The Kenyan President, William Ruto says his country would no longer go for more loans, albeit for now, to enable it manage its growing loan portfolio.
William Ruto told journalists Kenya had “applied the brakes” on any more borrowing, the BBC reports.
The country, he stated, will not default on its debt in the face of severe economic challenges.
He made the remarks at State House, Nairobi, during his first major televised media conference with local journalists.
When it took over in September last year, his government said it would cut expensive commercial borrowing in favour of cheaper sources such as the World Bank.
Like several other African countries, Kenya’s credit rating has been at risk of being downgraded because of rising debt and surging global interest rates.
