Ruto Breaks Ground on Kenya’s China Debt Challenge
President William Ruto has commented on the growing apprehensions regarding the purported Chinese debt trap, which has been cautioned by some experts as a source of national indebtedness.
The president, in an interview with the Chinese media outlet CTGN, refuted the concept of the Chinese debt trap.
Ruto asserts that numerous lending institutions, such as the European Union, the World Bank, and the International Monetary Fund (IMF), have entered into agreements with the nation.
Ruto underscored that the debt problem was a media fabrication.
“There are myths, rumors, perception and then there is reality. The reality is that China is not our largest debt holder,” Ruto stated.
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To expand their respective economies, Kenya and China have a win-win relationship, according to the President.
“We can negotiate for ourselves what we think is fair and balanced to the people of Kenya and our partners,” he added.
Ruto clarified that Kenya’s intention in obtaining loans was not to exploit other nations.
The International Monetary Fund reports that 12% of Africa’s private and external debt is attributed to China. As of March, Kenya owed Ksh946 billion to the Asian nation.
Additionally, he commended China for constructing the Standard Gauge Railway (SGR), which has significantly improved the transportation system in Kenya.
As far as the president was aware, negotiations were underway with neighboring nations to extend the SGR and link additional nations.
“It’s quite an experience, for you to get a ticket you have to book a week in advance,” Ruto stated.
Ruto Breaks Ground on Kenya’s China Debt Challenge