President William Ruto claims that the country's economy has improved drastically since he took office in September 2022.
During a brief roadside rally in Kericho town, the president mentioned the US dollar's value versus the shilling, which fell last month after a steady ascent to an all-time high of Ksh.161.
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“Kenya’s economy was in the trenches but I have saved it. Now, as you can see, even the dollar price has gone down and things are in order,” Ruto said.
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“Today, you will be given new fuel prices and see how things are getting better,” Ruto said.
He further defended his government’s hike of several taxes and introduction of new ones, reiterating that he seeks to control debt levels.
“We want to ensure that Kenya gets ahead without burden and debt,” Ruto said,
“We must be careful as a nation not to contract debt that could make our country fall. That is why we are going to use local interventions and revenue to drive our development and reduce borrowing.” he added.
He justified his government's tax increases and the introduction of new ones, stating that he wanted to keep debt under control.
Kenya has received over Ksh.136 billion ($1 billion) in disbursements this year and expects another Ksh.203 billion ($1.5 billion) from the World Bank by May.
It is also buying back more than $1.4 billion of its $2 billion Eurobond expiring in June, even though the finance ministry expects the economy to grow by 5.5% in 2024.
