KENYA'S Deputy President Kithure Kindiki has expressed confidence in President William Ruto's administration ability to transform lives of Citizens, under the Bottom Up economic transformation agenda.
Speaking on Wednesday, December 11, when he presided over the closing of the Jamhuri National Trade Fair, the Deputy President said the worst is now behind and Kenya's economy is stable.
Kindiki stated that the East African Country has come from the difficult situation it was prior to the Ruto presidency and Kenya’s macroeconomic situation is at a better place.
“We have come from a very difficult economic situation. In the past two years the Macroeconomic indicators in many parts of the world were looking not so good including for Kenya,” Kindiki stated.
“I am pleased to report that the worst is behind us. Two years down the line and by the Grace of God, and the handwork of this administration under the leadership of President William Ruto the macroeconomic situation has been brought into stability. Today inflation, which was at 9.7% is at 2.7% the lowest in 17 years.” He Added.
The Deputy President cited some of the milestones as a stronger Shilling which was weaking everyday now stable, Lower inflation and Prices of basic commodities like UNGA coming down.
“Today, the strength of the Kenyan shilling which was weakening every day is stable from a high of nearly Sh170 to a stable Sh127 to Sh129 for the last one year. The prices of fuel have been stable and decreasing every month. The prices of essential commodities are reducing especially maize flour and other staple foods. Therefore the macroeconomic situation looks good," Kindiki said.
Kindiki, emphasized the Kenya Kwanza administration is committed to provide jobs for the youth and enhance income for households.
“The interest rates for the middle class are going down every month from a high of 15.5% today we are at about 11.2%, which is a record decrease. The macroeconomic situation is under control, what remains in the coming days is to strengthen the macroeconomic situation, provide jobs and enhance incomes for households." Kindiki stated.
Kindiki, echoed sentiments made by President William Ruto during his state of the Nation address in Parliament late last month.
The head of state, reported all macro-economic indicators point to a positive turnaround and an upward trajectory for the East African Country.
President Ruto, stated one of the milestones, is the shilling has stabilised significantly, appreciating from KSh162 to the dollar in February 2024, to KSh129 today, a remarkable gain of 20%.
According to the President, this recovery has restored confidence in the Country's financial markets and significantly reduced the cost of servicing external debt, creating vital fiscal space for development imperatives.
Additionally, Inflation has declined dramatically from 9.6% in September 2022 to 2.7% in October 2024, the lowest rate in 17 years, he said. Adding this achievement has been the consequence of favorable weather, and his administration's deliberate efforts to support farmers with affordable inputs including subsidised fertiliser, leading not only to increased production but also productivity, and lowering the prices of many cereals, including maize, and pulses such as beans and peas.
The Report, indicated that Kenya's foreign exchange reserves have surged by $2.4 billion to hit a record $9.5 billion, providing 4.8 months of import cover, the highest in 10 years.
Ruto stated that this resilience shields the Country from external shocks in the global economy and restores investor confidence. Additionally, he claimed Interest rates are also trending downward, reducing borrowing costs and freeing up fiscal space for growth-enhancing initiatives by businesses.
The Report reflected the Success of his administration's tax base expansion Measures, stating Tax revenues have grown by 11.5% in the year to June 2024.
According to the President, Kenya's economy continues to grow steadily, recording a 5.6% growth rate in 2023, among the highest globally and the government projects 5% growth this year and 5.6% in 2025.