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As the government’s debt-fueled growth model nearly comes to a grinding halt, the private sector is being urged to take charge in driving the country’s economic development, amid growing social upheaval.

The International Monetary Fund (IMF) wants countries like Kenya to introduce infrastructure incentives to encourage private-sector participation and investment.

This is in the wake of austerity measures and budget cuts sparked by the withdrawal of the Finance Bill 2024, a situation that has been complicated by the Court of Appeal’s decision that huge sections of the Finance Act 2023 are unconstitutional.

The government, with the prodding of the IMF and the World Bank, has in recent years been eyeing higher taxes to fund its ambitious development projects and other programmes.

This is on the back of the country’s heavy public debt load, which currently exceeds the level recommended by the Bretton Woods institutions.

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