President William Ruto asserted on Thursday that he has led Kenya’s economy out of dire straits since assuming power in September 2022.
Speaking at a public rally in Kericho town, President Ruto highlighted the recent decline in the value of the US dollar against the Kenyan shilling, marking a reversal from its peak of Ksh.161.
“Kenya’s economy was in a difficult position, but I have steered it towards stability. Now, even the dollar’s value has decreased, indicating improved conditions,” Ruto affirmed.
He referenced the recent decrease in fuel prices in February and hinted at further reductions expected in the upcoming review by the Energy and Petroleum Regulatory Authority (EPRA).
“Today, you will witness new fuel prices, demonstrating the ongoing improvements,” Ruto assured the crowd.
Addressing criticisms regarding tax hikes and new levies imposed by his administration, Ruto emphasized the necessity of managing debt levels effectively.
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“We are committed to ensuring Kenya’s progress without undue burden or excessive debt,” Ruto stated.
“It’s imperative for our nation to avoid accumulating unsustainable debt, which could jeopardize our stability.
That’s why we’re prioritizing local initiatives and revenue generation to fuel our development and minimize borrowing.”
Kenya has already received disbursements exceeding Ksh.136 billion ($1 billion) this year, with an additional Ksh.203 billion ($1.5 billion) expected from the World Bank by May.
Additionally, the country is repurchasing over $1.4 billion of its $2 billion Eurobond, which matures in June.
The Ministry of Finance projects a 5.5 percent expansion in the economy for 2024.
