Uhuru announces Ksh.54B stimulus plan to jumpstart Kenyan economy
- Ksh. 5billion for hiring local labor for the rehabilitation of access roads and foot bridges that were damaged to during the floods.
- Ksh. 6.5billion for the Education Ministry for hiring of 10,000 teachers and 1000 ICT interns to support digital learning and acquisition of 250,000 locally fabricated desks.
- Ksh. 10billion for fast tracking payment of outstanding VAT refunds and other pending payments while Ksh. 3billion as seed capital for SMEs credit guarantee.
President Uhuru Kenyatta has unveiled his eight-point economic plan that will see the economy jumpstarted.
He announced an allocation of Ksh. 53.7billion which will be directed towards rebuilding infrastructure that was destroyed during the floods, hiring teachers and providing funds for small businesses.
“We have to find a way to reopen even as we find a way to stay with this virus,” the Head of State said on Saturday morning.
Ksh. 5billion has been set aside to hire local labor for the rehabilitation of access roads and foot bridges that were damaged to during the floods.
The President also allocated Ksh. 6.5billion to the Education Ministry for hiring of 10,000 teachers and 1000 ICT interns to support digital learning and acquisition of 250,000 locally fabricated desks.
Ksh. 10billion will be used to fast track payment of outstanding VAT refunds and other pending payments while Ksh. 3billion as seed capital for SMEs credit guarantee.
Ksh. 1.7billion for the expansion of bed capacity in public hospitals, with 5,000 health care workers with diploma level to be hired.
Ksh. 3billion has been set aside for the supply of farm inputs through e-vouchers, with another Ksh. 1.5 billion aimed at assisting horticultural farmers access international markets.
Ksh. 2billion will be used to support the hotel industry in soft loans with Ksh. 1billion set for engaging 5,500 community scouts and a further Ksh. 1billion for 160 community conservancies.
President Kenyatta further allocated Ksh. 1billion for floods control measures and Ksh. 850million for rehabilitation of wells, water pans and underground tanks.
This he said will mitigate the impact of deforestation and climate change, and to enhance the provision of water facilities.
Ksh. 540million has also been allocated for the Greening Kenya campaign.
Finally to support the manufacturing sector, the President has allocated Ksh. 600million for the purchase of locally assembled vehicles to keep the industry afloat.
“As a strategy, we will enforce the policy on “Buy Kenya Build Kenya”. I urge all of us to remain Kenya Daima; confident that the endurance we are so famous for will drive us to victory,” he said.
The plan by the President hints at an imminent reopening of the economy with the measures expected to support the worst hit sectors get back on their feet.
Meanwhile, the Head of State has said the weekly Ksh. 250million cash transfer program for vulnerable families is ongoing.
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