Ruto says lending rates should be reduced
08 January 2014, 08:19
Kericho - Deputy president William Ruto has expressed the need for the reduction of the lending rates charged by various financial institutions.
Ruto said the high rate charged by the institutions has made it difficult for most Kenyans to better their lives through loans.
Speaking when he occasioned the re-branding of Imarisha Teachers Sacco in Kericho, he disclosed that the relevant stakeholders will meet later this month to discuss means of addressing the matter.
“We want to see on how to control the interest charged by lenders. We want to know why countries like India charge only 3 per cent yet here in Kenya we charge between 15 – 18 percent,” he said.
Concerning the demands that were raised by the Kenya National Union Of Teachers ( KNUT), he said the government is willing to address them and expressed optimism that an agreement will be reached after the stakeholders meeting tomorrow.
He further reiterated the government’s commitment towards addressing the issue of unemployment among the youth saying they will get jobs through various projects that include the railway.
“As a government we are committed towards addressing unemployment in the country. The multi-billion railway project is among projects that will offer employment to our youth,” said Ruto.
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