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Economic backlash widens over withdrawn Finance Bill
Demonstrators react as police use tear gas to disperse protesters during a demonstration against Kenya's proposed finance bill 2024/2025 in Nairobi, Kenya on June 25, 2024.
The economic backlash from Kenya’s withdrawn Finance Bill 2024 has widened amid jitters among bond investors and a downgrade by a global credit rating agency on concerns about the country’s liquidity risks due to anticipated higher borrowing.
In the latest blow to Kenya, global rating agency Moody’s on Tuesday downgraded Kenya’s credit rating deeper into junk territory, saying that the country will struggle to address the high cost and volume of public debt in light of the reduced revenue-raising capacity.
