Ruto break silence over alleged China debt trap for Kenya
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Ruto dismisses allegation of China debt trap for Kenya amid raising concerns of overburdened Kenya's economy
Ruto dismisses allegation of China debt trap for Kenya amid raising concerns of overburdened Kenya’s economy.
In an interview with CTGN, a Chinese media outlet, President Ruto dismissed the notion of the Chinese debt trap.
Ruto claims that Kenya has multiple agreements with various lenders, such as the European Union, the World Bank, and the International Monetary Fund (IMF).
He emphasised that the debt trap was a myth engineered by the media.
“There are myths, rumours, perception and then there is reality. The reality is that China is not our largest debt holder,” Ruto stated.
The President added that Kenya and China have a win-win relationship meant to grow both economies.
“We are able to negotiate for ourselves what we think is fair and balanced to the people of Kenya and our partners,” he added.
Ruto explained that Kenya was not looking to take advantage of other countries when taking loans.
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According to an IMF estimate, 12 percent of Africa’s external and private debt is owed by China. Kenya owed the Asian nation Ksh946 billion as of March.
President Ruto also praised China for the Standard Gauge Railway (SGR) that has eased transportation in Kenya.
He revealed that he was in talks with neighbouring countries, to expand the SGR and connect more countries.
“It’s quite an experience, for you to get a ticket you have to book a week in advance,” Ruto stated.
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