Ruto changes tune over “Hustler Fund”
Ruto changes tune over “Hustler Fund” as he says the fund will be commissioned on December 1, 2022.
As most Kenyans would note, President William Ruto is erratic. The country has been left to wonder or speculate about his moves ever since he assumed the office of the presidency a month ago.
While Speaking in Kericho where he was attending an interdenominational prayer and thanksgiving service President William Ruto announced that he will be launching the Hustler fund on December 1, 2022.
The fund, according to him, is aimed at spurring reforms in financial lending, particularly to low- and middle-income Kenyans.
However, what caught the attention of “many of the Hustlers” is his pronouncement that the fund won’t be free.
This is contradictory to the messaging issued during the campaign period prior to the August general elections.
Many were meant to believe that the Hustler Fund will be free and without interest.
But on Sunday Ruto clarified that there won’t be free money as the fund will be available for all Kenyans at a repayment interest fee.
“Tarehe moja Desemba tunazindua mpango wa ‘Hustler Fund’ sasa mjipange kwa vyama. Na hakuna pesa ya bure, hii ni pesa ya biashara. Sasa ukipatiwa unarudisha na mpango.
“Ujipange na hustle yako: either Chama, Sacco, co-operative ama Mtu binafsi. Lakini si pesa ya bure, hii ni pesa ya biashara. Tunafanya biashara na interest itakua chini ya 10 per cent per year. Hakuna committee yoyte, jipange na simu yako,” Ruto stated.
The hustlers’ fund was packaged as an initiative to create jobs, but there are signs that, if applied fairly and in the framework of thorough research, it can accomplish much more than that.
Especially if the fund is devolved rather than centralized, it can increase the circulation of money in different local economies within Kenya and address the issue of economic disparities. But most importantly, it is the one campaign promise that, if kept, will lessen any sense of post-victory disillusionment among the numerous young people who voted for Kenya Kwanza.
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