President William Ruto has said that the Kenyan Kwanzaa government is committed to solving the high cost of living in the country.
In his State of the Union address in Parliament on Thursday, Ruto said the reality is that most Kenyan families experience a high cost of living.
The head of state said this problem can be resolved through practical actions such as supporting agricultural production.
“Cost of living is not an abstract phenomenon, but a reality experienced by households that can be addressed through practical actions and effective measures. One intervention to address high costs of living is to support agricultural production across sectors. The strategy is to do so,” Ruto said.
The president went on to say that he is committed to ending the shame of hunger in this country once and for all.
Ruto pointed out that the government's move to reduce the price of fertilizer from Kshs6,500 to Kshs2,500 has reduced the value of maize flour in the country.
“As a result of this intervention, a 2kg pack of maize flour now sells for as low as Sh145 and as high as Sh175, depending on the brand you buy, down from Sh250 a few months ago. ” Ruto said.
The president blamed Kenya's economic problems on the COVID-19 pandemic and geopolitics, saying they had disrupted global supply chains and increased inflation.
“The COVID-19 pandemic and geopolitical conflicts have caused interest rates to rise significantly,” he said.
Mr Ruto at the same time said he was on the path to making Kenya a better country and would fulfill his election promises to Kenyans through a bottom-up transformation agenda.
Regarding external debt, President Ruto said Kenya plans to pay the first 500 billion Kenyan shilling Eurobond installment by December.
The President explained that Kenya has a $2 billion debt due in 2024.
He added: “I can confidently confirm that we will and will continue to pay our debts, which are of concern to our people, partners and markets.”
Ruto also observed that the country continues to live beyond its means, adding that it is time to cut wasteful spending.
