Market News
Kenya to seek public views on laws to fix economy, finance minister says - REUTERS
BY Duncan Miriri
NAIROBI, Sept 9 (Reuters) – Kenya’s finance ministry will seek suggestions from the public on new legislation to boost revenue and tackle other challenges, Finance Minister John Mbadi said on Monday, after the government was forced by deadly protests to withdraw its financing bill.
The East African country, the region’s largest economy, faces heavy debt repayments that have put it in an awkward position in the face of resistance by the public to new tax hikes.
Mbadi, who initially said he would revive some tax hikes in the abandoned finance bill before rowing back after a public outcry, ruled out the restructuring of the country’s debt, which stands at above the optimum level recommended by the World Bank and the International Monetary Fund.
He also promised to consider cutting taxes in the medium term, including value added tax on goods and services, as well as the corporate income taxes.
(Reporting by Duncan Miriri; editing by Mark Heinrich and Alex Richardson)
