The Kenyan Head of State bowed to pressure to drop the Bill after angry protesters overwhelmed the police, invaded, and set ablaze a section of Parliament moments after lawmakers passed the contentious Bill on Tuesday.
The violent confrontation between the police and the young "Gen Z" protesters sadly resulted in the deaths of several people and left scores injured, prompting condemnation from the United Nations, the African Union, and several foreign diplomatic missions in Nairobi.
On Wednesday, just hours after he threatened to crack down on the "organizers and financiers" of the protests, Ruto made a surprise U-turn, conceding to the demands from the protesters and calls for dialogue from the international community.
In a televised speech from State House Nairobi, President Ruto said, "The people have spoken... I concede," promising to engage the young people he had earlier described as "dangerous criminals" and plotters of "treasonous" activities.
"Having reflected on continuing the conversation around the Finance Bill, and listening to the Kenyan people who say they want nothing to do with this Bill, I concede.
"Therefore, I will not sign the Finance Bill 2024 and it shall be subsequently withdrawn and I have agreed with these members, that shall become our position," President Ruto stated.
The withdrawal of the Bill, however, complicates matters for President Ruto, who has recently initiated various measures aimed at maintaining Kenya’s creditworthiness in international markets. This comes amid criticism over alleged insensitivity to the welfare of Kenyans grappling with the high cost of living exacerbated by new taxes introduced after Ruto took office.
Currently, the country’s debt burden stands at 68% of GDP, which exceeds the World Bank and International Monetary Fund’s recommended threshold of 55% of GDP. Kenya’s GDP stands at $113.4 billion.
Watch this video to learn more about the Finance Bill protests in Kenya and the impact of President Ruto’s concession.
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