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President Kenyatta is reported to have put his advisors to task to explain why Kenyans are experiencing hard economic times.
During a recent meeting at State House, Kenyatta said he could not understand why Kenyans are broke, according to People Daily.
Quoting a senior government official who attended the said meeting whose agenda was to address the current crisis of low cash circulation in the economy, Uhuru indicated the economy ought to be doing better owing to the many infrastructure projects his administration is undertaking.
“The President wondered where all the money being used to construct government projects is going. In fact, he specifically asked us the question: Why are people broke; why is it that there is no money in their pockets?” the official reported to be a parastatal head was quoted by the publication.
Among those present at the meeting were Cabinet Secretaries Ukur Yatani (Treasury), Fred Matiang’i (Interior), James Macharia (Transport and Infrastructure), Peter Munya (Trade), and Attorney General Kihara Kariuki.
An order for parastatal heads to immediately release Sh34 billion in outstanding bills owed to suppliers were among resolutions passed in the meeting. They hope the money will help revamp the economy and create more cash flows in the country.
Kenyatta also banned government corporations from investing in Treasury bills where at least Sh100 billion of public funds are said to have been pumped.
Treasury Bills (T-Bill) are a form of investment where an investor gives a short term loan to the government, usually with a maturity date of fewer than 12 months.
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