NAIROBI, Dec. 12 (Xinhua) -- Kenya's economy is stable and the government has laid a solid foundation for inclusive economic transformation, President William Ruto said on Thursday.
Ruto made the remarks while celebrating Independence Day, marking 61 years since Kenya gained independence from Britain on Dec. 12, 1963.
"We are no longer where we were a year ago, let alone two years ago. We have moved beyond pledges and commitments and are now making progress with our implementation strategies," he said during the celebrations held in Nairobi, Kenya's capital.
The president said that the cost of living has decreased and inflation is at its lowest level in 17 years.
He attributed this to government efforts to supply farm inputs, such as subsidized fertilizer, which have sustained agricultural production. He said that Kenya is on course to achieve a food surplus after averting perennial hunger crises for three consecutive seasons.
Ruto also noted that farmers in maize, tea, sugar, coffee, and dairy value chains have increased their income by cultivating additional land, resulting in higher yields.
"When we say that our farmers are producing more and better, it is a fact. And when we say that Kenyans registered under Taifa Care (health insurance) are receiving better services than before, it is a fact," he said.
In June, mass protests erupted across Kenya in opposition to a proposed financial bill that aimed to increase taxes on essential goods and services, including bread and mobile money transfers. The demonstrations resulted in dozens of deaths and prompted a government reshuffle.
While addressing the public on Thursday, Ruto underlined the success of government efforts in addressing unemployment, healthcare, and food security, saying that they are delivering tangible results.
In regard to job creation, he said that 200,000 jobs have been created through affordable housing programs, while 243,000 Kenyans have secured international employment since September 2022.
"Our rejuvenated micro, small, and medium enterprises have created 840,000 jobs this year," he added.
Moreover, Ruto said that special economic zones and export processing zones have attracted 80 companies in the past two years, generating 14,000 jobs.
The World Bank said Tuesday that Kenya's economy is projected to grow by 4.7 percent in 2024, a slight downgrade from the earlier forecast of five percent.
The global lender attributed the slower growth to various challenges faced during the year, including the adverse effects of flooding. It also noted that economic growth is expected to stabilize at 5.1 percent in the medium term.
