President William Ruto on Sunday, January 29, clarified the amount the Kenyan government will borrow in 2023.
While attending an Interdenominational church service at Ole Ntimama Stadium, Narok County, the President decried misinformation being spread through media outlets.
He dispelled rumors that the government had already borrowed Ksh500 billion in four months.
‘There are people who are spreading propaganda that the government is on a borrowing spree.
“I want to assure Kenyans that I have put a cap on carefree borrowing which the previous administration had initiated,” Ruto announced.
Ruto further revealed that when he assumed power, he was shocked to discover that the 2022/2023 budget was to borrow Ksh900 billion.
“I slashed the amount and instructed that as a country, we will only borrow Ksh600 billion,” the President revealed the amount Kenya will borrow.
The President further announced that he had initiated a plan for Kenya to stop being dependent on external debts.
“In subsequent years, we will continue slashing the debt until we can finance our budget through revenue collected,” he announced.
The Kenya Kwanza government announced that the Ksh600 billion will be used to complete pending infrastructural projects.
According to Ruto, the amount to be sourced externally had already been ratified for borrowing by the previous administration.
Ruto in his inaugural address to the Kenyan parliament announced his intention to slash the budget by Ksh300 billion.
“I have instructed Treasury to work with Ministries to find at least Ksh300 billion in this year’s budget so that we can remove it because the market cannot sustain the kind of borrowing we are doing as a government," the President stated on September 29, 2022.