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What will be the Kenyan inflation rate at the end of 2024?
4
Resolution / Starting Odds
Less than 5% • 25%
5% to 7% • 25%
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More than 9% • 25%
Kenyan National Bureau of Statistics and other official economic reports
Story
Kenya's President Ruto Announces Austerity Measures Amid Protests, KES 346B Gap, 4.6% GDP Deficit
Jul 6, 2024, 01:01 AM
Kenyan President William Ruto has announced a series of austerity measures in response to nationwide protests and the withdrawal of the Finance Bill 2024. The bill's withdrawal, prompted by mass, youth-led demonstrations, has created a significant fiscal gap of KES 346 billion. To address this, the government will implement budget cuts amounting to KES 177 billion and borrow KES 169 billion, increasing the fiscal deficit from 3.3% to 4.6% of GDP. Ruto's administration has pledged to reduce lavish government spending, including luxury dinners and travel, and has canceled all new projects for the fiscal year 2024/25. In a bid to engage with the public, President Ruto hosted a Twitter Spaces forum, which saw participation from over 134,000 people, where he faced tough questions and criticism. He also apologized for the perceived arrogance of government officials and promised to address police brutality. Ruto spoke to the IMF chief and announced the measures 10 days after deadly protests. The austerity measures and public engagement come as Ruto seeks to restore his administration's image and address the demands of the protesting citizens, including Gen Z.
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