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Barely a fortnight after taking over, President William Ruto has conceded that the country’s economy is in dire straits, with the national debt burden, inadequate savings and high recurrent expenditure making the situation worse. To mitigate this, the president has directed an immediate reduction of ksh.300b from government expenditure in the 2022/2023 budget, a move that will slash the budget deficit from a high of ksh.900b to ksh.600b. Ruto also announced plans to reform the Kenya revenue authority to make it more responsive and effective, including a change of name to Kenya revenue services. Francis Gachuri on the president’s take on the economy.
Ruto: Our financial situation is not very good
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