President Ruto blame global economic dynamics, war in Europe, drought for shrinking economy

In his New Year 2024 message to Kenyans through a televised address to the nation from the Nakuru State Lodge yester night, president William Ruto expressed optimism that the New Year will usher in positive developments for the nation but blamed the economic nosedive afflicting the country to external factors notably global economic dynamics, the wars in Europe and drought.

 “The impact of global economic dynamics adversely affected us, compounded by the war in Europe, rising interest rates in America and the unfortunate effects of climate change that occasioned the most severe drought in 40 years. All these factors slowed down our economic performance, resulting in increased commodity prices.” President Ruto said.

However, he asserted that Kenya is on a promising path towards enhancing its economic prospects.

“It is important for us to remind one another of what is at stake. We have come some encouraging way amid enormous challenges and significant difficulties.” He added.

The president claimed that Kenyans have managed to navigate through major difficulties, faced significant challenges and celebrated numerous triumphs, adding that the country has lived through an eventful year and made encouraging progress across many sectors, amid daunting setbacks.

While acknowledging that certain measures taken by his administration to streamline processes have caused short-term challenges, he emphasised that these decisions will ultimately yield long-term benefits.

“Our path will be easier, our journey faster and our progress smoother, if we all remember that the people of Kenya have interests that dictate our job descriptions and form the terms of our employment.” He added.

He outlined the deliberate efforts by his administration to cut expenditures by as much as Sh400 billion, aiming to minimize the need for borrowing.

“We certainly cannot be independent if we are enslaved by monumental debt, as has been the case.” He said.

He went on to state that Kenya is meeting its debt obligations signaling a “triumphant path from plunging into economic stagnation.”

While detailing the efforts his administration has undertaken to enhance the country’s prospects, president Ruto issued a unified appeal for all Kenyans and leaders, regardless of their political affiliations, to come together and support the government’s initiatives.

“I urge all Kenyans, especially leaders, to build on the Kenya that celebrates diversity and not ethnic bigotry, a Kenya free of anarchy and violence, and a nation not founded on negativity, but on a new positive narrative that is gaining momentum globally.” The president noted.