IMF, World Bank fingerprints on Kenya’s $26bn Budget
National Treasury and Economic Planning Cabinet Secretary Njuguna Ndung’u poses for a photo with a briefcase containing the 2023/2024 budget statement before proceeding to Parliament Building in Nairobi, Kenya on June 15, 2023. PHOTO | LUCY WANJIRU | NMG
Treasury Cabinet Secretary Njuguna Ndung'u on Thursday read his first Budget speech that had fingerprints of the International Monetary Fund (IMF) and the World Bank, a signal that President William Ruto is keen to implement the stringent conditions that came with loans from the Bretton Woods institutions.
The 129-page Budget speech sought to explain the motivation behind the far-reaching revenue-raising plan that will see the State adopt various policies from the two Washington-based institutions that Kenya agreed to implement, including increasing value-added tax (VAT) on fuel to 16 percent.
