Kenyan President William Ruto spoke by phone with International Monetary Fund chief Kristalina Georgieva in the days after he withdrew $2.7 billion in proposed tax hikes in response to deadly protests, two diplomatic sources , according to Reuters.<\/p>\n
The finance bill containing the tax increases was central to policy reforms agreed by Kenya with the IMF as part of a lending programme worth $3.6 billion.<\/p>\n
Analysts say its withdrawal a week ago is likely to result in Kenya missing key programme targets.<\/p>\n
The IMF has been a major target of the ire of young Kenyan protesters, who have accused it of being the driving force behind the proposed tax hikes.<\/p>\n
The two sources, who spoke on condition of anonymity, did not provide details about Ruto and Georgieva’s phone call.<\/p>\n
However, they said there was agreement among major donors that the IMF needed to show flexibility on programme targets as Kenya looked to fill the gap caused by the bill’s withdrawal.<\/p>\n
The IMF reached a staff level agreement with Kenya in early June on a policy package needed to complete the lending programme’s seventh review, expected to unlock a disbursement of several hundred million dollars, but the deal has not yet received approval from the fund’s Executive Board.<\/p>\n
An IMF spokesperson said: “We remain deeply concerned by the recent tragic events in Kenya and maintain close ongoing and constructive dialogue with the Kenyan authorities,” when asked about the call.<\/p>\n
Ruto’s spokesperson did not respond to requests for comment.<\/p>\n
Since shelving the bill, Ruto has pledged to include austerity measures in a supplemental budget, but has also suggested that the government will need to significantly increase borrowing in the 2024\/25 fiscal year.<\/p>\n
An IMF spokesperson said last week that its main goal has been helping Kenya overcome its economic challenges and improving its people’s well-being.<\/p>\n
At least 39 people have been killed in the protests, according to a government-funded human rights organisation. Anti-government demonstrations have continued since Ruto pulled the bill, although with lower turnout.<\/p>\n","protected":false},"excerpt":{"rendered":"
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