Ruto’s policies have saved Kenya from defaulting – Mwaura
Isaac Mwaura, a government spokesperson, commended President William Ruto’s economic strategies, stating that they are producing favorable outcomes.
On Tuesday, Mwaura, using his X alias, expressed that the President’s choices made since taking office have successfully sidestepped a nationwide emergency and stopped the country from failing to meet its loan obligations, a situation faced by a few other nations.
Even though these measures are seen as restrictive and not favored by many, Mwaura highlighted their role in guiding the nation toward the correct path.
“President William Samoei Ruto has made very far-sighted decisions that have saved our country from the edge of the economic precipice. Many people thought that Kenya would default. We haven’t,” Mwaura said.
He mentioned that Ruto prioritized the country’s interests, pointing out that those who’ve been criticizing him will eventually come to see the merit in his actions.
“Sometimes the choices we make may be tough, even unpopular, but in the fullness of time, even the worst of critiques come to reckon that it was the best route to take,” Mwaura said.
His feelings emerged following news that Ethiopia had failed to meet its obligations on its Eurobond loan, becoming the third nation unable to repay its loan.
The others who have defaulted include Zambia and Ghana.
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As per Reuters’ reports, Ethiopia declared its intention to default due to the financial pressure it experienced as a consequence of the COVID-19 pandemic.
The country’s defaulting can also be attributed to the conclusion of a tumultuous two-year civil conflict in November 2022.
Last week, President Ruto expressed that he had to make difficult choices to bring stability to the economy during a media discussion.
The President mentioned that he had to intervene and take the necessary actions to prevent the country from falling into a situation of overwhelming debt.
“Our economy today is out of debt distress and that is the truth. If I did not step in. The kind of decisions I have made are very painful. I know they will cause pain. It is better to make those decisions now than get Kenya into debt distress,” he said.
The President further stated that a nation entering into debt distress represents the most adverse scenario.
Ruto guaranteed the people of Kenya that the nation has overcome its debt difficulties and that the economy is now steady.
He mentioned that this accomplishment was made possible following the country’s reduction in spending and the negotiation of agreements with both the IMF and other countries on packages.
Ruto’s policies have saved Kenya from defaulting – Mwaura