<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="528" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-820x528.jpg" alt="" class="wp-image-508174" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-820x528.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-300x193.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-140x90.jpg 140w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-768x494.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-1536x988.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/7OMLJWHVFZILBPXIQFVWFUYC2M-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A protestor reacts during an anti-government demonstration following nationwide deadly riots over tax hikes and a controversial now-withdrawn finance bill in Kitengela, Kenya, July 16, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, July 16 (Reuters)&nbsp;&#8211;&nbsp;Police in Kenya fired tear gas on Tuesday to disperse hundreds of protesters aiming to keep pressure on President William Ruto after he made a series of concessions to demonstrators&#8217; demands.



Leading activists behind weeks of protests, initially sparked by proposed tax hikes, called for a &#8220;total shutdown&#8221; of the country on Tuesday.



The protests have created the biggest crisis of Ruto&#8217;s two years in power and have continued &#8211; albeit with a smaller turnout &#8211; even after the president withdrew $2.7 billion in tax hikes and fired nearly his entire cabinet.



Many demonstrators are demanding that Ruto step down, blaming him for misgovernance, corruption and the deaths of dozens of protesters during earlier anti-government rallies.



On Tuesday, police fired tear gas in Kitengela, a town on the southern outskirts of the capital Nairobi, where around 200 protesters burned tyres and chanted &#8220;Ruto must go&#8221; and &#8220;Stop killing us&#8221;, Reuters reporters said.



Riot police in Nairobi&#8217;s city centre also fired tear gas as a few dozen protesters chanted for Ruto to step down. Demonstrators in the coastal city of Mombasa marched waving palm fronds, footage from Kenyan media showed.



Ruto&#8217;s office had announced &#8220;multi-sectoral&#8221; talks for this week to address grievances raised by the protesters, but there was no sign they had begun. Most of the leading activists behind the protests have rejected the invitation, instead calling for immediate action on issues like corruption.



Ruto&#8217;s spokesperson did not immediately respond to a request for comment.



With Kenya spending over 30% of its revenues just paying the interest bills on its debt, Ruto has been caught between the demands of lenders to cut deficits and a hard-pressed population reeling from rising living costs.



The protests began peacefully but later turned violent. Some demonstrators briefly stormed parliament on June 25, and the police opened fire. More than 40 people have been killed in the protests, rights groups say.



Ruto on Monday accused the Ford Foundation, an American philanthropic organisation, of sponsoring those who had caused &#8220;violence and mayhem&#8221; in Kenya, without providing evidence.



The Ford Foundation rejected the allegation, saying it did not fund or sponsor the protests and has a strictly non-partisan policy for its grant-making.



(Additional reporting by Hereward Holland and Humphrey Malalo; Editing by Aaron Ross and Ros Russell)

Anti-government protests against the imposition of tax hikes by the government, in Kajiado

Kenya police fire tear gas as anti-government protesters burn tyres

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 16 (Reuters) &#8211; The Ugandan shilling was slightly firmer on Tuesday, underpinned by hard currency inflows from commodity exporters and offshore investors looking to participate in a treasury auction, traders said.



At 0853 GMT commercial banks quoted the shilling at 3,690/3,700, compared to Monday&#8217;s close of 3,693/3,703.



(Reporting by Elias Biryabarema; Editing by Hereward Holland)

GettyImages-924883576-1

Ugandan shilling firms on commodity inflows

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, July 16 (Reuters) &#8211; Kenya&#8217;s shilling slid lower on Tuesday, with traders saying there was a shortage of dollars on the market.



At 0913 GMT, commercial banks quoted the shilling at 129.50/130.50 per dollar, compared with Monday&#8217;s closing rate of 128.50/129.50.



&#8220;There&#8217;s very muted demand, but even less supply of dollars,&#8221; one trader said.



(Reporting by Hereward Holland; Editing by Alexander Winning)

General Economy As Kenya Faces Bleak 2018 Outlook In Vote Aftermath

Kenyan shilling falls; traders cite dollar shortage

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="499" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-820x499.jpg" alt="" class="wp-image-508090" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-820x499.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-300x183.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-148x90.jpg 148w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-768x468.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-1536x936.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/IDTPN2YDDJOW3KGSUBE2QDHZYU-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rwanda&#8217;s incumbent President and presidential candidate for the Rwandan Patriotic Front (RPF) Paul Kagame casts his ballot during the Presidential election at the SOS Kinyinya polling centre in Kigali, Rwanda July 15, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, (Reuters) &#8211; Rwandans lined up on Monday to elect their next president, with early results putting incumbent Paul Kagame in the lead in a vote widely expected to give him a fourth term and extend his near quarter century in charge of the East African country.



