Tax & Spend
Pushed to the Wall, Kenya Mulls Fresh IMF Financing Program
- Existing $3.6 billion IMF program scheduled to end in April
- Nation was forced to abandon new taxes after deadly protests
William Ruto
Photographer: Simon Maina/AFP/Getty ImagesThis article is for subscribers only.
Kenya plans to seek fresh financing from the International Monetary Fund as the nation deals with the economic fallout from deadly protests that forced President William Ruto to backtrack on plans to raise more than $2 billion in new taxes.
“We are beginning to start discussions even on a new program probably with the IMF and others,” Treasury Principal Secretary Chris Kiptoo told lawmakers on Monday while presenting revised budget estimates. The state is already in discussions with the World Bank for new development policy financing, he said.