Tax hike fears as State runs out of wiggle room for more borrowing

National Treasury PS Dr Chris Kiptoo. Treasury is counting on fresh financing from IMF and the World Bank in the coming weeks. [Elvis Ogina, Standard]

The government may have to hike taxes, cut spending or seek costly external commercial loans amid the ongoing economic crisis.

The country is, however, counting on financing from the International Monetary Fund (IMF) and the World Bank, which are expected to give $1.25 billion (Sh162 billion) budgetary support in the coming weeks.