Kenya to Solicit Public Input on New Economic Legislation
Kenya’s Finance Ministry will seek public input on proposed legislation aimed at boosting revenue and addressing economic challenges, Finance Minister John Mbadi announced today.
This decision follows the government’s withdrawal of a controversial financing bill due to deadly protests.
With heavy debt repayments straining the economy, the government faces significant resistance to new tax increases.
Minister Mbadi initially planned to reintroduce some tax hikes from the discarded bill but has since retracted this approach in response to public backlash.
Mbadi emphasized that restructuring Kenya’s debt is not currently an option, as it exceeds the levels recommended by the World Bank and the International Monetary Fund.
However, he pledged to explore tax reductions in the medium term, including potential cuts to value-added tax and corporate income taxes, to alleviate economic pressure.
Source: Reuters