The two men standing against him &#8211; Frank Habineza from the Democratic Green Party and independent Philippe Mpayimana &#8211; said they were hoping to make some progress, but analysts and rights groups said Kagame&#8217;s overwhelming victory was all but certain.



Kagame, who got more than 93% of the vote at the last three elections, won praise from Western and regional leaders at the time for helping end the 1994 genocide in Rwanda. The U.S. State Department and others have also lauded the development of the economy.



Rwandans are also voting on Monday for members of the lower house of parliament and provisional results are expected by July 20. Polling stations were open until 3 p.m. (1300 GMT).



The overall voter turnout was 98% of the 9 million registered voters, Oda Gasinzigwa, chair of the National Electoral Commission, said in a statement on the national broadcaster later on Monday evening.



Of 78.94% of the votes counted at about 2017 GMT, Kagame was ahead with 99.15% of the votes, data from the commission showed.



Campaign groups, including Human Rights Watch, have accused authorities of cracking down on journalists, the opposition and civil society groups before the vote. Kagame has dismissed such accusations and described himself as the stability candidate.



His reelection could signal a measure of political stability for his corner of a fractured region, but also continued global scrutiny, given the accusations of abuses and of supporting rebels in neighbouring Democratic Republic of Congo &#8211; a charge he has also denied.



Earlier on Monday, at the Rwandexco polling centre in the capital Kigali, Barimukije Pheneas said he would vote for the 66-year-old incumbent.



&#8220;We voted smoothly without any crowding, and we are happy,&#8221; Pheneas said. &#8220;I voted for Paul Kagame because he has achieved a lot for us; he united us.&#8221;



Motorcycle taxi driver Karangwa Vedaste said the voting process was calm and peaceful, but declined to say who he had chosen.



&#8220;I voted for a leader I trust. The one I voted for is a secret in my heart. We will share it when he wins,&#8221; Vedaste said.



The electoral commission barred eight other candidates, including Kagame&#8217;s most vocal critics, from running, citing a range of reasons including missing and incomplete registration documents.



Democratic Green Party candidate Habineza, whose deputy was found dead and almost beheaded in the run-up to the 2010 vote, said there had been signs of progress.



&#8220;We toured the entire country, and wherever we went, people welcomed us warmly. They gave us gifts and assured us they would vote for us,&#8221; Habineza said after voting.



&#8220;We have to maintain this momentum and not regress,&#8221; he added.



&#8220;We are confident, each of us is confident, it&#8217;s half and half,&#8221; independent presidential candidate Mpayimana told journalists after casting his vote.



The U.S. State Department says on its website Rwanda has made &#8220;progress in developing national and local government institutions, economic development, maintaining security (and) promoting reconciliation&#8221;.



It also says it backs Rwanda efforts to &#8220;increase democratic participation (and) enhance respect for civil and political rights&#8221;.



(Writing by Elias Biryabarema and George Obulutsa; Editing by Ros Russell, Michael Perry, Andrew Heavens and Sandra Maler)

Rwanda President Paul Kagame votes during the presidential election in Kigali

Rwandans vote ‘smoothly’ in election; Kagame in early lead

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1336" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-scaled.jpg" alt="" class="wp-image-507731" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-300x196.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-820x535.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-138x90.jpg 138w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-768x501.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/FEWOQ7AP7VKRLHUUH22MJ7YJ3A-1536x1002.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto addresses delegates after signing the Independent Electoral and Boundaries Commission Amendment Bill 2024, backed by the National Dialogue Committee (NADCO), at the Kenyatta International Conference Centre in Nairobi, Kenya July 9, 2024. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 15 (Reuters)&nbsp;&#8211;&nbsp;Kenya&#8217;s government plans to cut 2024-25 spending by 1.9% and widen the fiscal deficit to 3.6% of GDP in a revised budget, the treasury said, weeks after it was forced to roll back tax hikes due to mass protests.



President William Ruto last week fired almost his entire cabinet and pledged to set up a broad-based government in his latest concession to demands from protesters.



Public demonstrations began last month against the now-binned tax hikes, but went on to demand Ruto&#8217;s resignation and deep-rooted political changes to tackle corruption and poor governance.



Ruto had earlier this month proposed spending cuts and additional borrowing in roughly equal measure to fill the nearly $2.7 billion budget hole caused by the withdrawal of the tax hikes.



When lawmakers return to parliament next week they will need to debate and pass the supplementary budget, which was signed by Chris Kiptoo, principal treasury secretary on July 11, and shared on parliament&#8217;s website.



