Ruto makes key decisions on the reduction of food prices during his inaugural cabinet meeting
Ruto makes key decisions to address high food prices in the country amid a ravaging drought during his inaugural cabinet meeting.
President William Ruto’s Cabinet has agreed to appoint a government agency to stabilize basic food commodities.
Cabinet chose the Kenya National Trading Corporation (KNTC) to carry out a number of efforts to lower the skyrocketing cost of living, according to a dispatch that was sent to newsrooms on Thursday, November 10.
KNTC was also entrusted with making sure the country had adequate food reserves.
Ample farm inputs and fertilizer will also be provided by the organization, enabling farmers to increase food output.
“It was noted that KNTC will leverage its infrastructure and capacity to help stabilize prices of all essential items in instances where price swings of essential items are abnormal and against the public interest.
“KNTC will continue to partner with the National Cereals and Produce Board (NCPB) and local and regional financial intermediaries specializing in trade and commodity financing,” read the statement in part.
The government also approved the launch of numerous programs targeted at preventing the effects of the existing drought and future crises.
Proactive investments in high-impact, massive water harvesting, storage, and distribution were made as part of the programs.
Additionally, Cabinet gave its approval for the Ksh1 billion construction of the Kabonyo Fisheries and Aquaculture Service and Training Center of Excellence in Kisumu County.
The center will support education and analysis in the fisheries and aquaculture sectors in Kenya. Additionally, it will participate in the manufacture of fertiliser’s basic materials.
The Hustler Fund’s operationalization was also considered by Ruto’s Cabinet, and the government approved the Hustler Fund’s disbursement of funds using mobile technology.
Cabinet scheduled the project to be launched on Thursday, December 1. Through the funds, Kenyans will take up personal, micro, SME, and start-up loans.
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