Kenya Govt to Establish Savings Scheme For Kenyans in Diaspora

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Kenya Govt to Establish Savings Scheme For Kenyans in Diaspora
Kenya Govt to Establish Savings Scheme For Kenyans in Diaspora

The government will soon implement a saving scheme for Kenyans in the diaspora once the Labour Migration and Management Bill, 2023 sails through.

The Bill which is in the final stages of ratification details that the Foreign Affairs Ministry will be responsible for setting up the development kitty.

This will be done in consultation with relevant Kenyan missions and it will be a voluntary savings scheme for migrant workers.

“The Cabinet Secretary responsible for matters relating to foreign affairs may liaise with financial institutions in Kenya to negotiate favourable terms on the investments of any contributions that may be made,” the Bill reads in part.

As detailed in the Bill, the Treasury CS will be briefed periodically on the state of the savings scheme.

He will also in consultation with his foreign affairs counterpart, develop policies and programmes offering incentives to migrant workers to invest in Kenya.

Additionally, a government of Kenya-run database will be set and it will contain information concerning the scheme.

This will entail but not be limited to programmes and projects in Kenya for investment by migrant workers.

“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.

Setting up of the savings scheme is in line with President William Ruto’s vision to have Kenyans in the diaspora play a key role in nation-building.

On December 10, President Ruto remarked that one way Kenya was going to stabilise its currency and economy was through diaspora remittances.

“Those going abroad will repatriate dollars so that the exchange rate can stop giving us problems,” Ruto stated then.

By KIOKO NYAMASYO

 

Source-https://www.kenyans.co.ke/

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Kenya Govt to Establish Savings Scheme For Kenyans in Diaspora

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