'Economy on the right trajectory,' President Ruto says Kenyans to realize full benefits from December

President William Ruto says the country is now on the right economic trajectory and that Kenyans will start realizing the full benefits of the government's intervention to curb the high cost of living from December.

The President spoke on Thursday during Hustler Fund's one-year anniversary ceremony in Nairobi where he announced an increase in the loan limit for Kenyans who have consistently borrowed from the kitty since its launch in 2022.

The Head of State said loan repayment is the only means the country's economy can stabilize, blaming the past regime for imposing poor policies that attributed to huge borrowing and debt.

“Leo niko na mambo matano, sio yale matatu...uchumi wetu ulikuwa katika hali mbaya...madeni mingi...sasa tumedhibiti uchumi wa taifa,” he said.

“Tuko tayari sasa kuhakikisha kwamba deni zetu zote tumelipa. Mwezi December we will put our nation in the right economic footing. I can comfortable say Kenya is now on the right economic footing and trajectory, by paying all our debts.”

President Ruto blamed the past regime for implementing costly economic policies whose result led to over borrowing and huge debt.

“Wrong decisions made a year before are to blame. Our approach to contain high cost of living is beginning to bear fruit. Bei ya unga imeshuka…na itashuka zaidi. It will take time but we are on our way to consolidating food security,” said the President.

The Head of State assured citizens that the economy will be boosted further by availability of 500,000 jobs through the affordable housing agenda; this despite the High Court ruling declaring it unconstitutional.

“Mradi wa housing umeleta ajira…na vile vile decent housing. Wakenya 120,000 wameajiriwa. 500,000 Kenyans will work under the housing plan. Labour exportation and digital jobs...I will ascend to Parliamentary Bill,” he said.

Those who have borrowed from the fund 10 times will have the loan limits increased by 100 per cent, while those who have borrowed more than five times having the loan limit increased by 50 per cent. Clients who have borrowed more than twice will have the loan limit increased by 40 per cent.

“The seven million Kenyans who were condemned under the Credit Reference Bureau (CRB) have been absolved. They are now accessing credit from the Hustler Fund, where there's no condemnation if they don't pay on time. One day, we are going to write a book about it," he said.

The government announced that Hustler Fund users can now withdraw 30 per cent of their savings with a 12% interest earnings for all savers, accessible each 31st day of December.

At least Ksh.39.5 billion of the Hustler Fund has been disbursed, attracting 21.7 million beneficiaries. Ksh.28.7 billion has been repaid with Ksh.2 billion accounting for savings. The fund has 7.5 million repeat customers.

“Tumefaidika lakini tunataka limit ipandishwe bado juu gharama ya maisha iko juu bado,” said President Ruto.