President William Ruto has exuded confidence that the economy has taken a positive trajectory.
The President said the government has managed to stabilise the economy in 2024 adding that major projects will be undertaken in the new year.
While speaking during the Kerio Valley Interdenominational Prayers in Tot, Elgeyo Marakwet on Sunday, Ruto said the government has struggled to stabilise the economy in the last two years.
The President said that the country's economy is now in good standing.
"We can now confidently say that we have managed to stabilize the economy when I told many people that we were going to do so by making fairly difficult decisions but necessary," he said.
"Because the economy has stabilised, we shall now push the construction of roads."
Ruto added that the inflation which was at 9.6 per cent has reduced to 2.7 per cent and the exchange rate which was at around 160 has now reduced to around 120.
"The interest rate that had a problem is now on a downward trend and the foreign exchange has now increased by almost 3 billion dollars," he said.
During his New Year speech, the President said that 2024 began with strong faith and optimism despite a climate of hardship, uncertainty, and widespread anxiety.
He said that Security, economic instability, climatic challenges, and political uncertainty loomed large.
The President said that global economic shocks drove up the cost of living, while conflicts disrupted supply chains, creating scarcity and rising inflation.
“Our currency, the shilling, faced significant pressure from major currencies. Many families struggled to provide daily meals as agriculture grappled with the aftermath of the region’s longest and harshest drought, followed by devastating floods that destroyed crops, livestock, infrastructure, and development,” he said.
The President said the government needed a coherent plan to address obstacles, deliver the transformation of the nation and provide every Kenyan with the opportunities they deserve.
He said the magnitude of the challenge demanded bold, decisive, and unfaltering efforts from all of us.
“We had to find ways of mobilising sufficient revenue to finance all our obligations, provide services inclusively and consistently, and invest in development,” he added.
This, he said, called for tough decisions, not just to reduce waste and increase efficiency in the mobilisation and utilisation of public finances but also to promote broader compliance with civic obligations to pay taxes whenever they fall due.