This archive report was first published on 12 November 2019.
On November 12, 2019, President Uhuru Kenyatta convened a meeting at State House to address the country's economic crisis, specifically the low cash circulation in the economy.
According to a senior government official, the President questioned the whereabouts of funds allocated for infrastructure projects, wondering why Kenyans were experiencing financial difficulties despite the government's efforts.
“The President wondered where all the money being used to construct government projects is going. In fact, he specifically asked us the question: Why are people broke; why is it that there is no money in their pockets?” the official was quoted by People Daily.
Attending the meeting were key Cabinet Secretaries, including Ukur Yatani (Treasury), Fred Matiang’i (Interior), James Macharia (Transport and Infrastructure), Peter Munya (Trade), and Attorney General Kihara Kariuki.
As a result of the meeting, parastatal heads were instructed to release Sh34 billion in outstanding bills owed to suppliers, aiming to revamp the economy and increase cash flows.
The President also banned government corporations from investing in Treasury bills, where an estimated Sh100 billion of public funds had been invested.
