Posted 3/26/2024, 9:47:04 AM
Ruto Cracks Down on State Firms to Boost Treasury, Cut Borrowing
- President Ruto orders state-owned commercial enterprises to remit 80% of after-tax profits to National Treasury
- Threatens to close down loss-making government institutions over next 3 years if they don't turn fortunes around
- Orders parastatal CEOs to cut recurrent budgets by 30%
- Regulatory institutions ordered to remit 90% of surplus funds to National Treasury
- Aims to reduce government expenditure and borrowing, balance budget within 3 years, and maximize value for money