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Kenya’s Financial Crisis is Reaching Unfathomable Heights

As the effects of the Russia-Ukraine war continue to take a toll on Kenya’s economy, the country’s National Treasury Cabinet Secretary, Njuguna Ndung’u, has advised citizens to brace themselves for difficult times ahead. Kenya’s cost of living has reportedly experienced a significant increase, with inflation reaching 9.1% in December. In response to this economic crisis, the National Treasury Cabinet Secretary (CS) has advocated for the implementation of austerity measures to alleviate the burden on citizens. Ndung’u also called for a reduction in the cost of the wage bill at both the national and county levels, saying that the rising wage bill continues to be a big obstacle for the budget-making office of Parliament and the National Treasury. National Assembly Budget and Appropriations Committee Chairman Ndindi Nyoro called on the Treasury to develop a balanced budget in the FY 2023/24 and do away with supplementary budgets, which he said are developed because of errors in the budget that can be avoided.