Kenya's Ruto seeks to tackle battered economy

Kenyan President William Ruto's maiden State of the Nation address, delivered at the country's parliament buildings on Thursday, elicited divided opinions among its people.

In his address, Ruto sought to offer hope to the East African nation as many decry heavy taxation and a battered economy.

In a speech that lasted slightly over an hour, Ruto said that his government took over an economy that was undergoing innumerable challenges and he has been hard at work to put a stop to the economic downturn and steer Kenya back to a path of growth.

"On Sept 13, 2022, when I took office, I undertook to ensure the urgent transformation of our economy and to stop and reverse the negative trends of runaway unemployment, yawning inequality and widespread poverty which were denying Kenyans their dignity and extinguishing their dreams," Ruto said.

While listing the measures his government has taken in various sectors to turn the economy around, Ruto pointed out that there are no quick fixes to the country's debt situation. He added that Kenyans should exercise patience as his administration addresses "wasteful expenditure, and counterproductive subsidies on consumption by which we dug ourselves deeper into the hole of avoidable debt".

His supporters admitted that the cost of living has gone up but asked Kenyans for enough time to turn the country's economy around. David Ochieng, a lawmaker allied to the president, said that even though the cost of living has not yet come down, the government has put into action measures that will finally ease the economic burden.

"The president acknowledged we are in a bad place and we have to tighten our belts in order to get to a proper place. He has recognized that Kenyans are hurting but it is not all gloom. There is hope," Ochieng said.

Opposition lawmaker Adipo Okuome asked the president to urgently find ways of addressing the rising cost of fuel as the first step toward bringing down the cost of living.

According to Ruto, the measures he has taken will enable the country to settle the first $300 million installment of a $2 billion Eurobond debt due next year. Kenya raised the international sovereign bond in 2014 to be applied toward the government's development initiatives and liability management.

otiato@chinadaily.com.cn