‘Economy Is Stable!’ – Kindiki Says Despite Surge In Business Closures
According to Deputy President Kithure Kindiki, Kenya’s macroeconomic situation has improved during the last two years.
Kindiki, who presided over the closure of the Jamhuri National Trade Fair on Wednesday, stated that the worst is behind them and that the economy is stable.
“We have come from a very difficult economic situation. In the past two years, the Macroeconomic indicators in many parts of the world were looking not so good including for Kenya. I am pleased to report that the worst is behind us,” he said.
“Two years down the line and by the Grace of God, and the hard work of this administration under the leadership of President William Ruto the macroeconomic situation has been brought into stability. Today inflation, which was at 9.7% is at 2.7% the lowest in 17 years.”
DP Kithure Kindiki to Qatar: We have enough people. If you want us to give you people every day, we have people. 5.5 million skilled workers who do not have an opportunity today pic.twitter.com/j7IeCONWPL
— The Eastleigh Voice (@Eastleighvoice) December 11, 2024
The Deputy President stated that Kenya found itself in this scenario as a result of the two-year COVID-19 pandemic between 2020 and 2021, during which the country’s economy and many other sections of the world were entirely closed down.
He claimed it was exacerbated by worldwide high interest rates, the conflict in Ukraine, and a few other issues.
Kindiki stated that the situation now appears to be improving, beginning with inflation, which has fallen to its lowest level in 17 years.
He added that the shilling has steadied against the US dollar, and that fuel and basic food commodity prices are also falling.
Dp Kithure Kindiki : I am Pleased to Announce, due to President Ruto's Hardwork, the economy of Kenya is Stable, Unga is Affordable pic.twitter.com/601SpkD93x
— Goddie (@Goddie_Ke) December 11, 2024
The DP stated that, notwithstanding this, the Kenya Kwanza government remains committed to creating more jobs and raising household incomes for everybody.
“Today, the strength of the Kenyan shilling which was weakening every day is stable from a high of nearly Sh170 to a stable Sh127 to Sh129 for the last one year,” Kindiki said.
“The prices of fuel have been stable and decreasing every month. The prices of essential commodities are reducing especially maize flour and other staple foods. Therefore the macroeconomic situation looks good.”
ALSO READ:
- Outrage After 25-Year-Old Man Dies In Police Custody
- ODM’s Oburu Responds To Reports Of Suspending Coalition Talks With UDA
- “Don’t Attack Public Infrastructure!” – IG Kanja Asks Kenyans, Issues Orders To Police
- “NO MORE NIL TAX RETURNS!” – KRA Tells Kenyans, Introduces New Changes
- Eliud Owalo Blasts Ruto Gov’t, Demands EACC & DCI Investigations Into Fake Sugar Scandal
He continued: “The interest rates for the middle class are going down every month from a high of 15.5% today we are at about 11.2%, which is a record decrease.
“The macroeconomic situation is under control, what remains in the coming days is to strengthen the macroeconomic situation, provide jobs and enhance incomes for households.”
During the ceremony, the Global Labour Market Strategy and the National Strategy on Skills for Labour Mobility were launched at the COMESA Grounds, KICC, Nairobi, as well as the cohort of Kenyan workers departing for Qatar.
Dr. Alfred Mutua, Cabinet Secretary for Labour and Social Protection, was joined by Principal Secretaries Shadrack Mwadime (Labour), Roseline Njogu (Diaspora Affairs), and Dr. Esther Muoria (Technical, Vocational Education and Training), as well as diplomats and top government officials.
‘Economy Is Stable!’ – Kindiki Says Despite Surge In Business Closures
