President William Ruto has expressed confidence in the country’s economic progress, assuring Kenyans that they will begin to experience the full benefits of government interventions to address the high cost of living starting in December.
Speaking during the first-anniversary celebration of the Hustler Fund in Nairobi, President Ruto highlighted the positive economic trajectory and announced an increase in loan limits for consistent borrowers from the fund since its launch in 2022.
The President emphasized the importance of loan repayment for stabilizing the country’s economy, attributing past economic challenges to poor policies implemented by the previous regime, leading to extensive borrowing and debt.
Quoting President Ruto, “Leo niko na mambo matano, sio yale matatu…uchumi wetu ulikuwa katika hali mbaya…madeni mingi…sasa tumedhibiti uchumi wa taifa.”
President Ruto acknowledged the impact of past decisions on the current economic situation and expressed satisfaction that efforts to contain the high cost of living were yielding results, with a notable decrease in the price of essential commodities.
Despite a High Court ruling declaring the affordable housing agenda unconstitutional, President Ruto affirmed its role in boosting the economy and providing jobs for 500,000 citizens.
He also mentioned plans to address the housing project through parliamentary legislation.
The President assured citizens that the economy would be further enhanced by the creation of 500,000 jobs through the affordable housing agenda, despite the High Court ruling declaring it unconstitutional.
President Ruto announced an increase in loan limits for those who have borrowed multiple times from the fund.
Users who have borrowed ten times will see a 100% increase, while those with more than five borrowings will have a 50% increase.
Additionally, clients with over two borrowings will experience a 40% increase in their loan limits.
He highlighted the positive impact of the Hustler Fund, stating, “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.”
The government announced that users can now withdraw 30% of their savings from the Hustler Fund with a 12% interest return, accessible each 31st day of December.
President Ruto concluded by emphasizing the significant impact of the Hustler Fund, with Sh.39.5 billion disbursed, benefiting 21.7 million individuals.
Of this, Sh.28.7 billion has been repaid, with Sh.2 billion accounting for savings.
The fund boasts 7.5 million repeat customers.
Quoting President Ruto, “Tumefaidika lakini tunataka limit ipandishwe bado juu gharama ya maisha iko juu bado.”