Ruto says he will have to postpone some of the election pledges
2 min readRuto says he will have to postpone some of the election pledges, citing the bad economic situation in the country.
In an effort to stabilize the economy, President William Ruto says the government will have to delay some of the government projects/ election pledges as he relooks at certain interventions.
Speaking to stakeholders of the Association of Pension Trustees and Administrators (APTAK) on Friday, Ruto emphasized that the nation’s economy is fragile because almost 60% of its income is going toward paying off debt.
“We will have to delay some of the projects we have. We will have to postpone some of them and relook at some of the interventions. I have seen reports that we have slowed down on the trips abroad and many of the other things and make sure that we are removing them first from our budget,” he said.
Ruto vowed to put an end to the borrowing culture that he said has dilapidated the economy, adding that the 2022/2023 budget is going to be rationalized towards stabilizing the country’s economy.
“I will not be the president that will continue the journey of taking our country into debt. It is going to be a difficult choice, but I don’t see an option. We just have to make those choices and we are going to rationalize the budget and relook at what else we can do even next year,” said Ruto.
In order to avoid the borrowing rate under the previous administration, which he claimed was as high as 14 percent, the borrowing limit will be restricted at 10 percent in the coming years, according to President Ruto.
“I have also given instructions to the ministry of finance that yes, we will go to the market and if we find that in the market, we cannot find money at 10pct, we will go back and relook at other sources. It is not possible for us to borrow at beyond 10 pct. The last borrowing that we did was 14 percent, which is unacceptable.”
In addition to the affordable housing project, the government plans to start other initiatives, such as hustler fund loans to micro, small, and medium-sized businesses (MSMEs).
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