‘Kenya’s Economy Now Stable!’ – President Ruto Claims
President William Ruto has expressed optimism about the economy’s upward direction.
The President stated that the administration has managed to stabilize the economy in 2024 and that important initiatives will begin in the new year.
Ruto stated on Sunday at the Kerio Valley Interdenominational Prayers in Tot, Elgeyo Marakwet, that the government had battled to stabilise the economy during the previous two years.
The President stated that the country’s economy is now in good condition.
“We can now confidently say that we have managed to stabilize the economy when I told many people that we were going to do so by making fairly difficult decisions but necessary,” he said.
“Because the economy has stabilised, we shall now push the construction of roads.”
We applaud Kenyans for entrusting our leadership with the transformation of our country. We are glad this has taken tangible shape and delivered results.
— William Samoei Ruto, PhD (@WilliamsRuto) December 31, 2024
Through our continued collective labour, we will work harder and deliver greater progress.
In our unity, we are better… pic.twitter.com/VdOkFYaJyl
Ruto also stated that inflation has dropped from 9.6% to 2.7%, and the exchange rate, which was above 160, has fallen to roughly 120.
“The interest rate that had a problem is now on a downward trend and the foreign exchange has now increased by almost 3 billion dollars,” he said.
During his New Year’s address, the President stated that 2024 began with great faith and optimism, amid a context of suffering, uncertainty, and widespread worry.
He stated that security, economic insecurity, climate change, and political uncertainty loomed large.
The President stated that global economic shocks increased the cost of living, while conflicts disrupted supply lines, resulting in scarcity and soaring inflation.
“Our currency, the shilling, faced significant pressure from major currencies,” he said.
“Many families struggled to provide daily meals as agriculture grappled with the aftermath of the region’s longest and harshest drought, followed by devastating floods that destroyed crops, livestock, infrastructure, and development.”
The President stated that the government needs a comprehensive plan to resolve barriers, implement national transformation, and equip every Kenyan with the chances they deserve.
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He stated that the scale of the problem required bold, decisive, and unwavering efforts from all of us.
“We had to find ways of mobilising sufficient revenue to finance all our obligations, provide services inclusively and consistently, and invest in development,” he added.
This, he argued, necessitated harsh decisions beyond only reducing waste and increasing efficiency in the mobilization and utilization of public funds.
The Head of State highlighted that it will also promote greater compliance with civic obligations to pay taxes as they become due.
‘Kenya’s Economy Now Stable!’ – President Ruto Claims
