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Kenya Protests Erupt: What You Need to Know

Kenyan President William Ruto deployed the military to end “treasonous” nationwide anti-government protests that left a least five people dead and scores injured. The demonstrations were sparked by taxes being introduced by Ruto’s administration to generate an additional 302 billion shillings ($2.3 billion) in the budget year that begins on July 1. Protesters are demanding that lawmakers — who endorsed the bill on Tuesday after dropping some of the more contentious levies such as a 16% tax on bread — to scrap the entire plan. The government proposed the new taxes to improve state finances, address its high debt ratio and access more International Monetary Fund financing. While the planned measures helped the shilling become the world’s best-performing currency this year, they also triggered protests by residents struggling with rising food prices and a youth unemployment rate that the Federation of Kenya Employers puts at as high as 67%. Read more: https://www.bloomberg.com/news/articl... -------- Subscribe to our YouTube channel: https://trib.al/KM4k5RA Subscribe to Bloomberg Originals: https://trib.al/dJv9Uw8 Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world. Connect with us on… YouTube:    / bloomberg   Breaking News on YouTube:    / @bloombergquicktakenow