Ndii Exposes Ksh 166B Cancelled Eurobond, Sinking Kenya’s Economy
Monday, David Ndii, the chief economic advisor to President William Ruto, expressed concern that the government’s efforts to revitalize the economy were hindered by errors committed during the previous administration.
Ndii attributed the depreciation of the Kenyan Shilling vis-à-vis the Ugandan and Tanzanian currencies to the cancellation of a Ksh166 billion Eurobond by former President Uhuru Kenyatta mere days before the election.
Ndii stated that the cancellation of the Eurobond by the Uhuru administration mere days before Ruto’s ascension to power was a costly error for the nation.
“That liquidity crunch is still biting,” Ndii remarked.
Ndii further stated that the situation was poised to deteriorate as an additional Ksh301 billion was set to mature in June 2024.
“That is Uhuru’s legacy, whether you want to hear it or not. And there are no solutions, only consequences,” Ndii told Kenyans.
Despite being in office for one year, the current administration has been attributing the economic mess to Uhuru, with some experts claiming that they have been in office long enough to begin correcting the economic muddle.
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Additionally, the economic advisor to the President disclosed that the Eurobond payment in June 2024 would be the most substantial ever issued by an African nation.
As a result of the canceled Eurobond and the forthcoming Ksh301 billion payment, Kenya’s fiscal health will deteriorate further, according to Ndii.
Despite a pledge to reduce borrowing during the election, he added that the government is investigating additional bonds and syndicated bank loans to alleviate the nation’s liquidity crisis.
The Central Bank of Kenya has reported that the public debt of the nation amounts to ksh10.5 trillion.
Ndii asserted that Kenya possessed no public debt at the time Uhuru assumed power in 2013 to replace Mwai Kibaki.
Indeed, Uhuru assumed a debt of Ksh1.89 trillion from his predecessor, former President Mwai Kibaki, which escalated to Ksh9 trillion by 2022.
Ndii Exposes Ksh 166B Cancelled Eurobond, Sinking Kenya’s Economy
