Tuesday, June 25, 2024

President Ruto confirms gov’t plan to borrow from Kenyans

President William Ruto has on Friday confirmed plans by the government to borrow from savings made by Kenyans.

The President noted that the move is meant to cut dependency on external debts which are expensive and burden the economy.

He continued by revealing plans by the government to raise the current Gross Domestic Product (GDP) which stands between 8-10 to 20-25 percent in the next ten years if the country resorts to saving.

“Mpango yetu katika serikali hii ni kuhahikisha ya kwamba savngs as a percentage of GDP which is now at about 8 or 10 percent, we want to move it to 20 or 25 percent in the next ten years, ili msingi wetu kama taifa tue na hazina na akiba yetu ambayo tumeweka. Sahizi tunakopa pesa nyingi kutoka nchi zingine kwa sababu wao walitutangulia kwa kueka akiba.

So badala ya sisi kuenda kukopa pesa kutoka watu wengine ambao wameweka akiba tunataka tueke akiba yetu ndio kama serikali inataka kukopa ikope kutoka kwa mama mboga ama kutoka mtu wa boda boda ama mkenya mwengine,”┬ásaid the President

This is not the first time that President William Ruto has highlighted the disadvantages of external debts which have an impact on the economy forcing the government to raise taxes so as to meet its obligations.

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