William Ruto: Kenya's Economy Is Stable Enough To Pay Off Its Debts

• Data from the Kenya National Bureau of Statistics (KNBS) showed that Kenya's economy grew to 5.4%
• President William Ruto attributed the growth to the efforts levelled by his administration in the past year
• Ruto revealed that the country can now commit to its debt obligations starting in December 2023

TUKO.co.ke journalist Wycliffe Musalia brings over five years of experience in financial, business, and technology reporting, offering deep insights into Kenyan and global economic trends.

President William Ruto has revealed that Kenya's economy is stable enough to pay off its debt.

This followed revelations by the National Treasury that Kenya's public debt hit over KSh 10.58 trillion.

How Ruto plans to pay Kenya's debts

Speaking on Thursday, November 30, during the Hustler Fund's first anniversary, Ruto said he is ready to start paying off Kenya's debts.

"Our main problem was the debt, and many people thought Kenya will end up like many other countries that running into default. I want to assure Kenyans that we have stabilised our economy and we are ready and committed to pay all our debts," said Ruto.

Ruto reiterated his administration's plans to clear off the debts starting December 2023.

The head of state maintained that the decisions made by the government in the past year have put the country on a sound economic footing.

How much will Ruto pay in Eurobond debt?

Speaking during the State of the Nation address in November 2023, Ruto revealed that his administration will pay $300 million (KSh 45.96 billion) in Eurobond debt by December 2023.

"Our efforts have yielded such progress that next month we will settle $300 million (KSh 45.96 billion) instalment of the $2 billion (KSh 306.4 billion) Eurobond debt that falls due next year," he said.

According to the president's economic advisor, David Ndii, the load repayment is facilitated by the International Monetary Fund (IMF) programme of up to $650 million (KSh 99.6 billion).

What is the state of Kenya's economy?

A report by the Kenya National Bureau of Statistics (KNBS) showed a growth in the economy of 5.4% in the second quarter of 2023.

The report showed the growth was supported by the financial sector, which grew at 13.5% and the turnaround in agriculture at 7.7%.

The government has been pushing its agenda on subsidising agricultural production to increase food security in the country.