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IMF tells incoming government to cut wastage, increase taxes

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 President-elect William Ruto addresses the nation at his Karen residence on September 5, 2022. [File, Standard]

The International Monetary Fund (IMF) on Wednesday said control of expenditure and spending cuts in the incoming government of President-elect William Ruto will be vital to sustain the economy.

The move is set to pile pressure on the new administration, which has to rely on the IMF for financial support.

Dr Ruto has hinted he will go big on social spending as he moves to address the runaway cost of living, but also cut public borrowing.

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