The Kenyan government's apparent intent to press ahead with budget cuts to make up for the lost revenue from the scrapped finance bill will risk reigniting large-scale protests that could force Ruto to scale back fiscal consolidation efforts, which would fuel renewed concerns about the country's debt sustainability. On June 26, Kenyan President William Ruto announced that he would not sign the controversial Finance Bill 2024, which aimed to raise $2.3 billion in new tax revenue. This came after protesters opposing the bill stormed the Kenyan Parliament on June 25 following the bill's approval in a third reading by 195-106 votes, prompting a heavy crackdown by law enforcement in which at least 23 people were killed. In a bid to appease protesters, Ruto said his government would launch a dialogue with Kenya's youth -- who led the protest movement -- as well as with professional and religious bodies, on how...
