Ruto Pledges to Introduce Diaspora Bond for Kenyans Abroad to Lend to the Government

Deputy President William Ruto has continued to woo Kenyans in the diaspora to back his quest for the presidency.

At a meeting with a group of Kenyans living in the UK, Ruto pledged that if elected president, he will introduce a ‘diaspora bond’ that will enable Kenyans abroad to lend money to the government at an interest rate of seven percent.

Through the fund, Ruto says, Kenyans in the diaspora will get a return on investment while the government will be able to finance its development activities.

“We will make it possible so that instead of keeping money at the bank here (abroad) and getting zero interest, we can give you seven percent interest at home by having a diaspora bond where you can put your money, you will help the government with money to run programs,” said Ruto.

The deputy president further pointed out that ordinary Kenyans do not majorly benefit directly from government lending since they receive between one and two percent return from banks, who in turn lend to the government at eight percent.

“Fifty percent of borrowing is local, the biggest beneficiaries are Kenyan banks- almost eighty percent who make billions of shillings we will organize so that ordinary people are benefitting,” he added.

At the same time, Ruto stated that his administration would adjust contributions to the National Social Security Fund (NSSF) from the current Sh200 and set a standard where all Kenyans will contribute five percent of their income.

He argued that the fund savings will be huge enough to hold resources that the government can use to finance development projects with ease.

“We will make sure the law is changed within the first 100 days to ensure that even if we agree to 5 percent for everyone’s salary to be saved,” he noted.

“The money we are borrowing is savings for other countries and we are paying with interest, we are borrowing everyone’s money except ours. we must be able to build a huge fund for us to be able to borrow and finance our activities.”

Ruto, who is on a three-day tour of the UK, was speaking at the Holiday Inn Hotel in London, where he held a meeting with supporters of his United Democratic Alliance (UDA) party in the UK.

 

Comments

The diasporans should be very careful when Ruto talks about the issues of opening a bond for them. Ruto is an expert thief and he will perhaps open the bond to specifically benefit himself. Then he will bankrupt the bond after he steals enough out of it. Ruto can never be trusted.

Submitted by Go crypto on Mon, 03/07/2022 @ 02:03pm

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Bond is way 2 go. At 7pc it is still lower than crypto currency. Bitcoin has gone up 42m pc since 2008. Ethereum 91k pc. I stay with crypto.

Submitted by Dan Komen ASU on Mon, 03/07/2022 @ 02:35pm

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Floating stupid ideas which are totally non starters!! The CBK has a current apendage for the same but due to great theft and mistrust, they are not an attractive sale. So not a new thing! Next Ruto???? You’all think Kenyans abroad are so stupid riiiiight?! SMH!

Submitted by mkenyadamu on Mon, 03/07/2022 @ 03:08pm

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I don't care what y'all think but kura kwa ruto. finally someone looking out for dispora folks who send billions of ksh every year

You better care what others think about Ruto’s checkered character simply because you only have one vote to offer Ruto. It’s good there are only 2 million goats like you in Sugoi to blindly vote for a thief.

Submitted by mama watoto on Mon, 03/07/2022 @ 04:30pm

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WOW, we will work for you guys as you would never pay us a single cent. Thanks but not interested. First get the 60 percent youth population jobs. Create jobs instead of importing everything.

Submitted by mama watoto on Mon, 03/07/2022 @ 04:34pm

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WOW, we will work for you guys as you for free. You know in the back of you mind you would never pay us a single cent. Thanks but not interested. First get the 60 percent youth population jobs. Create jobs instead of importing everything. Charity begins at home deal with problems at home before venturing into us who already have some form of livelihood. We all know foreign currency would be easy to bank at the oversees countries. OLD but not stupid!!!

Submitted by sokora on Mon, 03/07/2022 @ 04:37pm

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7% interest is not good enough. There are alternative investment assets in Kenya that will yield a better payoff.

Submitted by Imara Daima on Mon, 03/07/2022 @ 06:05pm

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Je, Ndugu Wetangula na Ndugu Musalia Mudavadi: Ninyi wawili mliamua kuandamana na Makamu wa Rais wa Jamhuri ya Kenya, Ndugu Kipchirchir Samoei Arap Ruto kwenya UDA, Je, kweli mnamjua vizuri?

Nawaombeni mtazame vidiyo klipu hii kwa makini halafu mjiulize swali hili; Je uamuzi wenu kujiunga naye ulikuwa mzuri kwa watu wote wa Kenya?

https://youtu.be/kuLa2YKGy5c

Submitted by Kora kanini on Mon, 03/07/2022 @ 11:04pm

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Not a bad idea, if they will let us invest in what we want. Why can't they start with KENYA AIRWAYS? OR, let's get KICC,??
WHAT WILL BE THE COLLATERAL??
WHAT WILL BE THE INTEREST RATES??
I BET WE CAN DO EXACTLY WHAT CHINA IS DOING AT VERY COMPETITIVE RATES.
RUTO, PLEASE LAY DOWN THE DETAILS.

Submitted by Asista on Mon, 03/07/2022 @ 11:54pm

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It’s a voluntary investment venture. Whoever is interested, invest when that time comes. All others who think otherwise can shut up and keep their nonsensical remarks to themselves.

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