Ruto: I’ve Saved Kenya’s Economy from the Trenches

Summary:

• President William Ruto claims to have rescued Kenya’s economy from crisis during a rally in Kericho. He cites a drop in the US dollar’s value and fuel prices as evidence. Ruto defends tax hikes to control debt, emphasizing local revenue generation. Kenya has received substantial funds and plans to repurchase a significant portion of its Eurobond.

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During a roadside rally in Kericho town on Thursday, President William Ruto proclaimed that he had rescued Kenya’s economy from the dire state it was in upon assuming power in September 2022.

Highlighting the recent decrease in the value of the US dollar against the Kenyan shilling, Ruto emphasized that the economy had witnessed a positive turn, with the dollar price receding after reaching an unprecedented high of Ksh.161.

“Kenya’s economy was in dire straits, but I have revitalized it. As you can see, even the dollar’s value has diminished, signaling a restoration of order,” remarked Ruto.

Additionally, he mentioned the one-shilling reduction in fuel prices in February and hinted at an upcoming decrease expected in the Energy and Petroleum Regulatory Authority (EPRA)’s March review, scheduled for later that evening.

“Today, revised fuel prices will be announced, demonstrating the improving state of affairs,” stated Ruto.

Furthermore, Ruto defended his government’s decision to raise several taxes and introduce new ones, emphasizing the necessity to manage debt levels.

“We are committed to ensuring Kenya’s progress without excessive burdens and debts,” asserted Ruto. “As a nation, we must exercise caution to avoid accumulating debt that could potentially lead to our downfall. Hence, we will employ local interventions and revenue generation to propel 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. Moreover, the country is repurchasing over $1.4 billion of its $2 billion Eurobond, which is due to mature in June, while the finance ministry projects a 5.5 percent expansion in the economy for 2024.

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