Kenya's Economic Mismanagement Rattles IMF and Industry Groups
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Alarming fumbling afflicts Kenya’s economic management lately, with unprecedented IMF talks and industry groups poking taxation.
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Corporate taxes already among lowest rates globally, even compared to African countries. Further cuts contradict KRA's reports on low corporate compliance.
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Key firms have declared profit warnings as economy contracts. Colluding with institutions to adjust hardships on the poor while sparing the rich is worrying.
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Growth has plunged from 11% to 3.8%, only recent rains halted the trend. Muddling through with cut-and-paste strategies without a central framework will end in tears.
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As Kibaki demonstrated, redirect the monetary and fiscal sectors, rebuild a policy mix for growth. No one gets it despite the free fall in growth.