The US ratings agency Fitch downgraded Kenya鈥檚 credit rating Friday following its president鈥檚 decision to scrap key measures of a controversial finance bill in the face of strong public opposition.聽
Kenyan president William Ruto cancelled a raft of planned tax hikes in late June after the initially peaceful rallies by those opposing the measures turned violent, leaving more than 20 people dead and the country鈥檚 parliament ransacked.
鈥楾he downgrade reflects heightened risks to Kenya鈥檚 public finances after the government backtracked on revenue measures in the Finance Bill 2024,鈥� Fitch said in a statement, adding that the outlook was 鈥榮table鈥�.