The supplementary budget projects total spending at 3.87 trillion Kenyan shillings ($30 billion), down from 3.99 trillion shillings ($31 billion), Kiptoo said.



Recurrent expenditure is estimated to fall 2.1%, while development expenditure will drop 16.4%, he said.



Despite the withdrawal of the tax-hike legislation, the energy regulator on Monday raised the road maintenance levy to 25 shillings per litre of fuel, up from 18 shillings.



Facing the worst crisis of his two-year presidency, Ruto has been caught between the demands of lenders such as the International Monetary Fund (IMF) to cut deficits, and a population struggling with the high cost of living.



The IMF said on Thursday it was assessing recent developments in Kenya and making adjustments to evolving circumstances.



($1 = 128.7500 Kenyan shillings)



(Reporting by Hereward Holland; Editing by Arun Koyyur)

Kenya’s President William Ruto signs the Independent Electoral and Boundaries Commission Amendment Bill 2024, in Nairobi

Kenya to cut spending in revised budget after tax-hike rollback

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-820x547.jpg" alt="" class="wp-image-507696" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/2TU5RF27YVKWNPFXJZY3IBZPGI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Rwanda&#8217;s incumbent President and presidential candidate for the Rwandan Patriotic Front (RPF) Paul Kagame addresses his supporters during his final campaign rally in Gahanga, Kicukiro district in Kigali, Rwanda, July 13, 2024. REUTERS/Jean Bizimana</figcaption></figure>



KIGALI, July 15 (Reuters) &#8211; Voters in Rwanda lined up at polling stations on Monday to elect their next president, with 66-year-old incumbent Paul Kagame, who has ruled the central African country for nearly a quarter of a century, expected to cruise to victory.



Kagame has won more than 93% of the vote at each of the three previous elections. Eight candidates had applied to run against him, but only two were retained in the final list validated by the electoral commission.



The others, including Kagame&#8217;s most vocal critics, were barred for various reasons that included prior criminal convictions.



At the Rwandexco polling centre in the capital Kigali people started queueing 90 minutes before polls opened.



Voter Barimukije Pheneas said he had chosen to re-elect Kagame, who is praised for rebuilding the country in the aftermath of the 1994 genocide by prioritising development and putting in place effective social services.



&#8220;We voted smoothly without any crowding, and we are happy,&#8221; Pheneas said. &#8220;I voted for Paul Kagame because he has achieved a lot for us; he united us.&#8221;



Kagame is running against two other candidates, Frank Habineza and Philippe Mpayimana, who also challenged him at the last poll in 2017.



He is looking to win the endorsement of the more than 9 million eligible voters, who are also electing members of parliament. Provisional results are expected by July 20.



Motorcycle taxi driver Karangwa Vedaste said the voting process was calm and peaceful.



&#8220;I voted for a leader I trust. The one I voted for is a secret in my heart. We will share it when he wins,&#8221; Vedaste said.



Kagame won nearly 99% of the vote in the 2017 poll, which followed a constitutional change removing term limits that would have prevented him from standing again.



He has won acclaim for transforming Rwanda into a thriving economy but has also faced criticism from rights activists and Western nations for muzzling the media, stifling opposition and backing rebel groups in neighbouring Democratic Republic of Congo.



Rwanda&#8217;s government has denied all the accusations against it, and while campaigning, Kagame promised continued development and stability.



Its human rights record was thrown into the spotlight when Rwanda struck a migration deal in 2022 with the UK to receive thousands of asylum seekers. Britain&#8217;s new government has said it would scrap the deal.



(Writing by Elias Biryabarema; Editing by Ros Russell and Michael Perry)

Rwandan President Paul Kagame campaigns in Kigali

Rwandans vote in election expected to extend Kagame’s long rule

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1365" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 12 (Reuters) &#8211; The Ugandan shilling was flat against the dollar on Friday, with both dollar demand and supply subdued, traders said.



At 0805 GMT, commercial banks quoted the shilling at 3,695/3,705, the same as Thursday&#8217;s closing rate.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling stable; market activity slow

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 12 (Reuters) &#8211; Kenya&#8217;s shilling weakened on Friday due to increased demand for dollars from general goods importers, while inflows from non-governmental organisations cushioned it from easing further, traders said.



At 0734 GMT, commercial banks quoted the shilling at 128.75/129.75 per dollar, compared with Thursday&#8217;s closing rate of 128.50/129.50.



Traders said there was no immediate reaction to President William Ruto dismissing all but one of his ministers on Thursday, yielding to one of the demands from nationwide protests that have created the biggest crisis of his two-year presidency.



