President William Ruto on Thursday while addressing the 13th Parliament said that his government will borrow Ksh. 900 billion to fund its projects.
“Our financial situation is not good. This year, we budgeted to borrow KSh 900 billion to finance development and recurrent expenditure. Our total collection is KSh 2 trillion, enough to pay debts and salaries. We have to borrow everything else”- Ruto
The head of state also said they have been deliberate efforts to restore sanity and introduce greater responsibility in the management of public resources. One significant intervention is the resolve to abandon consumption subsidies in favor of investing in production.
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H.E Ruto revisited the blacklisting of Kenyans by microfinance firms. “The current Credit Reference Bureau approach to blacklisting debtors is zero-sum, punitive, and has arbitrarily locked millions of businesses out of the credit system” President William Ruto
In addition, Ruto’s administration will allocate Ksh. 50B every year to the Hustlers Fund, from which MSMEs can access affordable credit to start and expand their businesses. Ruto added that they will leverage technology in the management and disbursement of the Hustler Fund.
On health, President William Ruto asserted that they are bound by duty to take measures to make Universal Health Coverage a reality and liberate Kenyans and their families from the threat of harrowing poverty that stalks them every time a family member falls seriously ill.
“I have news, and it is not very good news. Our financial situation is not very good… Gov’t should never borrow to finance recurrent expenditures. This is not right, prudent, or sustainable, it is simply wrong. We must bring ourselves back to sanity” -President Ruto
The Head of State also expressed his commitment to work with the KRA on a culture change to make it a people-friendly, customer-centric organization. Ruto proposed KRA be renamed Kenya Revenue Service.
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