Analysis by Region - Emerging Markets - Kenya

Analysis by Region - Emerging Markets - Kenya

As 2024 draws to a close, Kenya can reflect on a year filled with many trials and tribulations. The year began apprehensively as the government faced the June 2024 Eurobond repayment. Fortunately, the government partially addressed this challenge by securing a $1.4bn buyback in February, supported by the World Bank and other financial institutions. Relief, however, was shortlived: the nation's fiscal position was thrown into disarray following the withdrawal of the Finance Bill 2024 in June and further destabilised by the temporary annulment of the Finance Act 2023 in August. The government is still trying to manage the revenue gap left by the withdrawal of the bill. Kenya also endured catastrophic flooding and deadly protests. Looking ahead to 2025, President William Ruto must adopt bold 'New Year's resolutions' to help guide the country towards greater fiscal discipline, sustainable economic growth, and stronger social cohesion.