(Reporting by George Obulutsa; Editing by Bate Felix)

ANCK25OQIFMHTJYACOM5XU5T24

Kenya’s shilling weakens due to high dollar demand from importers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="567" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-820x567.jpg" alt="" class="wp-image-506707" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-820x567.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-300x208.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-130x90.jpg 130w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-768x531.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-1536x1063.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/Z6ZWDH7YP5PTDIR6R7OWDNZ6MI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto addresses the nation after he dissolved his entire cabinet apart from the foreign minister in the wake of nationwide protests over new taxes, at State House in Nairobi, Kenya July 11, 2024. REUTERS/Thomas Mukoya</figcaption></figure>



NAIROBI, July 12 (Reuters)&nbsp;&#8211;&nbsp;Luxury cars, private helicopters, mounds of cash. The lavish lifestyles of Kenya&#8217;s lawmakers, splashed across TikTok and X, added fuel to anger simmering last month among a young, plugged-in population over proposed tax hikes.



Weeks-long protests about the tax measures have increasingly drawn attention to the large salaries, perks and ostentation of members of parliament (MPs) in a country where three quarters of the population is young and well-paid work is scarce.



Fury boiled over on June 25, when protesters stormed parliament and set it ablaze, pelting fleeing politicians&#8217; vehicles with stones. Since then, private residences and businesses of several MPs, mainly those associated with the ruling coalition, have been attacked.



Now, TikTok and X are being wielded as protest tools. Politicians&#8217; videos are edited and reposted with negative comments. The platforms are awash with allegations of mismanaged funds and discussions on next steps for the as-yet largely leaderless youth movement.



Activists are sharing advice how to use recall powers to topple representatives and have even built an AI-powered chatbot that spits out media reports of corruption allegations when a politician&#8217;s name is entered.



In April and May during the build-up to the protests, ruling party MP Zaheer Jhanda posted videos of himself on TikTok admiring his gleaming Range Rover, a Mercedes G Wagon and a Lexus, triggering angry online commentary.



Protesters have since tried to storm his home, in the western town of Kisii.



Jhanda did not respond to requests for comment.



&#8220;Why would you show us your lavish lifestyle and still not do your job as a leader?&#8221; said artist and activist Rachel Stephanie Akinyi, referring to politicians&#8217; social media posts.



&#8220;What are you trying to show us? &#8216;We have the power to use your money the way we want to, to take care of our own needs.&#8217; But what about us?&#8221;, said Akinyi, who goes by the stage name &#8216;Spontaneous The Poet&#8217;.



In a sign of the pressure the protests are keeping on President William Ruto, on Thursday he said that after listening to Kenyans and reflecting, he had dismissed his entire cabinet apart from the foreign minister, with the aim of setting up a new &#8220;broad-based government.&#8221;



Last week, Ruto, 57, said some officials displayed &#8220;obnoxious opulence.&#8221; He announced austerity measures including cuts to his own offices budget and ordered a review of pay rises MPs and other officials had been due to receive in July.



Didmus Barasa, the ruling party MP for Kimilili in Western Kenya, told Reuters the protesters had valid concerns about what he called the &#8220;insensitivities&#8221; of the government&#8217;s handling of economic development. He did not give further details.



Barasa denied MPs were overpaid.



His personal wealth, including a private helicopter, was a reward for legitimate business activities, he said. Barasa, who is a former soldier and not widely known as a businessman, said he owned a hospital in Turkey.



&#8220;Yes, I have a helicopter. I have a helicopter that I purchased,&#8221; he said. &#8220;I am an inspiration of very many young people in this country.&#8221;



Barasa, after being questioned by a senator about the helicopter, previously said in online comments that he could afford it because he chose to maintain only one wife and believed in God.



Caroline Gaita, Executive Director of Mzalendo, an organisation that monitors parliament, said young Kenyans previously disinterested in politics are re-engaging, aware of the impact legislation has on their daily lives and demanding lawmakers listen to them.



Calling the protests an &#8220;awakening of Gen Z,&#8221; Tom Mboya, an expert on politics and corruption in Kenya, said there was a perception that politicians were rarely, if ever, held to account since Ruto took office in 2022.



&#8220;They have become bolder in their flashy and opulent lifestyles at a time when Kenyans are being taxed to their limit,&#8221; Mboya said of officials and MPs, some of whom have been filmed handing out wads of cash to people in their constituencies.



In 2023, Kenya ranked 126 out of 180 countries in the world by Transparency International&#8217;s Corruption Perception Index,&nbsp;down three places from 2022.



Ruto&#8217;s office did not respond to requests for comment on this story.



