Kenya is no longer at risk of economic default. At least that is the authoritative view of its first citizen, President William Ruto.
On the sidelines of a meeting with his Cabinet and members of the House of Representatives and Senate, Ruto was keen to point out the government's efforts to improve Kenya's economic situation, namely by reducing debt and increasing revenue.
The president attributed the recent recovery in the value of the shilling against the US dollar with the newfound confidence of investors, both foreign investors and those already in the country.

"We have pursued a turnaround strategy focused on increasing tax revenues and reducing spending and debt accumulation. Our sacrifices and efforts have not been in vain,' he said, as quoted by The Standard newspaper.
Fears of not being able to repay the ten-year Eurobond debt maturing next June seem to be behind us thanks to a new, even more investor-friendly bond launch, which has raised more than the Kenyan government itself could have imagined. Thus the USD 2 billion of the previous debt will be repaid and at the same time the Treasury will be able to launch a USD 2.5 billion bond issue.
Optimism reigns supreme and the markets are once again believing in the country's commercial potential, as is tourism, whose figures for the beginning of the year point to a decidedly upward trend.

However, according to international economists, including the Africa experts of our newspaper Il Sole 24 Ore, Kenya's recovery is momentary, but the long-term risk is that of entering a 'loop' of debts that are increasingly large and difficult to manage, starting with interest payments, which are the reason why the country's public debt continues to rise.
It is a tug-of-war with fictitious numbers; if in fact, translated into dollars, the public debt had recently exceeded 63 million, now with the strongest shilling it risks going up, although fortunately the country's gross domestic product also goes up.

"Today, after the anxiety of the last year, when many in the international community were concerned about Kenya's position and its financial capacity to handle our situation, including the debt situation, I can say with certainty that Kenya is no longer on the list of countries at risk of default," Ruto said.
How much will 'mama mboga', or the fruit and vegetable stall vendor, on whom (like the millions of 'boda boda' taxi drivers on motorbikes) Ruto's election campaign had been centred, notice these global economic games his government has decided to play?
'The country will save a trillion shillings in the next six years,' the president announced.
But it is also true that those who have nothing today will hardly be able to save anything.