President Ruto Sends New Directive to Treasury over Foreign Borrowing

President William Ruto has given a new directive to the National Treasury over the borrowing of money from the foreign market.

Speaking on Friday, November 11, during the Association of Pension Trustees and Administrators of Kenya stakeholders meeting in Nairobi, the president said that the Treasury should not borrow if the interest rate is above 10 percent.

The Head of State maintained that the Treasury should look for other sources if the available loans will be beyond 10 percent.

"I have given instructions to the Ministry of Finance that we will go to the market and if we find that in the market we cannot find money at 10 percent, we will go back and look at at other sources," President Ruto said.

He said that it is not possible for the country to borrow beyond a 10 percent interest rate because it is unacceptable.

During the same meeting, the Head of State said that the government was committed to striking a formula for making affordable financing available in sufficient amounts to fund development projects on a transformative scale.

He further added that through the availability of the sufficient amounts to fund development, attractive investment will be created.

“Our ultimate goal is to create employment and improve the living standards of millions of underprivileged Kenyans,” the president said.