In the face of severe economic challenges, Kenya’s president has stated that the country will not default on its debt. According to William Ruto, Kenya had “put the brakes” on any further borrowing.
He made the remarks during his first major televised media conference with local journalists at State House in Nairobi.
When his government took office in September of last year, it promised to reduce expensive commercial borrowing in favor of cheaper sources such as the World Bank. Kenya’s credit rating, like that of several other African countries, has been threatened with a downgrade due to rising debt and rising global interest rates.
