financing

CHRISTIAN BREAKING NEWS: [UPDATE] What’s Happening in Kenya? President Ruto: ‘I Concede’ Withdraws Controversial Finance Bill after Deadly Protests [#KenyaProtests #KenyaPresident #WilliamRuto #PresidentRuto]

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Source: BBC News Africa Facebook Account, @BBCnewsafrica

President Ruto of Kenya has abandoned planned tax rises in response to deadly protests on Tuesday. William Ruto said huge protests had made it clear that people wanted nothing to do with the legislation.

Kenyan President William Ruto withdrew planned tax hikes on Wednesday, surrendering to protesters who stormed parliament, staged nationwide protests, and threatened more action this week.

The action will be viewed as a significant triumph for a week-old, youth-led protest movement that expanded from online condemnations of tax increases to enormous marches seeking a political makeover, during the most serious crisis of Ruto’s 2-year presidency.

Despite Ruto’s retreat, several demonstrators declared on social media that they would still hold a rally on Thursday, with many repeating calls for his resignation.

Ruto stated he would not sign a finance measure that included the tax rises, a day after violence between police and protestors at the assembly and across the country killed at least 23 people and injured scores more, according to medics.

Vice President Rigathi Gachagua urged young people to end the protests to avoid more loss of life and property devastation, blaming intelligence services for providing inadequate advise to the government.

“There would have been no mayhem, but they slept on the job,” Gachagua stated in a speech, urging the head of the National Intelligence Service to resign.

Protesters were adamant, repeating calls for Ruto’s resignation and promising more action in the streets.

Ruto stated in a document addressed to the speaker of the national assembly that the bill would be returned to parliament with the proposal that all of its clauses be deleted.

Ruto said he will immediately begin a dialogue with Kenyan youth, without going into detail, and work on austerity measures, beginning with cuts to the presidency’s budget, to assist address the fiscal deficit.

He described the death on Tuesday as “very unfortunate”.

Even if Ruto’s concession prevents further turmoil, he is still caught between the opposing demands of his hard-pressed countrymen and lenders such as the IMF, which is pressuring the government to reduce deficits in order to get more financing.

Kenya’s sovereign dollar bonds were essentially unchanged despite Ruto’s rejection of the financial package.

According to Tradeweb data, the bonds were trading from 74.6 to 95 cents on the dollar, with the longer-dated 2034 maturity at the lowest price.

On Tuesday, police opened fire on protesters gathered around parliament before breaking into the senate chamber and national assembly, just minutes after lawmakers approved the tax proposals and submitted them to the president.

The Nation newspaper observed protests in at least 35 of Kenya’s 47 counties, from major cities to rural places, including Ruto’s hometown of Eldoret in his ethnic Kalenjin stronghold.

The Kenya Medical Association reported on Wednesday that at least 23 people had been killed in the East African country, while another 30 were being hospitalized for bullet wounds.

According to medical personnel in Nairobi, scores of people were injured.

Social media posts urged people to take State House, the president’s office and residence, on Thursday, and the local offices of the World Bank and the International Monetary Fund (IMF) on Friday, but it was unclear if the demands came from individuals or a larger movement.

On Wednesday, heavily armed police patrolled the streets of Kenya’s capital, Nairobi, which was quieter than usual.

The protests began as an online outpouring of rage by young, tech-savvy Kenyans over proposed bread and diaper levies, which grew into a statewide campaign calling for the repeal of the entire financial bill, including the taxes.

Thousands of people protested in Nairobi and other cities over two days last week, as an online movement gained momentum.

While the young Kenyans in the present rallies have no formal leader and have publicly advised the political opposition figures who have traditionally organized marches to stay away, several of Ruto’s top competitors could not contain their delight at the president’s retreat.

On Tuesday, lawmakers eliminated several tax hikes from the final version of the financial bill, including those on bread and cooking oil, but added others to avert a budget gap.

NEWS SOURCE & LINKS:
Reuters

[UPDATE] What’s Happening in Kenya? PRESIDENT RUTO: ‘I CONCEDE’ WITHDRAWS BILL AFTER DEADLY PROTESTS | Christian Breaking News!