During a thanksgiving service in Taita Taveta, President William Ruto made a momentous announcement, stating that Kenya has finally achieved a stable economy, and the looming debt crisis has been successfully mitigated.
He expressed that over the past eight months, his government has worked tirelessly to stabilize the crumbling economy, and the efforts have yielded positive results.
One of the major concerns the government addressed was the escalating debt ceiling. President Ruto emphasized his commitment to reducing borrowing and finding alternative ways to sustain the nation’s operations.
He disclosed that he has held numerous meetings with financial institutions like the World Bank and IMF, from which Kenya had borrowed money.
The fruitful discussions have led to the stabilization of the economy, ensuring that the country is no longer vulnerable to the threats posed by excessive debts.
President Ruto articulated his vision for Kenya’s financial future, emphasizing the shift towards relying on revenue collection to fund the nation’s activities.
He urged Kenyans to embrace the taxation proposals he has put forward, as the government aims to prioritize domestic revenue generation over external borrowing.
The President expressed his personal commitment to the cause, stating that he will lead by example in tax remittance.
His goal is to strengthen the country’s financial independence, making Kenya less reliant on foreign loans. This strategic approach will enable the government to plan and execute development projects with a clear understanding of available resources.
Despite global shocks and disruptions that have affected economies worldwide, Kenya’s public debt, which has surpassed Ksh.9.4 trillion, remains feasible.
In line with the President’s vision, Treasury Cabinet Secretary (CS) Prof. Njuguna Ndung’u has confirmed the government’s intention to reduce spending in the current financial year.
This measure is part of the broader plan to strengthen the country’s debt sustainability ratio, ensuring that the nation’s financial health remains robust and resilient.