Ruto defends borrowing record, says Kenya has borrowed least under his administration

Speaking during his development tour of Kericho and Bomet counties, Ruto said he inherited a country weighed down by debt when he took office in 2022, but had since taken steps to stabilise the economy and reduce borrowing.

The President compared his record with those of his predecessors, arguing that the increase in Kenya's debt under his administration has been lower than during previous regimes.

“Mimi nimechukua hii serikali ikiwa na madeni kibao. Leo mimi nimepunguza haya madeni, sijui kama tumeelewana. Kibaki aliongeza madeni ya Kenya three times. Huyu Uhuru akaongeza madeni ya Kenya five times. Mimi in five years madeni ya Kenya imeongezeka na 27 per cent pekee yake. Akili bana!” Ruto stated.

He further cited improvements in inflation and the foreign exchange market as evidence that the economy was now more stable.

“Inflation ilikuwa juu, exchange rate ilikuwa juu, mambo ya dollar ilikuwa imezama. Leo tumesimamia uchumi. Today the economy of Kenya is stable. We have brought down borrowing. That is the truth,” Ruto stated.

However, government debt figures show that Kenya's public debt has continued to rise since Ruto assumed office.

The country's public debt currently stands at about Ksh.13 trillion, compared with approximately Ksh.8.7 trillion in September 2022 when Ruto took over from retired President Uhuru Kenyatta.

The figures represent an increase of about Ksh.4.3 trillion during the period.

Kenya Kwanza allies have, however, argued that Ruto's borrowing record should be assessed from the 2023/2024 financial year, when his administration's first full budget cycle took effect.

Uhuru left office after two terms with Kenya's public debt stock at about Ksh.8.7 trillion. During the 10-year presidency of the late President Mwai Kibaki, the debt stock rose to approximately Ksh.1.8 trillion, while the late President Daniel arap Moi left office after 24 years with the country's debt estimated at about Ksh.600 billion.

Ruto also turned his attention to the opposition, accusing his political rivals of relying on insults and ethnic rhetoric instead of presenting Kenyans with an alternative agenda for the country.

“Theirs is about insult, about hate. Wanatuambia mambo ya cousin, Itungati, watu wa mlima na Itungati. Wale watu ni bure sana. Wako down mbaya sana,” Ruto stated.

The President challenged Kenyans to assess presidential aspirants based on their records and what they intend to deliver to the country, rather than political rhetoric.

His remarks came as he continued a week-long tour of the Rift Valley, which has included the launch and commissioning of various development projects.

In Kericho, Ruto pledged to connect 16,000 households to electricity within the next year at a cost of Ksh.1.5 billion under the Rural Electrification and Renewable Energy Corporation programme.

The President's four-day tour of his political stronghold is set to conclude on Saturday.