Ruto assures hustler fund will be increased every month to ensure Kenyans who borrowed “Ksh500 can borrow Ksh50k’
President William Ruto promised that his administration will increase the allocation to the Hustler Fund noting that many Kenyans continue to borrow from the government kitty to boost their businesses.
Speaking on New Year’s Eve at State House Mombasa, Ruto disclosed that since the Hustler Fund was established on November 30, 2022, Kenyans had borrowed more than Ksh20 billion from it.
The head of state added that the fund would be increased by the government every month so that Kenyans who had borrowed Ksh500 could now borrow Ksh50,000.
“We agreed that we are going to build this economy from the bottom up and we have started that journey. That is why we initiated the Hustler Fund and to date, Kenyans have borrowed over Ksh20 billion to boost their businesses. We will increase the fund every month to ensure that Kenyans that borrowed Ksh500 can borrow Ksh50,000,” Ruto said.
Ruto also disclosed that the Hustler Fund’s second phase will be launched by the government to support Saccos and other small institutions, giving every Kenyan an equitable chance to borrow money at a low-interest rate to expand their enterprises.
“We want to make sure the people who have been harassing Kenyans including cartels, brokers, and shylocks look for other businesses. We are making sure that our economy is founded on sound economic policies that will stand the test of time today, tomorrow, and the years to come,” Ruto said.
Ruto stated that his administration has set the stage for Kenya’s economy to move away from a reliance on debt and toward a greater reliance on taxes paid by Kenyan citizens.
Insisting that Kenya won’t become debt-ridden, the president said he is looking to invest in sectors that can propel sustained economic growth.