The fifth president of the Republic of Kenya William Ruto is presently engaged in a live media session at the state house in Nairobi.
TV47’s Grace Kuria Kanja inquired about the weakening Kenyan shilling and President Ruto’s strategies to address the issue.
Reflecting on his term, the president stated, “When I assumed office, there were numerous challenges, but I can assert confidently that significant progress has been made.”
Addressing the demand for the dollar, President Ruto clarified, that the weakening of the Kenyan shilling could have been much worse was it not for the intervention measures he took.
READ ALSO: President Ruto intervenes to resolve countrywide power outages
Furthermore, he added, our economy is out of
President Ruto explained he was against artificial management.
Explaining the decision to engage in a government-to-government deal with the US to bolster the Kenyan shilling.
the go”It’s not an issue within our economy but rather external forces beyond our control.”
READ ALSO: President William Ruto says in 10 years Kenya will be unrecognisable
Fuel prices
President Ruto asserted that the government of Kenya does not determine the price of fuel in the country.
He added that more people are not using diesel and using electricity hence less dependent on fuel.
Highlighting positive developments, since his administration took over he noted,
“Kenya’s exports, especially tea and coffee, have become more lucrative, providing better income for farmers.
Once the global market stabilizes, we anticipate improved conditions.”
Solutions to strengthen the Kenyan shiling
Offering solutions to strengthen the Kenyan shilling, he outlined key measures:
“Firstly, we’re discouraging the import of cement, steel, and furniture by imposing hefty levies to boost local manufacturing.
Secondly, we’ve allocated 500 billion for food production, aiming to revitalize the agricultural sector and reduce our reliance on imports.”
Dismissing the notion that the Kenyan government determines fuel prices, he clarified, it is a global affair.
“Certain taxes have been increased as part of our strategy to revive the economy, given our middle-income status.”
In conclusion, the president affirmed his commitment to economic recovery and sustainable development.
