National Assembly's Committee on Budget and Appropriations chairperson Kanini Kega. [Kelvin Karani, Standard]Members of Parliament have agreed to some of the tough conditions set by the International Monetary Fund (IMF) including the scrapping of tax breaks and exemptions. Most of the changes had been captured by the National Treasury in the Budget Policy Statement. Previously, the country had a precautionary credit arrangement with the IMF, which ended after Kenya flouted some of the conditions, including failure to keep its debt low. The IMF programme will see the country tighten its belt with spending cuts and increased taxes to reduce debt and safeguard resources to protect the vulnerable groups.

Source: Standard Digital March 05, 2021 20:06 UTC