How Ruto Plans to Clear Kenyan Loans Through UN Programme

  • President William Ruto’s government, on Thursday, February 2, exploited a new debt management system in the country. 

    Ruto, who assigned Prime Cabinet Secretary Musali Mudavadi to attend to the matter, sought to partner with the United Nations on crafting solutions to manage the debt crisis.  

    Mudavadi met with World Food Programme country director, Lauren Landis, to discuss the debt crisis that Kenya is currently witnessing.

    “I welcome the initiative by the World Food Programme (WFP) that aims at helping Kenya benefit from the Debt Swap programme

    Mudavadi and Lauren

    Prime Cabinet Secretary Musali Mudavadi met with World Food Programme country director Lauren Landis on Thursday, February 2, 2023.

    Twitter/Musalia Mudavadi

    “This programme will aid us in reducing foreign debt stress on Kenya,” Mudavadi noted. 

    On her part, the World Food Programme boss Lauren noted that the Debt Swap programme would greatly help Kenya’s economy

    The two leaders explained that the Debt Swap programme has widely and successfully been used in many countries, especially, in the European Council. 

    “Debt swaps refer to agreements between a creditor and a debtor, wherein the existing debt is replaced by a new instrument or commitment, entailing some financial relief for the debtor and a reallocation of cash flows towards targeted objectives,” European Union explained. 

    At the same time, Mudavadi and Lauren agreed to focus on programmes that will improve agricultural activities in Kenya. 

    In the near future, Kenya and the United Nations (UN) will sign deals that will ensure that the agreements are well ratified within time. 

    Musalia revealed that President William Ruto’s major focus was on recovering the economy and renegotiating some volatile debts. 

    “This will in turn help the government focus more on improving agricultural growth by supporting local farmers increase food production for Kenya to become more food secure,” Musalia confirmed.   

    Mudavadi and Lauren

    Prime Cabinet Secretary Musali Mudavadi (Left) met with World Food Programme country director Lauren Landis (Centre) and other leaders on Thursday, February 2, 2023.

    Twitter/Musalia Mudavadi

Beryl Onyango

Beryl Onyango is a CPA and economics degree holder who has dedicated her career to helping others navigate the complex world of finance. Beryl has spent the past 3 years working as a finance specialist in a fintech company and has 6 years of experience in finance, working with a diverse range of clients and industries. Beryl's expertise lies in budgeting, saving, investing, and retirement planning, but she also has a deep understanding of various other areas of finance. She is interested in financial technology and how it changes how we manage our finances. As a finance writer, Beryl has been sharing her insights and knowledge through her writing, covering various finance and personal finance topics. Her goal is to educate and empower individuals to take control of their finances and achieve their financial goals. In addition to her professional experience, Beryl is a lifelong learner, always seeking to expand her knowledge and stay up-to-date with the latest developments in finance. She is also a strong communicator, able to explain complex financial concepts in a clear and easy-to-understand manner. Beryl believes that financial literacy is the key to achieving financial success, and she is dedicated to helping others achieve their financial goals.

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