Focus on financing strategies for country’s progress in 2020
By Daniel Mutegi
| January 9th 2020
The year 2020 has just began, implying that we are 10 years shy of Vision 2030.
The UNDP 2019 Human Development Report calls for nations to address wider concepts of the formation of the capabilities for wealth creation, and hence developing the means through which people can pull themselves out of poverty.
The report notes that there is need to address issues that prevent markets and governments from functioning in the best ways in shaping the needed development agenda to complement individual goals.
We must address existing inequalities and improve the living conditions of people through reduction of slums and informal settlements, creating more jobs for Kenyans and addressing the inherent challenges for development posed by climate change, which bring about drought, diseases and disasters.
We must advance the penetration of technology to solve some of the problems facing Kenya.
In 2020, we must address our development paradigm in ways that make the process sustainable, through adequate development financing strategies in three major ways.
First, there is need to develop sustainable domestic resource mobilisation strategies, which must include means and ways of incentivising Kenyans to save more.
Saving is a timeless method through which projects can be financed. It has been pointed out that the second construction phase of the Suez Canal in Egypt in the 1970s was done through the savings from ordinary citizens.
This strategy should encourage more diaspora remittances, which will enable us to finance more projects without resorting to expensive loans.
Secondly, the country must build more consensus on the application of Public Private Partnerships (PPPs), which have proven vital in accelerating development programmes of any country.
To date, the PPP Unit has lined up more than 76 projects. A large segment of the population is not aware of how the concept of PPPs can be used, its advantages and disadvantages.
PPPs will be central in developing the country as we approach the 2030 development time frame, alongside giving a boost to the Big Four agenda and the bigger AU agenda 2063, which heavily rely on enhanced participation of the private sector in the development process.
PPPs have been proposed to lend a hand in development because of its ability to offer capital, modern technology, innovation in service delivery and effectiveness.
In deepening the applicability of PPPs, we are guided by the fact that the country has a PPP Policy 2011, PPP Act 2013 and a host of regulations to support its application, but citizens must be educated on how it works to gain a wide support base.
Thirdly, we must develop a culture of ensuring value for money for public projects.
This will promote a sense of ownership for all projects, thereby making citizens be at the centre of monitoring and evaluation of projects, which ensures timely and quality completion.
Daniel Mutegi Giti, Nairobi
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