Inside Ruto call with IMF boss after withdrawal of contentious Finance Bill 2024
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President Ruto and the IMF were in talks during protests against Finance Bill 2024 according to Reuters
President Ruto and the IMF were in talks during protests against Finance Bill 2024 according to Reuters.
President William Ruto is reported to have had a discussion with the International Monetary Fund (IMF) Managing Director Kristalina Georgieva after the withdrawal of the contentious Finance Bill 2024.
According to Reuters, an international media house headquartered in London, the discussion was over the phone.
This was confirmed by diplomatic sources who spoke to the media house based in the United Kingdom.
While details of the exact discussion remain vague, it was indicated that the discussions were mainly on the contentious Bill and the protests that ensued over the tax proposals.
The IMF has been in the spotlight in recent weeks because of its stand on tax and revenue measures that need to be implemented by the government.
IMF has been pushing for reforms in Kenya’s tax administration with the main aim of increasing the tax base and enhancing efficient tax utilization.
As detailed by Ruto, the initial Finance Bill 2024 was going to generate close to Ksh300 billion for the government.
However, after amendments in Parliament, the government would only collect slightly over Ksh200 billion.
The money was intended to finance various development programmes in the 2024/2025 financial year.
Earlier during the protests, IMF expressed concern that the protests had turned violent. While they did not give a clear stand on the Finance Bill, they committed to helping Kenya achieve its revenue and development targets.
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“We are deeply concerned about the tragic events in Kenya in recent days and saddened by the loss of lives and the many injuries. Our thoughts are with all the people affected by the turmoil in the country.
“The IMF is closely monitoring the situation in Kenya. Our main goal in supporting Kenya is to help it overcome the difficult economic challenges it faces and improve its economic prospects and the well-being of its people,” read the statement by Julie Kozack, the IMF Director of Communications.
Following the withdrawal of the Finance Bill, the government is expected to review the budget that was presented in Parliament in June.
Notably, Ruto during a Cabinet meeting held on Thursday, June 4, asserted that his administration would soon be vindicated after Kenya achieves its development targets.
“Our plan is good and solid and, in the fullness of time, we shall be vindicated,” he stated.
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