Friday, July 19, 2024

President Ruto pays Ksh 72B SGR loan after demand letter

President William Ruto has settled a Ksh 72 billion loan extended to Kenya by China after a demand letter was allegedly sent.

The news follows allegations made by Narok Senator who said that the country was on the brink of failing to meet its international obligation in regard to the Ksh 72 billion.

“$450,000,000 (Ksh 72Billion) Chinese loan for the SGR and Northern and Southern Bypass must be paid tomorrow. The Chinese have sent a demand note! My friend Mr. Kiptoock do we have money or are going to default again?” said Ledama

Speaking on Saturday Treasury Principal Secretary Chris Kiptoo confirmed that the loan used in the constriction of the Standard Gauge Railway (SGR) had been settled as so will other loans when they fall due.

“We already settled this debt as we shall do for many others as and when they fall due,” said Kiptoo

The PS continued assured Kenyans that under the leadership of President William Ruto, the country will meet its obligations and will not default in paying any loans.

“Meanwhile, we need to up the conversation on balancing revenue enhancement measures, debt management, and expenditure rationalization,” he said

The news is among many others surrounding the Kenya Kwanza government which has been accused of delaying or on the verge of failing to pay despite assurances by the President that the country was headed in the right direction.

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