President William Ruto said that the government will begin borrowing money from mama mboga, boda boda riders,Mtu wa Mkokoteni and other Kenyans.
Ruto stated that the Government is borrowing heavily from foreigners, citing a lack of consistent savings as the reason.
The president also promised Kenyans that the country’s GDP will increase by 20 to 25% over the following decade.
He also told Kenyans that the Kenya Kwanza administration has planned to raise savings as a proportion of the country’s GDP to 20%-25% over the following decade.
“Our plan as a government is to ensure that savings as a percentage of GDP, which are currently around 8 or 10%, increase to 20 or 25% in the next ten years so that we have consistent savings on which we can rely as a country.”
“We are now borrowing at a high cost from other nations because they have saved more than we have,” he continued.
The president did not specify how the projected borrowing would be funded.
Kenyans, on the other hand, have banked up to KSh 2.3 billion via the Hustler Fund Facility, with the top saver at KSh 631,491 by October 2023.
The facility was part of Ruto’s affirmative action agenda, which was exploited as a significant strategic issue in the Kenya Kwanza campaign.
Its primary goal was to empower young people, low-income earners, small-scale merchants, and women.