President William Ruto has said that the government’s prudent management of the economy has put the country in a position of growth.
The President said the implementation of financial discipline and careful debt management have removed Kenya from the debt crisis.
He said the country’s finances are in good condition, thus providing the necessary environment for the implementation of the Agenda for Economic Change from the Bottom Up.
“Our economy is on a course that will create more jobs and more wealth, fund investment in public goods and services, and usher this nation into an era of inclusive growth,” he said.
The President said this on Wednesday at a press conference during the Second National Session of the Central Government in Naivasha, Nakuru County.
President Ruto said the government has been properly managing debts, maintaining a low cost of debt, and ensuring that the debt is sustainable at all times.
The president said the government’s strategy for change was focused on increasing tax revenue and reducing spending and debt accumulation.
“After taking office, we committed to getting our economy back on track by taking the necessary steps, making the necessary choices, and going straight to finding revenue, reducing spending, and ensuring that we live within our means,” he said.
He said Kenya had completed the purchase of part of the 2014 Eurobond of 2 billion dollars that was supposed to mature on June 24, 2024, by paying the 1.5 billion dollars collected last week.
He explained that this has increased the confidence of investors in the country, resulting in the value of the Kenyan shilling against the US dollar rising from 162 shillings to 142 shillings.
“This has reduced our total debt by 722 billion shillings, and the cost of paying the debt by 195 billion shillings over the next 6 years. This has saved the country 917 billion shillings,” he said.
Additional indicators of increased investor confidence, he noted, include the performance of the recent Eurobond issue, the infrastructure bond, and the increase in liquidity in the market.
