Nairobi — President William Ruto has defended his economic reform agenda as the 'only way and means of escape' even as he reported that the country was finally out of debt distress.
In remarks delivered on Tuesday when he led national celebrations to mark the 60th independence day anniversary, President Ruto said Kenya was on the right trajectory.
He pointed to economic indicators reporting inflation down to 6.8 per cent and GDP growing at 5.4 per cent over a six-month period, making Kenya the 29th fastest growing economy in the world according to the World Bank.
''There is no question about it: What we have done together, the price we have paid together, and the sacrifices we have made together have rescued our country from an economic catastrophe,'' Ruto affirmed.
He called for collective responsibility to match Kenya's economic progress with democratic and political achievements attained since independence.
''Sixty years ago, we certainly were far from where we are today. The progress we have made is undeniable,'' he said.
Ruto however emphasized on the need to redouble efforts to catch up with Kenya's peers at independence who had since made significant economic progress.
''Our peers at that time, nations like South Korea, Singapore, and Malaysia, have similarly made immense progress in democratic and institutional maturity. They have, however, made much more economic progress than we and, as a consequence, they are much more advanced today than we are,'' he noted.
While acknowledging efforts made by administrations before him, Ruto said Kenya's present state was a culmination of the collective endeavor of the nation's founding generation and those that followed.
He hailed the independence movement's sacrifices towards the realization of a united, free, democratic, and economically prosperous nation.
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''In our democratic and political journey, we have made tremendous sacrifices and progress, from single party to multi-party, personality and ethnic parochialism to issue-based and national politics, from violent and intolerant discourse to orderly and peaceful elections. However, we have not made as much progress with our economy,'' President Ruto remarked.
He restated his commitment to further Kenya's economic prosperity as a contribution to perfecting Kenya's national sovereignty.
''Our focus has been firmly about the ways and means of transforming our economy, making the right decisions, necessary sacrifices, and smart choices to set Kenya on the path of economic renaissance,'' the President declared.
Making reference to global economic challenges, Ruto commended Kenyans for their patriotic devotion that he termed as pivotal to the success of his administration's economic reform agenda.
''There is every reason to believe that without serious sacrifices and hard work over the past year, the crises, threats, and challenges in the global economic and geo-political environment confronting us would have overwhelmed us as, indeed, it has many countries,'' Ruto stated.
The President restated his administration's commitment to accelerating economic progress.
