TURKANA, Kenya Dec 15 – Deputy President Kithure Kindiki has called on Kenyans to remain patient and supportive of President William Ruto’s administration as it tackles economic challenges that have significantly impacted the cost of living.
Speaking on Sunday during a church service at Moi Gardens in Turkana County, Kindiki attributed the current economic difficulties to the lingering effects of the COVID-19 pandemic, which disrupted economic activity for nearly two years.
“When the President took over power, we inherited significant economic issues caused by local and, more so, global factors. The economy was shut down for almost two years due to COVID-19, and the resulting consequences made it difficult when President Ruto assumed office,” Kindiki explained.
He acknowledged progress made in stabilizing Kenya’s economy but emphasized that the journey to prosperity was far from complete.
“Please, let’s not lose faith in our country. We must continue trusting God and working hard as a government and as Kenyans. The same God who has helped us stabilize the general economic indicators will guide us in completing the journey. Over the next three years, our focus is to ensure we put money in people’s pockets,” Kindiki urged.
Economic Indicators Show Signs of Recovery
Kindiki highlighted positive developments in key economic indicators, including a stronger Kenyan shilling, stabilized food prices, and controlled inflation. He noted that fuel prices have also declined, citing a drop from Ksh 217 to Ksh 170 per liter, with further reductions anticipated in the coming months.
“The President and the government have worked hard to address these challenges. The dollar price has dropped to Ksh 128, and we are seeing consistent improvements in other areas,” he said.
However, the Deputy President acknowledged that liquidity challenges remain a pressing issue for the government, as it works to strengthen household incomes and spur economic growth.
Debt Burden Looms Large
Kindiki pointed to the heavy debt burden accumulated over the past 12 years as a significant obstacle to economic recovery. The economic fallout from COVID-19 led to a contraction of 0.3% in 2020, down from a 5% growth rate in 2019. This decline, coupled with increased government expenditure and reduced revenue, saw Kenya’s public debt grow from 59.5% of GDP in 2019 to a projected 72% by the end of 2022.
He acknowledged the Kenya Kwanza administration’s ongoing efforts to manage the country’s economic recovery while addressing the impacts of climate change and raising revenues to meet debt obligations.
“The challenges are immense, but this government is committed to turning the situation around. We are working to restore financial stability while ensuring Kenyans benefit directly from improved economic conditions,” Kindiki assured.
Source: capitalfm
