Kenya's Economic Plans in Limbo as President Ruto Rejects Finance Bill

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CNN reported on June 26, 2024, that Kenyan President William Ruto has rejected a finance bill that aimed to increase government spending and reduce the country's fiscal deficit. The bill, which was passed by Parliament earlier in June, proposed a number of measures to boost economic growth and stability, including tax increases and spending cuts.

However, President Ruto has sent the bill back to Parliament, citing concerns over its impact on the economy and ordinary citizens. In a statement, the President's office said that the bill would have "unintended consequences" and would not achieve its intended goals. The President also expressed concerns that the bill would lead to increased taxation, which could harm businesses and individuals already struggling with high inflation and a slowing economy. The move has been seen as a setback for the government's economic plans, and has sparked debate over the best way to address Kenya's economic challenges.

The rejection of the finance bill comes at a time when Kenya is facing high inflation, a large fiscal deficit, and a slowing economy. The government will now need to go back to the drawing board to find alternative solutions to address these issues.