President William Ruto addressing the public in Kiambu on February 14, 2024, has provided reassurance to Kenyans, expressing confidence that the recent significant gains of the Kenyan shilling will continue to strengthen in the upcoming days.
On Wednesday, while addressing the audience in Murang'a County, the President emphasized that the government has devised a strategy to boost the economy.
"Nataka kuwahakikishia ya kwamba hata ile dolla mahali mlikuwa mmeona ilikuwa imefika sasa mtaona mambo ambayo hamjawai kuona," he said.
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On January 15, the Kenyan shilling reached a historic low, officially crossing 160 unit points against the US dollar.
Nevertheless, in recent days, the Kenyan shilling has experienced a noteworthy recovery.
As of February 14, the Central Bank of Kenya reports an exchange rate of 156.70 Kenyan Shillings per US dollar.
The President reiterated his commitment to prevent the country from sinking into debt, emphasizing that he will confront the issue of debt directly, ensuring that the nation does not default.
"You have seen the other day we have put enough money to help us pay our debts," he said.
His remarks follow the successful issuance of a new Eurobond by the country, amounting to $1.5 billion (Sh238 billion).
The National Treasury has outlined that the new loan is structured into three installments, with a weighted average life of six years and an anticipated maturity in 2031.
The bond has been priced at 10.37 per cent, marking the highest rate ever offered by an African state.
