President Ruto meets parastatal heads over planned budget cuts

Source: Capital FM Kenya
Author: Rosemary Onchari, Ojwang Joe, Irene Mwangi, Wangechi Purity

NAIROBI, Kenya, Mar 26 - President William Ruto is currently hosting Parastatal Heads and Chief Executive Officers (CEO) at State House, Nairobi.

State House Communications team stated that budget cuts and planned privatization of some institutions top agenda.

President Ruto plans to sell at least 10 non-performing parastatals in a bid to help improve the upgrade of infrastructure and the delivery of services to Kenyans.

He promised to rejuvenate the Nairobi Securities Exchange by bringing to the bourse through initial public offerings between six and 10 companies, a target that if met would see him surpass the record set by former President Mwai Kibaki's administration.

The Cabinet last month approved the sale of seven more State-owned enterprises which is expected to stimulate the expansion of the country's hospitality industry and grow individual units through private-sector investment.