Huge Blunder That’s Giving Ruto Sleepless Nights

President William Ruto’s top economic advisor David Ndii on Monday lamented that the government was struggling to revive the economy due to blunders made by the previous administration.

While explaining why the Kenyan Shilling has been on the decline against Uganda and Tanzanian currencies, Ndii blamed former President Uhuru Kenyatta’s decision to cancel a Ksh166 billion Eurobond days before the election. 

Ndii stated that Uhuru’s administration cancelled the Eurobond days before Ruto assumed power, a decision that has cost the country. 

“That liquidity crunch is still biting,” Ndii remarked.

Ndii added that the situation was about to get worse since there was another Ksh301 billion maturing in June 2024.

“That is Uhuru’s legacy, whether you want to hear it or not. And there are no solutions, only consequences,” Ndii told Kenyans. 

The current administration has been blaming Uhuru for the economic mess despite being in office for one year with some experts alleging that they have been in office long enough to start correcting the economic mess.

The President’s economic advisor further revealed that the June 2024 Eurobond payment would be the highest amount any African country has ever made. 

Ndii remarked that due to the cancelled Eurobond and the impending Ksh301 billion payment, Kenya’s fiscal health would deteriorate further. 

He added that the government is exploring more bonds and syndicated bank loans to remove the country from the liquidity crunch despite an election promise to cut borrowing.

According to data from the Central Bank of Kenya, the country’s public debt is at ksh10.5 trillion.