<h2 class="wp-block-heading" id="h-lawmakers-face-recall">LAWMAKERS FACE RECALL</h2>



On June 26, Ruto scrapped the tax hikes that triggered the unrest. At least 39 people have been killed in violence related to the protests.



But the anger did not fade.



Having faced little opposition since his 2022 election, Ruto and MPs must now contend with smaller but ongoing country-wide protests that transcend political and ethnic divides that have historically shaped social movements in Kenya, a regional power and Western ally.



There is a growing push for lawmakers to be removed now rather than wait until elections in 2027, with guidelines published online on how to do it, in what would be the first use of recall powers introduced in 2010.



The process involves collecting signatures of at least 30 percent of registered voters in the constituency and then presenting them to the election commission.



Voters in Kabete constituency near Nairobi have collected 5,000 of the 10,000 signatures they need to recall their MP, Ndungi Githuku, a human rights activist involved in the process said.



&#8220;I&#8217;m hoping that Kabete will be able to inspire the rest of the country to take action&#8221; Githuku said. &#8220;We are taking this country back.&#8221;



Kenya&#8217;s opposition, wary of being caught up in the wave of discontent, has named six of its own members to be recalled, subject to the same process.



Even if the MPs who are under pressure escape being ousted, they have lost legitimacy in the eyes of Kenyans, said Senator Richard Onyonka, who was an MP for 15 years.



“I think they are heavily damaged,” he said.



<h2 class="wp-block-heading" id="h-dishing-out-millions">DISHING OUT MILLIONS</h2>



Kenyan MPs earn around 33 times the national average wage, and are no strangers to accusations of corruption and waste.



Basic pay for MPs is currently 725,502 Kenya shillings ($5,650) per month in a country where annual per capita income is about $2,000, making them among the best paid in the world compared to average incomes.



They can claim extra money for sitting on committees, cheap loans for houses and extra vehicles, and thousands of dollars per month for travel to constituencies.



Every year, each of Kenya&#8217;s 290 MPs is given over $1 million under a scheme called Constituency Development Funds (CDF) set up to promote local development. The programme has long been plagued by accusations from Kenya&#8217;s Auditor-General (AG) and the national media that the money is inefficiently spent or embezzled.



Kenya&#8217;s Supreme Court ruled in 2022 that the scheme was unlawful but it has not been scrapped, providing MPs with cash to hand out on building classrooms, subsidising education or improving security.



A Reuters analysis of 100 audits of constituency spending by the Auditor-General found 42 constituencies where a total of about 1.7 billion shillings ($13 million) of spending under the CDF scheme on bursaries for school children could not be fully accounted for in the 2021/22 financial year.



The remaining 58 audits reviewed did not mention the bursaries.



The Speaker of the National Assembly did not reply to requests for comment.



MPs have long justified high pay saying that they are expected to distribute cash in their constituencies.



A 2021 report by UK and Dutch think-tanks the Westminster Foundation for Democracy Limited (WFD) and the Netherlands Institute for Multiparty Democracy found aspiring members of Kenya&#8217;s parliament had to spend over $180,000, mostly out their own pockets, to campaign in 2017, a figure likely to have risen in 2022, according to anti-corruption expert Mboya, one of the authors.



At weekends, it is not unusual for lawmakers to return home in fleets of SUVs or by helicopter.



&#8220;People are angry and hate us as leadership because every weekend, helicopters crisscross the sky, all of them going to functions where these millions are being dished (out),&#8221; Boni Khalwale told fellow senators on July 3.



(Additional reporting by Edwin Okoth, Edwin Waita and Aaron Ross in Nairobi; Editing by Frank Jack Daniel)

Kenya’s President Ruto sacks cabinet after nationwide protests over new taxes

Social media fuels Kenyan youth backlash over lawmakers’ opulence

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="572" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg" alt="" class="wp-image-506368" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-820x572.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-300x209.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-129x90.jpg 129w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-768x536.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE-1536x1071.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/XFNOXFRHRNJ3PLPFQZF66W3MBE.jpg 1822w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenya&#8217;s President William Ruto speaks at a press conference where he announced spending cuts in government after protests against Kenya&#8217;s proposed finance bill 2024/2025, in Nairobi, Kenya, July 5, 2024. REUTERS/Monicah Mwangi</figcaption></figure>



NAIROBI, July 11 (Reuters)&nbsp;&#8211;&nbsp;Kenyan President William Ruto on Thursday fired his entire cabinet apart from the foreign minister, bowing to pressure from&nbsp;nationwide protests that have created&nbsp;the biggest crisis of his two-year presidency.



The youth-led protests against planned tax hikes started off peacefully but turned violent, killing at least 39 people in clashes with the police last month. Some demonstrators briefly stormed parliament, before Ruto abandoned the new taxes.



