CS Finance Njuguna.
President William Ruto on Friday afternoon addressed the nation from State House about major changes in government after two weeks of Gen Z protests against his government. President Ruto said that after the rejection of the 2024 finance bill, the budget had a deficit of Kshs 346 billion shillings.
Apart from that, the president announced that the government will borrow approximately Kshs 169 billion shillings which will help hire Junior Secondary teachers, medical internships and fertilizer subsidies. "After extensive consolations struck a middle ground and we will be proposing to the national assembly budget cut of not the entire Kshs 346 billion shillings but a budget of Kshs 177 billion shillings and borrowing the difference. Whatever we are going to borrow will increase our fiscal deposit from 3.4% of our GDP to 4.6% of GDP which is still lower than last year It will be used to fund some of the critical government services to protect some of the critical areas that the people of Kenya have asked me to protect," said the president.
President Ruto went ahead and mentioned how the borrowed money will be used. "The money will be used to hire junior secondary school teachers and medical interns, reviving stall growth projects that are in many parts of Kenya retaining the fertilizer subsidy program that has helped us managed our cost of living, settling the debt owed to farmers," said president Ruto.
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