Broadcom named strategic vendor for Walmart virtualization solutions
Investing.com -- Kenya has failed to meet key benchmarks in its final review under a program with the International Monetary Fund (IMF), resulting in the loss of a disbursement of approximately $850 million, according to Bloomberg, citing sources familiar with the situation.
The East African country did not reach the agreed tax-revenue thresholds, leading to a violation of its fiscal-deficit ceiling set under the four-year program. The sources, who wished to remain anonymous, stated that the information is not yet public.
There were other unfulfilled criteria as well, including settling government arrears that have been outstanding for several decades and implementing reforms in state-owned agencies, which have been a burden on public finances.
The administration of President William Ruto attempted to increase revenue by introducing new taxes and encouraging more people to pay. However, this initiative sparked violent street protests, prompting the government to abandon its planned measures to raise $2.7 billion. After the restoration of calm, the government reintroduced levies to raise about $340 million.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.