Current:Home > FinanceEthermac|Kenya marks 60 years of independence, and the president defends painful economic measures -TradeWise
Ethermac|Kenya marks 60 years of independence, and the president defends painful economic measures
Charles Langston View
Date:2025-04-11 06:32:02
NAIROBI,Ethermac Kenya (AP) — Kenya’s president on Tuesday defended the high taxes the government recently imposed, calling them a “necessary sacrifice “in helping the country deal with ballooning foreign debt which now stands at $70 billion.
Speaking at celebrations marking 60 years since Kenya’s independence from Britain, President William Ruto said East Africa’s largest economy was no longer at risk of defaulting on bond payments following economic reforms his government had undertaken since taking power last September.
“Though painful, the sacrifices we have made will not only make our freedom fighters proud,” Ruto told tens of thousands of people in the capital, Nairobi. He added: “I can now confirm without fear of any contradiction that Kenya is safely out of the danger of debt distress, and that our economy is on a stable footing.”
The economy has taken center stage in politics and daily life in Kenya as the government tackles mounting debts. A $2 billion Eurobond is due in June.
Last month, the government reached a lending agreement with the International Monetary Fund amounting to $938 million, a boost for the country struggling with dwindling foreign exchange reserves.
Recent attempts at reforms include a mandatory housing levy which courts struck down last month for being “discriminatory, irrational, arbitrary and against the constitution.”
The president also removed subsidies on fuel and maize flour — a staple in Kenya.
Ruto vowed that “all taxes collected by the government shall be put to their intended use and that no single shilling — not one shilling — shall be lost through embezzlement, theft or corruption.” Kenyans have long complained of widespread official graft.
The president in his speech did not mention another pressing threat in Kenya, the deadly rains fueled by the El Niño phenomenon.
Ahead of the national holiday, the government announced that Kenyans would be allowed free entry to all national parks and museums.
But John Ndirangu, a shopkeeper from Muranga county, said he was not planning on attending the celebrations or taking up the free park entry.
“Where do you get the money in this bad economy to travel to see wild animals when you are hungry?” he asked.
Veteran politician and political analyst Njeru Kathangu, who helped to fight for multi-party democracy in Kenya in the 1980s, said the country needs a reset to attain its potential.
“Two generations have now passed since the birth of Kenya as a nation, but there’s nothing to show for it,” he said. “If Kenya cannot change at the beginning of this third generation, then we will not be a state at all.”
veryGood! (93873)
Related
- Behind on your annual reading goal? Books under 200 pages to read before 2024 ends
- Oil prices are rising amid the Israel-Hamas war. Here's what it means for U.S. drivers.
- Atlanta police chief fires officer after traffic stop led to Black deacon’s death
- U.S. climber Anna Gutu and her guide dead, 2 missing after avalanches hit Tibetan mountain
- Paige Bueckers vs. Hannah Hidalgo highlights women's basketball games to watch
- Afghans still hope to find survivors from quake that killed over 2,000 in western Herat province
- X promises ‘highest level’ response on posts about Israel-Hamas war. Misinformation still flourishes
- Los Angeles deputies were taken to a hospital after fire broke out during training
- All That You Wanted to Know About She’s All That
- 6.3 magnitude earthquake hits Afghanistan days after devastating weekend quakes
Ranking
- Selena Gomez's "Weird Uncles" Steve Martin and Martin Short React to Her Engagement
- American in Israel whose family was taken hostage by Hamas speaks out
- Mother bear killed after charging 2 boys in Colorado; tranquilized cub also dies
- 'I am Lewis': Target's Halloween jack-o'-latern decoration goes viral on TikTok
- Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'
- Judge’s order cancels event that would have blocked sole entrance to a Kansas abortion clinic
- Vessel Strikes on Whales Are Increasing With Warming. Can the Shipping Industry Slow Down to Spare Them?
- Wall Street Journal reporter loses appeal in Russia and will stay in jail until the end of November
Recommendation
Angelina Jolie nearly fainted making Maria Callas movie: 'My body wasn’t strong enough'
Under heavy bombing, Palestinians in Gaza move from place to place, only to discover nowhere is safe
Olympic Gymnast Mary Lou Retton “Fighting For Her Life” With Rare Illness
How Sarah Michelle Gellar and Freddie Prinze Jr. Are Slaying the Learning Curve of Parenting
McKinsey to pay $650 million after advising opioid maker on how to 'turbocharge' sales
Cops are on trial in two high-profile cases. Is it easier to prosecute police now?
Prosecutors ask judge to take steps to protect potential jurors’ identities in 2020 election case
'No one feels safe': Palestinians in fear as Israeli airstrikes continue