President William Ruto, in his first State of the Nation speech in Parliament today, announced that Kenya is taking a big step towards financial responsibility. In December, the country will make the first payment of Ksh. 304 billion for its Eurobond. This decision shows the government’s dedication to handling its financial duties while keeping our national economy stable and growing.

Repaying the Eurobond will benefit Kenya in several ways. Firstly, it demonstrates our reliability and trustworthiness in the global financial market, which could lead to better credit ratings and lower borrowing costs in the future. Additionally, it reduces our foreign debt burden, freeing up resources for vital areas like healthcare, education, infrastructure, and social welfare. This action is crucial for boosting investor confidence and creating a favorable environment for long-term economic development.

President Ruto’s commitment to repaying these debts, even though they were incurred by the previous government, underscores his administration’s determination to be fiscally responsible. By giving priority to debt repayment, the government sends a strong message that it aims to manage the country’s finances wisely and transparently.

This proactive approach not only sets a positive example for future financial management but also highlights the government’s dedication to economic stability and prosperity. President Ruto’s leadership on this issue reflects a deep understanding of the importance of budget discipline and its significant impact on the economy.