Kenya is now out of debt distress - Ruto
By Dennis Tarus |
The President said the country has had to cut back significantly on expenditure and defer the implementation of critical development programmes to stabilise the economy.
President William Ruto now says Kenya is safely out of danger of debt distress and that the country's economy is on a stable footing.
The President said the country has had to cut back significantly on expenditure and defer the implementation of critical development programmes to stabilise the economy.
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"The policy measures required to mobilise necessary revenues have been difficult, but they were our only way and means of escape," Ruto said on Tuesday during the 60th Jamhuri Day celebrations at Uhuru Gardens, Nairobi.
The head of state said economic indicators point to good news with Kenya's inflation at 6.8 per cent, down from a high of 9.2 per cent last year.
Ruto said in the last six months, the country's GDP has grown at 5.4 per cent, 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," he said.
Transparency
The President assured Kenyans that his administration is taking strong measures to ensure that all revenue is administered transparently, efficiently and in a secure manner.
"One of our best interventions is the use of digital technology and the migration of government revenue collection to a single Paybill number. Since this measure was implemented, we have witnessed a significant rise
in total revenues collected," Ruto said.
The Kenya Revenue Authority (KRA) on Monday announced it had achieved a revenue collection of over one trillion shillings as of December 8 this year.
The growth in revenues reflected a 12.5 per cent rise compared to the Sh857 billion recorded in the same period last year.
"Besides enhancing revenue collection, digitisation has eliminated revenue leakages through corruption and theft. We must sustain this progress in promoting integrity, transparency and efficiency in revenue management. For this reason, I direct that all agencies observe the December 31 deadline to finalise the migration to the e-Citizen platform," Ruto directed.
The President assured Kenyans that all taxes collected by the Government shall be put to their intended use and that no single shilling shall be lost through embezzlement, theft or corruption.
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