Protests opposing the implementation of new taxes started on June 18 and have now spread throughout Kenya.
Protesters argue that the new policy will damage the economy and increase living costs for Kenyans, who are already struggling to make ends meet.
Kenyan President William Ruto said on Wednesday that he will not sign the budget bill, which sparked protests across the country.
"I concede, and therefore I will not sign the 2024 finance bill, and it shall subsequently be withdrawn," Ruto said during a press briefing at the State House in Nairobi. "The people have spoken."
However, he cautioned that if the finance bill is withdrawn, there would be a substantial deficit in funds for development initiatives aimed at assisting farmers and schoolteachers, among others.
The country's public debt is currently estimated at approx. 10 billion Kenyan shillings ($77.8 million), or about 70% of GDP.
At the same time, the president pointed out that Kenya had made significant progress in pulling the nation back from debt distress.
Ruto also called on all those interested in the development of the country to participate in lawmaking while respecting the rule of law and the constitutional order of Kenya, saying he is ready to discuss amendments to the bill with representatives of the country's youth.
He added that a total of six young people lost their lives during Tuesday's upheaval, expressing condolences to the families of those killed and injured.
The president vowed that "there will be no extrajudicial killings going forward.
"According to Kenya's leader, about 214 Kenyans were involved in the "skirmishes" with the police on Tuesday. Some 14 of them are still in hospitals, including one in the ICU unit, he added.
In his earlier address on Tuesday, Ruto characterised the protests as a menace to the nation's security and an assault on the constitutional structure of the country.
He further stated that a comprehensive reaction will be undertaken to address all the "treacherous acts" carried out during the protests.
