Nairobi — President William Ruto says he has made tough yet essential decisions to stabilize Kenya's economy and is committed to avoiding artificial measures aimed at gaining popularity.
During a joint media interview at State House on Sunday night, the President said that unlike the previous administration where he served as Deputy President, his government would not provide subsidies on consumption or fuel prices, considering them artificial solutions.
Ruto acknowledged that the government had made commitments, but changing circumstances, including rising commodity prices, had necessitated adjustments. He urged Kenyans to exercise patience as his administration worked to stabilize the economy.
Regarding fuel prices, the President pointed out that they were influenced by international market forces and producers, leaving the government with limited control over them. Despite recent decreases in fuel prices, Ruto humbly declined credit, attributing the reduction to international market dynamics.
"The price of fuel is not determined by the Government of Kenya; it is determined by the producers. That is why today the price of fuel in Kenya is the same in Uganda and Tanzania because we buy from the same place," he explained, adding that Kenya's taxes as a percentage of GDP were lower than countries like South Africa, Morocco, and Tunisia.
President Ruto defended his numerous international trips, emphasizing that they were focused on addressing the country's challenges rather than tourism.
"I am not traveling around the world as a tourist," he said, "I am doing my job of seeking solutions to our problems."
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He highlighted efforts to boost foreign exchange earnings by facilitating Kenyan employment in foreign countries through bilateral labor agreements with nations such as Saudi Arabia, the UAE, Germany, and Canada.
Ruto also emphasized the importance of reducing unnecessary imports, such as cement, steel, and furniture, and boosting local manufacturing to reduce the outflow of foreign currency. He expressed a vision of Kenya becoming self-sufficient in food production within a year.
The President underscored his government's efforts to prevent Kenya from falling into debt distress and maintain inflation and money supply under control. He noted that a significant portion of government revenue went toward servicing inherited debt, which impacted areas like education, health, security, and public services.
President Ruto reiterated his administration's commitment to making tough decisions for the sake of Kenya's economic stability and the welfare of its citizens.
He emphasized the importance of addressing challenges such as inflation, debt management, and self-sufficiency in various sectors to secure the country's future prosperity.
