Moody's downgrades Kenya's credit rating, what this means for the country?
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GUEST – Dr Rutendo Hwindingwi – Fouding Director at Tribe Africa Advisory
Moody's has downgraded Kenya's debt rating further into junk territory and warned the outlook was negative after a wave of protests led the government to abandon proposed tax hikes.
President William Ruto, facing the most serious crisis of his near two-year presidency, last month scrapped a finance bill aimed at replenishing government coffers and helping reduce its huge debt burden.
Moody's has downgraded Kenya's debt rating further into junk territory and warned the outlook was negative after a wave of protests led the government to abandon proposed tax hikes.
President William Ruto, facing the most serious crisis of his near two-year presidency, last month scrapped a finance bill aimed at replenishing government coffers and helping reduce its huge debt burden.