Kenyans Abroad To Send Money To Govt In New Savings Scheme
The Kenyan government is set to introduce a savings program for Kenyan citizens living abroad once the Labour Migration and Management Bill, 2023 is successfully passed.
The nearing completion of the ratification process for the Bill outlines that the responsibility for establishing the development fund will be assigned to the Ministry of Foreign Affairs.
This initiative will be carried out in collaboration with appropriate Kenyan diplomatic representations, offering a voluntary savings program designed for migrant workers.
“The Cabinet Secretary responsible for matters relating to foreign affairs may liaise with financial institutions in Kenya to negotiate favorable terms on the investments of any contributions that may be made,” the Bill reads in part.
As outlined in the legislation, the Treasury CS will receive regular updates on the status of the savings plan.
He will collaborate with his counterpart in foreign affairs to formulate policies and programs that provide incentives for migrant workers to make investments in Kenya.
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Furthermore, there will be the establishment of a database managed by the Kenyan government, housing details related to the program.
This will involve, among other things, initiatives and endeavors in Kenya that migrant workers can consider for investment.
“The CS responsible for matters relating to foreign affairs may, in consultation with the CS for Treasury, put in place measures for the prevention of fraudulent practices that hinder investment in Kenya by migrant workers,” the Bill details further.
Establishing the savings scheme aligns with President William Ruto’s vision to involve Kenyans living abroad in actively contributing to the development of the nation.
On December 10th, President Ruto stated that Kenya intended to enhance the stability of its currency and economy by relying on remittances from the diaspora.
“Those going abroad will repatriate dollars so that the exchange rate can stop giving us problems,” Ruto stated then.
Kenyans Abroad To Send Money To Govt In New Savings Scheme
