Kenyan President William Ruto has announced that the government will need to borrow an additional $2.7 billion to cover the budget deficit after the recent retraction of a controversial tax hike. Ruto explained that the withdrawal of the tax bill has led to a funding gap and the additional $2.7 billion will plug that. He also defended the finance bill and admitted his government could have done a better job of communicating its benefits to Kenyans. He plans to introduce budget cuts and run a leaner government to address the country’s 70% GDP sovereign debt. Furthermore, Ruto denied culpability for the death of protesters who demonstrated against the tax hike. He promised to launch an investigation into how the deaths occurred and stated there will be accountability for any police excesses. He also warned of legal actions against those who stormed parliament, promising they will be prosecuted.
SOURCE: DW