The President of Kenya, William Ruto has said that Kenya will need to increase its borrowing to fund the government, following the withdrawal of the controversial finance bill that sparked deadly protests.

According to President Ruto, the government will need to borrow an additional one trillion shillings ($7.6bn), a 67 per cent increase from previous plans. This move aims to cover the budget shortfall and keep the government afloat.

“I have been working very hard to pull Kenya out of a debt trap. It is easy for us, as a country, to say: ‘Let us reject the finance bill.’ That is fine. And I have graciously said we will drop the finance bill, but it will have huge consequences,” the president said.

The finance bill, which was meant to raise taxes to pay off some of Kenya’s $80bn debt, was scrapped after widespread protests turned violent, resulting in loss of life and property damage.

The opposition and civil society groups had criticized the bill, saying it would disproportionately burden ordinary citizens and worsen the country’s economic woes.

The increased borrowing is likely to raise concerns among international lenders and credit rating agencies, which have already expressed concerns over Kenya’s growing debt levels.