As President William Ruto works to reduce Kenya’s debt, the World Bank has issued a warning to Kenya’s government, projecting what would happen following the recent National Treasury findings.
According to a report published in Wednesday’s Standard, the World Bank has cautioned Kenya that the danger of financial distress remains high, despite the fact that Kenya’s debt is currently sustainable.
According to the World Bank, the country’s trailing tax receipts are projected to generate a potential debt default, which should be resolved as soon as possible.
This comes months after the International Monetary Fund (IMF) praised President William Ruto for his new tax ideas, which were seen as an ideal solution to repay the country’s existing debt.
It should be recalled that President William Ruto selected Humphrey Mulongo as the new general director of the Kenya Revenue Authority (KRA) for a three-year term yesterday.
Deputy President Rigathi Gachagua, on the other hand, remains opposed to the ongoing talks between the government and the opposition.
Yesterday, the second in charge stated that nothing catastrophic will occur.According to reports, former Prime Minister Raila Odinga reached an agreement with President William Ruto during a covert meeting in Mombasa in the presence of former Nigerian President Olusegun Obasanjo.
by: James.ke