•The Spokesperson said the decisions have saved Kenya from defaulting on her loans.
•The President said that he needed to step in and make the decisions to help the country not to plunge into debt distress
Image: EZEKIEL AMING'A
Government Spokesperson Isaac Mwaura has praised the economic policies of President William Ruto, affirming that they are yielding positive results.
Using his X handle on Tuesday, Mwaura stated that the President's decisions, implemented since assuming office, have averted a national crisis and prevented the country from defaulting on its loans, a fate experienced by some other nations.
Despite these policies being perceived as oppressive and unpopular, Mwaura emphasized that they are steering the country in the right direction.
"President William Samoei Ruto has made very far-sighted decisions that have saved our country from the edge of the economic precipice. Many people thought that Kenya would default. We haven’t," Mwaura said.
He said Ruto had put the interests of the country first, noting that those who have been criticizing him will soon agree with what he is doing.
"Sometimes the choices we make may be tough, even unpopular, but in the fullness of time, even the worst of critiques come to reckon that it was best route to take," Mwaura said.
His sentiments come after reports that Ethiopia had defaulted on its Eurobond loan, making it the third country to default on loan repayment.
The others who have defaulted include Zambia and Ghana.
According to reports by Reuters, Ethiopia announced it would default as a result of the financial strain it had undergone due to the Covid-19 pandemic.
A two-year civil was that had rocked the country and which came to an end in November 2022 is also to blame for the defaulting.
During a media roundtable last week, President Ruto said he had to make painful decisions to stabilize the economy.
The President said that he needed to step in and make the decisions to help the country not to plunge into debt distress.
"Our economy today is out of debt distress and that is the truth. If I did not step in. The kind of decisions I have made are very painful. I know they will cause pain. It is better to make those decisions now than get Kenya into debt distress," he said.
The President added that the worst thing that can happen to a country is to go into debt distress.
Ruto assured Kenyans that the country is out of debt distress and that the economy has stabilised.
He said this has been achieved after the country reduced expenditure and negotiated packages with with IMF and bilateral countries.