Sign in
Download Opera News App

News Politics




Africa politics

Ruto's Plea To World Leaders And Lenders Regarding The Country's Ksh8.6 Trillion Debt

On September 21, President William Ruto urged foreign leaders and financiers to assist the nation in reducing its Ksh8.6 trillion debt load.

In his opening address to the UN General Assembly in New York, a clearly upbeat Ruto urged world leaders to postpone or reschedule debt repayment plans in order to aid middle-income countries in recovering from the pandemic's effects.

The Head of State also pleaded with creditors to grant debt relief connected to the pandemic, including the World Bank, the International Monetary Fund (IMF), and others.

Ruto, who has only been in office for a week, claimed that because Kenya, like other middle-income nations, was still experiencing economic downturn and inflation pressure, loan repayment arrangements needed to be revised.

He stressed that the call would assist middle-income countries in pursuing their development strategy and averting economic crises if it were to be heeded.

The interest rates can be lowered, consolidated, or combined into a single loan with a cheaper interest rate, say financial experts, as a way for world leaders to respond to Ruto's request.

The intervention can be used to prevent the nation from going bankrupt and from not repaying its debts.

His remarks follow the National Treasury's recent disclosure that Kenya's debt was Ksh8.6 trillion. The breakdown provided by the Treasury places domestic debt at Ksh3.9 trillion and external debt at Ksh4.1 trillion.

The debt ceiling was raised to Ksh10 trillion by members of the 12th parliament in order to assist his administration in carrying out its duties. The money raised was crucial in helping the government of Kenya Kwanza pay for its expenses.

Content created and supplied by: teagossip (via Opera News )

IMF International Monetary Fund New York UN General Assembly World Bank


Load app to read more comments