Gladys Shollei Asks Kenyans to Prepare for Tough Economic Times: “It’s Going to Be Difficult”

• Uasin Gishu County Women Representative Gladys Shollei told Kenyans to brace for dire economic times as government realigns to deliver their mandate
• Shollei said it will take around 100 days to one year as the government makes decisions that will positively impact the lives of Kenyans
• While speaking to MPs at the Safari Park Hotel, CBK boss Patrick Njoroge said global prices of imports to Kenya are subsequently reducing

Uasin Gishu County Women Representative Gladys Shollei has told Kenyans to brace for a tough economic time that could last up to one year as the Kenya Kwanza administration laid the ground to start working for Kenyans.

Shollei asked Kenyans to prepare themselves adequately because it will be a very tough time.

However, she said Kenyans will not regret the government’s decisions to address the challenges facing them.

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“We will have to tighten our belts, it is going to be a difficult time for the next 100 days to 12 months, but Kenyans will see the fruits of some of the decisions in a year’s time. Kenyans must be patient, the pain is not going away immediately,” Shollei explained.

Shollei played an integral role in the formation of the Kenya Kwanza government and is known as one of the ardent supporters of Ruto.

William Ruto’s concern about the economic situation

The head of state addressed members of the National Assembly and the Senate on Thursday, September 29, two weeks after he was sworn in.

In his speech, when he officially opened the 13th parliament, Ruto laid bare the dire economic situation with the country facing a debt crisis.

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He regretted that his government faced a huge KSh 900 billion budget deficit in the 2022/2023 financial year, noting that this must be reversed within three years.

“Our financial situation is not very good. For Kenya to grow into an upper-income country, we must invest at least 25% of our GDP. This year alone, we budgeted to borrow KSh 900 billion to finance both development and recurrent expenditure.

You are all aware that our total collection is KSh 2.1 trillion, only enough to pay debt and salaries. Everything else we have to borrow. We should never borrow to finance recurrent expenditures. It’s not right, it’s not prudent, it’s not sustainable, it’s simply wrong,” he explained.

The president said his government will seek to reverse the borrowing policy within three years so that Kenya could live within its means.

The economy is stabilising, CBK Boss Patrick Njoroge

Central Bank of Kenya Governor Patrick Njoroge announced that global prices of imports to Kenya are subsequently reducing.

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Kenya has experienced an economic crisis that has prompted locals to dig more into their pockets to earn a living and buy household commodities.

The optimistic CBK governor said by November, prices will have levelled to lockout expensive subsidies plunging the country into big debts.

Source: TUKO.co.ke