Kenya’s Parliament has taken a significant step towards approving the Finance Bill 2024. The bill passed a hurdle after opposition lawmakers withdrew their amendments, although protests against the legislation continue nationwide.

The finance bill has passed after 195 members of parliament voted yes while 106 voted no.

Balancing Debt and Public Pressure

This bill is part of a long-term strategy to maintain Kenya’s creditworthiness on the global market. Notably, the country recently settled a major Eurobond debt. While the government and a parliamentary committee proposed modifications to the bill’s tax increase measures, protestors demand a complete rejection and revision of the legislation.

Time Constraints and Political Stakes

Last week, Prime Cabinet Secretary Musalia Mudavadi emphasized the critical nature of the bill’s passage. He warned that failing to approve it before the fiscal year ends could be interpreted as a lack of confidence in the government.

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Parliamentary Process Nears Completion

Today, Parliament will review amendments proposed by the finance committee, among others. This will be followed by a final vote on both the Finance Bill and the Appropriations Bill after their Third Reading. These bills are crucial steps following Budget Day and must be approved before the fiscal year concludes at the end of the month.