Kenya's president warns of huge consequences after his effort to address an $80 billion debt fails

The ballooning debt in East Africa’s economic hub of Kenya is expected to grow even more after deadly protests forced the rejection of a finance bill that President William Ruto said was needed to raise revenue. He now warns that “it will have huge consequences.” Facing public calls to resign, Ruto has said the government will slash a $2.7 billion budget deficit by half and borrow the rest, without saying from where. Kenya's public debt of $80 billion makes up about 70% of Kenya’s gross domestic product, the highest in 20 years.