&#8220;I will immediately engage in extensive consultations across different sectors and political formations and other Kenyans, both in public and private, with the aim of setting up a broad-based government,&#8221; Ruto said in a televised address to the nation, adding that he would announce additional measures later.



He also dismissed the attorney general but said the office of the deputy president was not affected.



The sweeping cabinet changes were what Kenyans have been asking for, veteran anti-corruption activist John Githongo told Reuters.



&#8220;Let us see what happens now if the new ministers deal with big issues around corruption and just the arrogance and excess of his administration and the fact that a lot of Kenyans died during the demonstrations,&#8221; he said. &#8220;Hopefully this should temporarily calm things.&#8221;



Ruto has been caught between the demands of lenders such as the International Monetary Fund (IMF) to cut deficits and a hard-pressed population reeling from rising cost of living.



Last week he proposed spending cuts and additional borrowing in roughly equal measure to fill the nearly $2.7 billion budget hole caused by the withdrawal of the tax hikes.



Analysts have said the tax rollback means Kenya is likely to miss IMF targets although the government does not have debts that are due.



The budget deficit is now projected at 4.6% of gross domestic product in the fiscal year that started on July 1.



Ojango Omondi, a community activist from the Social Justice Centres Working Group in Nairobi, said dismissing so many cabinet ministers was a &#8220;move towards justice&#8221;, but activists would want to see who Ruto appoints in their place.



&#8220;It&#8217;s one thing to dismiss, the second is to ensure that the people that will be chosen in the cabinet are accountable to the constitution and the rule of law,&#8221; Omondi said.



(Additional reporting by Aaron Ross in Nairobi and Bhargav Acharya in Johannesburg; Writing by Alexander Winning; Editing by Bate Felix and Arun Koyyur)

Kenya’s President announces government spending cuts after protest against Kenya’s proposed finance bill 2024/2025, in Nairobi

Kenyan president sacks cabinet, bowing to pressure from protests

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="543" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-820x543.jpg" alt="" class="wp-image-506323" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-820x543.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-300x199.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-136x90.jpg 136w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-768x508.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-1536x1017.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/LLWMXSWBVJMF3BMTIDLHLYEXLI-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Rwanda&#8217;s President Paul Kagame of the ruling Rwanda Patriotic Front (RPF) party sits to submit his candidacy for an a July 15 election at Rwanda&#8217;s National Election Commission in Kiyovu, Kigali, Rwanda May 17, 2024. REUTERS/Jean Bizimana/File Photo</figcaption></figure>



KIGALI, July 11 (Reuters)&nbsp;&#8211;&nbsp;Rwandan President Paul Kagame is expected to cruise to a fourth term in office in an election on Monday against two opposition candidates who were cleared to run against him but have only modest expectations.



Kagame, 66, helped lead the rebel movement that ended the 1994 genocide in Rwanda and has served as president since 2000. He faces only two rivals because six other potential candidates were not cleared to run by the state-run electoral commission.



Kagame won nearly 99% of the vote in the last election in 2017, which followed a constitutional change removing term limits that would have barred him from standing again.



His reelection could signal further stability but also continued global scrutiny, given accusations of rights abuses and continued tensions with neighbouring Democratic Republic of Congo.



Kagame has won praise during his tenure for rebuilding the country of 14 million after the genocide, in which more than a million people were killed. Rwanda has emerged as a regional financial hub.



But his government has been accused by Western nations and rights activists of muzzling the media, assassinating opponents, and backing rebel groups in neighbouring Congo.



International scrutiny was intensified by the migration deal Rwanda struck in 2022 to receive thousands of asylum seekers from Britain. Newly elected British Prime Minister Keir Starmer confirmed on Saturday he would scrap the agreement.



Rwanda&#8217;s government has denied all the accusations against it, and while campaigning, Kagame promised continued development and stability.



&#8220;With you, there is nothing our country will not achieve, because today you have leaders who are not foolish and you are not foolish,&#8221; he told young supporters at a rally last week in Eastern Province.



<h2 class="wp-block-heading" id="h-two-challengers">TWO CHALLENGERS</h2>



Eight candidates had applied to run against Kagame, but only two were retained in the final list validated by the electoral commission. The others, including Kagame&#8217;s most vocal critics, were invalidated for various reasons that included prior criminal convictions.



The two approved candidates, Frank Habineza and Philippe Mpayimana, ran against Kagame in 2017.



In an interview with Reuters, Habineza, the leader of the Democratic Green Party, said he expected to exceed his total of 0.48% of the vote from 2017.



