers and the Attorney General. The move, announced on Thursday, follows weeks of violent protests triggered by proposed tax hikes outlined in the Finance Bill 2024, a key component of Kenya’s agreement with the International Monetary Fund (IMF).
The protests, which began on June 18th and resulted in at least 39 deaths according to the Kenya National Commission on Human Rights, underscored widespread dissatisfaction with the government’s fiscal policies. The bill aimed to generate over $2.7 billion in revenue to support Kenya’s ambitious Ksh4.2 trillion ($30.6 billion) budget for the upcoming fiscal year.
President Ruto’s decision to scrap the controversial bill reflects a strategic shift amidst economic uncertainties. Earlier measures included proposing a Ksh177 billion ($1.2 billion) budget cut while increasing borrowing by Ksh169 billion ($1.1 billion) to stabilize the country’s fiscal position.
Deputy President Rigathi Gachagua and Foreign Affairs Minister Musalia Mudavadi, who also serves as the prime Cabinet secretary, were retained, ensuring continuity in key leadership roles during this period of transition.
President Ruto emphasized the need for responsive governance and renewed fiscal strategies to address Kenya’s pressing economic challenges.
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photo source: Google
By: Montel Kamau
Serrari Financial Analyst
12th July, 2024
