Video

Video: Kenya’s Ruto argues for reduced budget deficit, public debt

Published

7 months ago

April 4, 2024

In this video, Kenyan President, William Ruto, revealed that his country’s budget for the 2024/2025 financial year had been revised downward from Kes 4.23 trillion to Kes 3.7 trillion to minimize public debt and allow fiscal prudence.

“We need to manage our expenditure, that’s why I had a meeting with the parastatals because we have to live within our means…we cutting largesse and eliminating wastage

“We are reducing our budget from four points, almost 4.2 trillion (shillings) to 3.7 trillion, we need to live within our means… we are shedding off fat,” Ruto told Kenyans in Ghana in a video during a state visit on Tuesday.

In addition to lowering spending and the budget deficit, Ruto’s administration—which assumed office in 2022—has also been enacting additional taxes, which have infuriated certain people and organizations and prompted legal challenges.

The total amount of Kenya’s governmental debt as of December 2023 was around 11.1 trillion Kenyan shillings (Ksh), or 82.1 billion US dollars. Over the period, Kenya’s government debt has generally increased.

Watch the video below:

Related Topics:budget Featured Kenya president William Ruto

Click to comment

Video

Video: Kenya’s Ruto targets inflation rate below 3%

Published

3 weeks ago

October 24, 2024

Ifeoluwa Dada

In this video, Kenyan President, William Ruto, stressed the economic goals of his government and charged the public to believe in the economic reforms of his administration.

Ruto also emphasized that the international community and multilateral bodies had applauded his policy direction, and urged Kenyans to join the train.

“You do have my commitment that we will be disciplined as a public sector… it my target that by next year inflation will be sub 3%”, Ruto said.

Earlier in the month, the Central Bank of Kenya slashed the benchmark rate to 12.0%, 75.0 bps down. The Central Bank’s prescribed target band for headline inflation is 2.5% – 7.5%, 5.0% being the mid-point · The last time Kenya registered <3.0% headline inflation was May 2007

Watch the video below:

Video

Video: Amid unpopular reforms, W’Bank chief insists Nigeria must ‘stay in course’ for 15 years

Published

1 month ago

October 15, 2024

Ifeoluwa Dada

In this video, Indermit Gill, the Vice President and Treasurer of the World Bank who also serves as the Pension Finance Administrator of the World Bank Group, at an event in Abuja, Nigeria’s capital, commended the recent fiscal and monetary reform policies of the government.

He noted that implementing such reforms was impossible without strong resolve from the political class. He also commended the central bank’s decision to raise interest rate.

The central bank has had to hike its policy rate by a huge 850 points in the last 9 months to boost confidence in the Naira and anchor inflationary expectations.

“But this is only the beginning, Nigeria will need to stay the course for at least another 10 to 15 years to transform its economy,” the World Bank chief stressed.

Gill’s remark brings to mind the age-long argument on the actual interest of multilateral bodies in their engagements with developing countries, largely African states, whether through loans or policy framework. Some have argued that the institutions are only bent on impoverishing the continent through policy positions like the removal of subsidy and the devaluation of currencies, both of which Nigeria under the current administration has done under two years— leading to unprecedented inflation rate and soaring cost of living.