President William Ruto has maintained that the country will not borrow funds to meet government expenditures.
Speaking during the interdenominational service in Mwatunge grounds in Taita Taveta, Ruto said the country cannot continue relying on borrowed funds.
He said he has held a series of meetings with the International Monetary Fund, the World Bank and other key lenders to stop the country from sinking into further debts.
“We must tell ourselves the truth. We can’t continue to drive our country on debt because, for the past eight months, I had a tough job of stabilising the economy because we were headed in the wrong direction with too many debts,” he said.
“I have held several meetings with IMF and World Bank and all those we borrowed money from because we were heading to slippery grounds but I want to confirm to the people of Kenya that we have stabilised our economy and now we cannot e threatened by debts again,” he added.
Ruto has always maintained that he will harness revenue locally to drive his agenda and not take the country to the cliff through more borrowing.
In June, putting a pitch for his revenue-generating measures spelt out in the Finance Act which is currently under suspension, the President said he will not be pushed to borrow to meet government expenditure.
The President insisted that he was elected on the platform of spurring development and changing the fortunes of Kenyans without more debts.
Ruto said his 2023/24 budget seeks to create jobs for the millions of Kenyans who are jobless through interventions aimed at harnessing employment opportunities.
