Hustler Fund has distributed Sh35.3 billion to Kenyans, official tells UN meeting
Nairobi
By
Edwin Nyarangi
| Jul 21, 2023
The government has distributed Sh35.3 billion to Kenyans through the Hustler Fund since the programme was launched in December last year, according to the PS in the State Department of Micro Small and Medium Enterprise (MSMEs) Susan Mang'eni.
Mang'eni, who spoke during the general debate of the high-level political forum at the UN headquarters in New York, this is part of government efforts to uplift the living standards through the implementation of its Bottom-Up Economic Transformation Agenda.
The PS said the money has benefitted 21 million Kenyans even as President William Ruto's administration strives to enhance easy access to affordable credit by individuals and MSMEs.
Economic transformation
Mang'eni, who represented the government at the forum, said that the Bottom-Up Economic Transformation Agenda is aimed at stimulating economic participation towards job creation, equitable distribution of income, social security, expanding tax revenue base and increased foreign exchange.
"The Bottom-Up Economic Transformation Agenda model is anchored on agricultural transformation, a renewed focus on the growth of MSMEs, development of affordable housing, universal healthcare increased, digital spread and monetization of the creative industry to turn around the economy and ensure inclusive economic growth," said Mang'eni.
The PS told the forum that following the adoption of the UN's Sustainable Development Goals (SDGs) agenda in 2015, Kenya embarked on mainstreaming the agenda into development plans at all levels of government and setting up appropriate institutions for implementation.
Reversing gains
Mang'eni said that through a 'whole of government' and 'whole of society' approach geared towards leaving no one left behind, the country made positive progress across several goals before the Covid-19 pandemic struck primary sectors of the economy, reversing most of the gains.
She said the effects of the pandemic were most devastating to children, youth, women, persons with disability and those in marginalized situations, pushing them even further behind and deeper into poverty with the admirable resilience to overcome, demonstrating great opportunities and potential and renewed optimism for building back better from the bottom of the economic pyramid.
"As we track the mid-way point on our way to 2030, Kenya, like many other developing and middle-income countries, is still burdened with unsustainable debts which hinder our ability to invest in enablers for Sustainable Development Goals," said Mang'eni.
She said that Kenya echoes the sentiments of UN secretary-general Antonio Guterres who, speaking during the opening of the forum on the current global financial system, said it is falling short in addressing the complex challenges including recovery from the pandemic, the climate emergency and the debt crisis in the global south.
The PS said that Kenya was calling for reforms in the financial system that acknowledges the capabilities of developing nations and ensures a mutually beneficial outcome, providing affordable, sufficient and sustainable financing delivered in a timely manner.
Developing countries
Mang'eni said that Kenya supports the push by the UN boss to actualize the Stimulus Development Goals Stimulus package proposal of Sh70 trillion to offset challenging market conditions faced by developing countries.
"Kenya has stepped up climate adaptation and mitigation efforts including green energy, smart agriculture, decarbonized manufacturing, e-mobility and green building, towards the attainment of zero carbon by 2050," said Mang'eni.
She called on the summit to deliver a rescue plan for humanity and the planet through political actions that foster partnerships and shared prosperity sufficient for the implementation of SDGs.