President William Ruto has announced that the nation has finally achieved a stable economy and that the debt crisis has been assuaged.
This he said during a thanksgiving service in Taita Taveta on Sunday, where he added that he has been labouring to stabilize the crumbling economy for the past 8 months and his efforts have come to fruition.
Ruto noted that there was a dire need to mitigate the ballooning debt ceiling, noting that his government is committed to cutting on borrowing.
“I have held many meetings with World Bank, IMF and others whom we have borrowed money from but I want to confirm to the people of Kenya that we have stabilized the economy and now we cannot be threatened by debts again. What I cannot allow is to have our country keep on borrowing left right centre,” he said.
As an alternative to borrowing, President Ruto noted that the nation will bank on revenue collection to sustain its operations, urging Kenyans to embrace the taxation proposals he has made.
“We will collect tax here at home. And those remitting their tax will be led by me, I will be at the forefront. We are looking for that tax so that we run our country on our own resources,” he said.
“And if it is possible for us to do it, we must do it because that is a sustainable way of taking Kenya into the future so that we strategize on our plans knowing where we will get the money.”
Kenya’s public debt, which has passed the Ksh.9.4 trillion mark, remains feasible despite global shocks which are disrupting economies globally.
Meanwhile, Treasury Cabinet Secretary (CS) Prof. Njuguna Ndung’u has noted that the State intends to reduce its spending this financial year in order to strengthen the country’s debt sustainability ratio.
