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We have stabilized the economy – Ruto declares debts cannot threaten Kenya again

What I cannot allow is to have our country keep on borrowing left right centre - President William Ruto

President William Ruto during a meeting at State House, Nairobi on July 21, 2023

President William Ruto has declared that Kenya has averted the debt crisis, noting that the economy is now stable and the nation cannot be threatened by debts.

Ruto noted that having inherited the economy in very bad shape, the last eight months have seen him work round the clock with his efforts bearing fruits.

The president who was speaking during a thanksgiving service in Taita Taveta on Sunday, July 23 declared 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.

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He added that instead of borrowing, revenue collected will finance government operations and development, urging Kenyans to embrace new taxes, including those 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." He added.

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The ballooning public debt which currently stands at over Sh9 Trillion has been a concern for Kenyans.

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