We Chose the Hard Path: Ruto Defends Painful Economic Decisions Amid Debt Storm

President William Ruto has defended his administration’s economic record, citing Kenya’s once bloated Eurobond obligations as a major test that the country has successfully confronted through discipline, faith and tough policy choices.

Speaking during a public engagement, the President noted that statistics at the time his government took office painted a grim picture, with Kenya carrying what he described as one of the largest Eurobond exposures globally relative to its economy.

According to Ruto, the situation posed a serious threat to fiscal stability, investor confidence and the country’s ability to meet its development priorities.

At some point, statistics showed that Kenya had the biggest Eurobond around the world,” Ruto said. “But by God’s grace, and through difficult but necessary decisions, we managed to consolidate our economy.”

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The Eurobond, which matured amid global financial tightening, had become a symbol of Kenya’s debt distress, drawing scrutiny from international lenders, credit rating agencies, and local taxpayers.

The looming repayment raised fears of default, currency instability, and further pressure on the cost of living.

President Ruto said his administration responded by tightening expenditure, restructuring debt, and engaging international partners to restore confidence.

He emphasized that the government chose responsibility over populism, even as the measures sparked political backlash and public discontent.

We did not choose the easy path. We chose the right path,” the President said, arguing that stabilizing the economy required sacrifice but would ultimately secure Kenya’s future.

Ruto added that the successful handling of the Eurobond challenge sent a strong signal to global markets that Kenya remains a reliable borrower capable of honoring its obligations.

He said the progress has helped stabilize the shilling, ease inflationary pressures and create room for renewed investment in key sectors such as agriculture, manufacturing, and housing.

However, critics remain unconvinced, pointing to high taxes, rising living costs, and slow wage growth as evidence that ordinary Kenyans are yet to feel the benefits of economic consolidation.

Opposition leaders argue that debt management should not come at the expense of social welfare and small businesses.

Despite the criticism, the President insisted that the worst is behind the country, pledging that the gains made will translate into jobs, lower prices and inclusive growth.

“Our responsibility is to hand over a stable nation to the next generation,” Ruto said. “That is the promise we are determined to keep.”