- Ruto said the economic indicators point to good news with inflation now at 6.8 per cent down from a high of 9.2 per cent last year.
Image: ENOS TECHE
President William Ruto has said that Kenya has made significant progress in paying its debt.
Speaking on Tuesday during the Jamhuri Day celebration, the President said that currently, the country is out of debt distress.
Ruto said the government has focused firmly on the ways and means to transform the economy.
"This transformation began with all of us as the people of Kenyan making immense sacrifices and huge contributions together to pull back our country yet from the brink of debt distress," he said.
"I can now confirm without fear of contradiction that the country is safely out of the danger of debt distress and that our economy is on a stable footing."
Ruto said the economic indicators point to good news with inflation now at 6.8 per cent down from a high of 9.2 per cent last year.
The President added that in the last 6 months, the GDP has grown at 5.4 per cent making Kenya the 29th fastest-growing economy in the world, according to the World Bank.
"There is no question about it: What we have done together, the price we have paid together and the sacrifices we have made together have rescued our country from an economic catastrophe," he said.
Ruto said that after navigating the country's way out of a complicated debt situation, the second action is to accelerate economic progress.
The President said Kenya's human capital, the innovative, smart-working, professional labour force is the single most potent arsenal the country has to drive economic progress.
"Globally, Kenyans have excelled in semi-skilled, skilled and professional occupations. Our expenditure on training, learning and education in general is a most appropriate investment in the development of the human capital necessary for our economic progress.