Nairobi — President William Ruto says the government will have to postpone some of the projects yet to be launched and relook at certain interventions in a bid to stabilize the economy.

Ruto, who spoke on Friday when he met Association of Pension Trustees and Administrators (APTAK) stakeholders noted that the country is in an unstable economic state as approximately 60 percent of the country's revenue was being spent on paying debts.

"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.

The head of state 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.

According to the Commander-in-chief, the borrowing limit will be capped at 10 percent in the subsequent years to avert the previous regime's borrowing rate which he said was ranging at 14 percent.

"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 14percent, that is unacceptable."

Other than the affordable housing project, the other projects that the government is set to launch include hustler fund loans to micro small and medium enterprises (MSMEs).