In an interdenominational service held at Mwatunge grounds in Taita Taveta county, President William Ruto made a bold declaration, stating that Kenya’s economy has been successfully stabilized, and the nation will no longer be threatened by debts. Having faced the daunting task of steering the economy back on track for the past eight months, President Ruto asserted his commitment to curbing the country’s reliance on borrowed funds.
During his address, President Ruto emphasized that Kenya cannot continue on a path of perpetual borrowing. In the quest to secure the country’s financial future, he had conducted a series of crucial meetings with international lenders, including the International Monetary Fund (IMF) and the World Bank. The efforts to stem the tide of accumulating debts have now borne fruit, assuring a more stable economic outlook for the nation.
“We must tell ourselves the truth. We can’t continue to drive our country into debt because, for the past eight months, I had a tough job of stabilizing the economy because we were headed in the wrong direction with too many debts,” President Ruto asserted during the service.
Undoubtedly, President Ruto’s dedication to fostering domestic revenue generation stands as a cornerstone of his economic strategy. He expressed his unwavering determination to prioritize revenue collection over extensive borrowing to finance government operations and development projects. To ensure sustainable growth, the President encouraged Kenyans to embrace the taxation proposals outlined in the Finance Act 2023.
“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. 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,” President Ruto declared, highlighting the significance of relying on self-sustained revenue.
Addressing the concerns surrounding Kenya’s public debt, which had surpassed the Ksh.9.4 trillion mark, President Ruto assured the public that the nation’s debt remains manageable despite global economic challenges. Furthermore, the Treasury Cabinet Secretary, Prof. Njuguna Ndung’u, revealed the government’s commitment to reducing spending this financial year to enhance the country’s debt sustainability ratio.
Having taken the reins of an economy burdened by excessive debts, President Ruto’s tenure has been characterized by resolute efforts to drive development and create job opportunities for millions of unemployed Kenyans. With a renewed focus on self-reliance and prudent financial management, President Ruto’s vision aims to lead Kenya into a more prosperous and debt-resistant future.
By: Montel Kamau Serrari Financial Analyst 24th July, 2023
photo source Google
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