&#8220;People are only considering 2017 and say that I got 0.4%, but they forget that our party stood for parliament and got more than 5%,&#8221; he said.



Mpayimana, who works for the Ministry of National Unity and Civic Engagement, urged voters at a campaign event to consider his candidacy.



&#8220;It&#8217;s true you cannot change the winning team, but we also have to give opportunities to the junior teams to see if they can deliver on their pledges. That is what democracy means,&#8221; he said.



Over 9 million voters are registered for the polls in which they will also elect members of the 80-seat lower house of parliament. Provisional results are expected by July 20.



(Reporting by Aaron Ross, Editing by Bate Felix and Timothy Heritage)

FILE PHOTO: Rwanda’s President Paul Kagame submits his candidature for re-election in Kigali

Kagame expected to cruise to fourth term in Rwanda election

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="429" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg" alt="" class="wp-image-506011" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-820x429.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-300x157.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-160x84.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY-768x402.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/HCVRNAVJRJMOJBUK4XOB7PEJGY.jpg 1200w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A teller serves a client with Kenya shilling notes at the cashier&#8217;s booth of a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 10 (Reuters) &#8211; Kenya&#8217;s shilling weakened on Wednesday, pressured by increased foreign-currency demand and a credit rating downgrade by Moody&#8217;s, traders said.



At 0800 GMT, commercial banks quoted the shilling at 128.25/129.25 per dollar, compared with Tuesday&#8217;s closing rate of 127.75/128.75.



Moody&#8217;s pushed Kenya&#8217;s sovereign rating deeper into junk territory on Monday, citing the country&#8217;s diminished capacity to implement a fiscal consolidation strategy after the president withdrew planned tax hikes in response to mass protests.



Traders said the higher foreign-currency demand was mainly coming from the manufacturing sector and general goods importers.



(Reporting by George Obulutsa; Editing by Alexander Winning)

HCVRNAVJRJMOJBUK4XOB7PEJGY

Kenyan shilling weakens due to increased FX demand, Moody’s downgrade

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="2048" height="1366" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg" alt="" class="wp-image-506008" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-scaled.jpg 2048w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/GettyImages-1604532787-1536x1025.jpg 1536w" sizes="auto, (max-width: 2048px) 100vw, 2048px" /><figcaption class="wp-element-caption">Ugandan shilling and US dollars in the draw at a foreign exchange currency bureau in Kampala, Uganda, on Wednesday, Aug. 16, 2023. Uganda&#8217;s central bank said it stands ready to act if the World Bank&#8217;s decision to halt new funding over the country&#8217;s passage of anti-LGBTQ legislation impacts the currency further. Photographer: Luke Dray/Bloomberg via Getty Images</figcaption></figure>



KAMPALA, July 10 (Reuters) &#8211; The Ugandan shilling was stable on Wednesday, underpinned by dollar inflows from offshore investors and some commodity exporters weighing against thin importer appetite, traders said.



At 0710 GMT, commercial banks quoted the shilling at 3,700/3,710, the same level as Tuesday&#8217;s close.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan Economy Following Rate Cut

Ugandan shilling stable as offshore investor FX inflows help

<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="720" height="425" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg" alt="" class="wp-image-498541" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24.jpg 720w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-300x177.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/06/ANCK25OQIFMHTJYACOM5XU5T24-152x90.jpg 152w" sizes="auto, (max-width: 720px) 100vw, 720px" /><figcaption class="wp-element-caption">Kenya shilling coins and notes are pictured inside a cashier&#8217;s booth at a forex exchange bureau in Kenya&#8217;s capital Nairobi, April 20, 2016. REUTERS/Thomas Mukoya/File Photo</figcaption></figure>



NAIROBI, July 9 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Tuesday, with dollar supply and importer demand matching, traders said.



At 0721 GMT, commercial banks quoted the shilling at 127.75/128.75 per dollar, unchanged from Monday&#8217;s closing.



Traders said there was no immediate reaction in the foreign exchange market to Moody&#8217;s downgrading Kenya&#8217;s sovereign rating deeper into junk territory on Monday.



(Reporting by George Obulutsa; Editing by Bate Felix)

Kenya’s shilling holds steady as dollar supply meets importer demand

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="523" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-820x523.jpg" alt="" class="wp-image-505609" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-820x523.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-300x191.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-141x90.jpg 141w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-768x490.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-1536x980.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/07/G5RU4II5WFP75F4POZ2VUFIWME-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A general view shows the central business district in downtown Nairobi, Kenya February 18, 2022. REUTERS/Thomas Mukoya</figcaption></figure>



July 8 (Reuters)&nbsp;&#8211;&nbsp;Moody&#8217;s cut Kenya&#8217;s sovereign rating deeper into junk territory on Monday, citing diminished capacity to implement a fiscal consolidation strategy to contain its debt burden.



