BREAKING NEWS: IMF Considers Postponing New Funding Approval for Kenya Following Collapse of Controversial Finance Bill 2024

In a (not so) surprising development, the International Monetary Fund (IMF) is contemplating delaying its board meeting to approve new funding for Kenya. This decision follows the Ruto government's humiliating withdrawal of the controversial Finance Bill 2024.

The IMF board was originally scheduled to meet on Friday, July 12 to discuss the new funding package. However, informed sources now suggest that this meeting is unlikely to take place. A review of the IMF's calendar up to July 17 confirms that the meeting is not listed, further indicating a possible postponement.

The Finance Bill 2024, often referred to by critics as "Satan's Bill," had faced significant opposition and sparked widespread protests across the country. Allegations soon emerged that the IMF drafted the bill with minimal input from President Ruto's administration, leading to increased public outcry, particularly since the star-crossed bill was shrouded in mystery and, as Kenyans quickly discovered, the Ruto government had not made full disclosure about its contents. A case in point was the new land laws to be introduced wholesale and unconstitutionally, without public participation.

Critics argued that the bill's proposed tax increases would burden ordinary Kenyans and exacerbate economic hardships. The Ruto government's decision to withdraw the bill appears to have caused uncertainty regarding the country's fiscal policies, prompting the IMF to reconsider the timing of its funding approval.

The delay in IMF funding could have serious implications for Kenya's economic stability and development plans.

The country is grappling with a mounting debt burden and a need for financial support to stimulate growth and recovery. On the other hand, President William Ruto and top state officials are living off the fat of the land, with runaway corruption, unbridled luxury, and egregious wastage replacing sober economic policy as government officials flaunt their newly minted wealth in front of starving, economically declining, and overtaxed population who are beginning to wonder whether the country needs to take on any more loans at all.

As the situation unfolds, all eyes will be on Ruto's government and the IMF's next steps. The potential postponement highlights the delicate balance between implementing necessary fiscal reforms and maintaining public support and economic stability.