Sunday, March 31, 2024 - President William Ruto's economic advisor David Ndii has indicated that the government's target is to lower the inflation rate to below 5 percent by May.
In a statement, Ndii noted that the inflation rate had
already begun to drop in 2024. The inflation rate is the percentage increase of basic
commodities over a given period.
He cited data from the Kenya National Bureau of Statistics
(KNBS) which showed that the inflation rate dropped to 5.7 percent in March.
"We are on track for a percentage below 5% by
May," he stated.
On the other hand, he noted that the government would shift
its focus to five economic factors after the drop in inflation. Among them is
taming the current budget deficit.
Ruto's first budget of Ksh4 trillion had a deficit of Ksh700
billion, a move that forced the government to take up loans to implement
various projects.
This has also seen Ruto come under sharp criticism for the
recent loans taken up by the government from foreign governments and
multinational institutions such as the World Bank and the International
Monetary Fund (IMF).
Ndii added that the government would also be aiming to lower
the current interest rate to 10 percent and below. Through this, Kenyans will
be able to get cheaper loans.
Further, he indicated that Ruto will also focus more on
agriculture which has been one of the pillars for the administration. Under
this programme, the government introduced fertilizer subsidies.
Additionally, the government will be accelerating the
transition to electric vehicles.
The Kenyan DAILY POST
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