The credit ratings agency downgraded the country&#8217;s local- and foreign-currency long-term issuer ratings and foreign-currency senior unsecured debt ratings to &#8220;Caa1&#8221; from &#8220;B3&#8221;.



In June, Kenyan President Willian Ruto withdrew planned tax hikes in response to mass protests that turned deadly, killing at least 24 people.



The scrapped finance bill contained measures intended to aid the government&#8217;s aim to raise $2.7 billion in additional taxes to reduce budget deficit and state borrowing.



In order to compensate for the withdrawn finance bill, Ruto&#8217;s administration has proposed cuts in spending.



Moody&#8217;s said that while the spending cuts should narrow fiscal deficit, it would be at a more gradual pace than previously assumed, and as a result expect Kenya&#8217;s debt affordability to remain weaker for longer.



&#8220;In the context of heightened social tensions, we do not expect the government to be able to introduce significant revenue-raising measures in the foreseeable future,&#8221; the ratings agency said.



Moody&#8217;s affirmed its &#8216;negative&#8217; outlook for Kenya, stating that the larger fiscal deficits will push up borrowing requirements and subsequently increase government liquidity risks.



(Reporting by Raechel Thankam Job; Editing by Maju Samuel)

General view of the central business district in Nairobi

Moody’s pushes Kenya’s rating deeper into junk

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg" alt="" class="wp-image-422955" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2023/02/GettyImages-924883576-1-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Uganda shillings. Uganda. (Photo by: Godong/Universal Images Group via Getty Images)</figcaption></figure>



KAMPALA, July 8 (Reuters) &#8211; The Ugandan shilling weakened on Monday due to increased demand for dollars from commercial banks and merchandise importers, traders said.



At 0905 GMT, commercial banks quoted the shilling at 3,705/3,715 per dollar, compared with Friday&#8217;s closing rate of 3,693/3,703.



(Reporting by Elias Biryabarema; Editing by George Obulutsa)

Ugandan shilling weakens on increased FX demand from banks, importers

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg" alt="" class="wp-image-409717" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-120x80.jpg 120w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2021/07/GettyImages-880072092-scaled.jpg 2048w" sizes="auto, (max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Kenyan shilling banknotes and coins sit arranged at a market stall in Mombasa, Kenya, on Thursday, Nov. 23, 2017. The countrys Treasury has already cut this years growth target to 5 percent from 5.9 percent as the protracted election furor damped investment and a drought curbed farm output. Photographer: Luis Tato/Bloomberg via Getty Images</figcaption></figure>



NAIROBI, July 8 (Reuters) &#8211; Kenya&#8217;s shilling was steady on Monday, but it was expected to gain ground in the next few days due to increased dollar inflows from tea exporters, traders said.



At 0752 GMT, commercial banks quoted the shilling at 127.75/128.75 per dollar, the same as Friday&#8217;s closing rate.



(Reporting by George Obulutsa; Editing by Alexander Winning)

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Kenya’s shilling weakens due to high dollar demand from importers

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Kenyan shilling weakens due to increased FX demand, Moody’s downgrade

Ugandan shilling stable as offshore investor FX inflows help

Kenya’s shilling holds steady as dollar supply meets importer demand

Moody’s pushes Kenya’s rating deeper into junk

Ugandan shilling weakens on increased FX demand from banks, importers

Kenya’s shilling stable, seen firming due to tea export FX inflows

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East Africa

Kenya police fire tear gas as anti-government protesters burn tyres

Ugandan shilling firms on commodity inflows

Kenyan shilling falls; traders cite dollar shortage

Rwandans vote ‘smoothly’ in election; Kagame in early lead

Kenya to cut spending in revised budget after tax-hike rollback

Rwandans vote in election expected to extend Kagame’s long rule

Ugandan shilling stable; market activity slow

Kenya’s shilling weakens due to high dollar demand from importers

Social media fuels Kenyan youth backlash over lawmakers’ opulence

Kenyan president sacks cabinet, bowing to pressure from protests

Kagame expected to cruise to fourth term in Rwanda election

Kenyan shilling weakens due to increased FX demand, Moody’s downgrade

Ugandan shilling stable as offshore investor FX inflows help

Kenya’s shilling holds steady as dollar supply meets importer demand

Moody’s pushes Kenya’s rating deeper into junk

Ugandan shilling weakens on increased FX demand from banks, importers

Kenya’s shilling stable, seen firming due to tea export FX inflows

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