LISTEN TO THIS THE AFRICANA VOICE ARTICLE NOW
Getting your Trinity Audio player ready...
|
Ruto Approves Ksh.46.3 Billion for Counties
President William Ruto granted approval to the County Governments Additional Allocations Bill, 2023 Monday, paving the way for counties to receive an extra Ksh.46.3 billion for the Financial Year 2023/2024.
The signing took place at State House Nairobi, witnessed by Prime Cabinet Secretary Musalia Mudavadi, alongside Speakers Moses Wetangula (National Assembly) and Amason Kingi (Senate), and Council of Governors chairperson Anne Waiguru. Also present were majority leaders Arron Cheruiyot (Senate) and Kimani Ichungwah (National Assembly), as well as Kiharu MP Ndindi Nyoro.
President Ruto noted that this move aligns with the objective of ensuring a fair distribution of resources, expressing confidence that it will empower counties to effectively provide services to their residents.
“I am pleased that we now have resources to support our counties in fulfilling their mandate,” President Ruto stated.
Of the allocated funds, Ksh.5 billion will be earmarked for the Fertilizer Subsidy Program, facilitating the distribution of subsidized fertilizer to farmers. Additionally, Kshs.4.5 billion will be allocated to 18 counties under the County Aggregated Industrial Parks Programme, with each county receiving Ksh.250 million. The beneficiary counties include Bungoma, Busia, Embu, Garissa, Homa Bay, Kiambu, Kirinyaga, Machakos, Meru, Migori, Mombasa, Murang’a, Nakuru, Nandi, Nyamira, Siaya, Trans Nzoia, and Uasin Gishu.
Furthermore, Ksh.454 million will be allocated to five counties for the construction of county headquarters offices. The counties set to benefit are Isiolo, Lamu, Tana River, Tharaka Nithi, and Nyandarua. Additionally, Kshs. 29 billion will be dedicated to conditional allocations from proceeds of loans and grants from development partners.
Ruto Calls for Longer Grace Periods in Loan Repayment
Kenyan President William Ruto urged for a change in existing debt repayment policies during the opening of the East African Legislative Assembly (EALA) on Tuesday. He argued that the current system, with its short debt repayment timeframes, is straining the economies of East African nations.
Ruto stated that extending debt maturity periods would grant countries more time “to mobilize resources for development and undertake development without the constraints of having to repay this debt.” He proposed extending the grace period for development loans from three years to ten, and extending the overall loan term from 15 years to 40-50 years.
The President also criticized current credit rating practices, claiming they unfairly disadvantage East African nations and limit their access to funding. He argued that “perceived risk that becomes larger than real risk” is pushed by credit rating agencies, making it harder for African countries to compete in the global financial market.
Ruto challenged the EALA to explore various strategies to support regional efforts in acquiring and distributing resources for further integration. He specifically emphasized the importance of analyzing opportunities related to the upcoming World Bank Group’s International Development Association (IDA) Summit.
LEAVE A COMMENT
You must be logged in to post a comment.