Category: Rutos
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Ruto’s spending on development projects sinks to new low
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Data showed that development project financing as a share of total state spending fell to single digits for the first time in more than a decade, reflecting the impact of rising debt servicing costs. Official data from the National Treasury shows that government ministries, departments and agencies spent Sh315.06 billion…
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Moody’s downgrades Kenya after rejection of Ruto’s Finance Bill 2024
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Global rating agency Moody’s on Tuesday downgraded Kenya’s credit rating, citing the country’s inability to implement austerity measures due to the withdrawal of the unpopular Finance Bill 2024. The downgrade means Kenya’s local and foreign currency debt obligations have moved further into junk territory, from ‘B3’ to ‘Caa1’. A junk…
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Ruto’s austerity doublespeak: More debts or spending cuts?
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Despite his earlier directive to the Treasury to cut Kenya’s total spending for the current financial year by Sh346 billion, President William Ruto on Sunday claimed that the country’s borrowing will increase by Sh1 trillion after the withdrawal of the Finance Bill 2024. “We have dropped the Finance Bill. What…
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President Ruto’s pet projects hit by funding delays
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Major road and housing projects as well as financing for small businesses are facing disruption as the Treasury faces difficulties in disbursing funds due to revenue challenges. The lack of funding will also leave Kenyans suffering from poor medical, water, electricity and education services, with the Treasury failing to release…
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Inside President Ruto’s second Sh3.9 trillion budget – Highlights
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Treasury Cabinet Secretary Njuguna Ndung’u is tabling his second Budget in Parliament, in a tradition marked in East African Community member states. According to the EAC Treaty, Finance ministers of the partner states read their budgets simultaneously in the afternoon of the second Thursday of June. In the Sh3.92 billion…