This archive report was first published on 14 December 2019.
On December 12, 2019, President Kenyatta addressed the nation during the 55th Jamhuri Day celebrations, outlining measures to accelerate economic growth.
He directed the National Treasury, the Attorney-General's office, and the Judiciary to develop a legal framework to waive court fees for commercial disputes below Sh1 million, effective March 1, 2020.
The President noted that his administration is focused on factors hindering the growth of private and public enterprises, including taxes, fees, bureaucracy, and access to credit.
He emphasized the need to reduce the compliance burden on employers by making employer contributions to various funds through a unified payroll return submitted to the Kenya Revenue Authority.
President Kenyatta also highlighted the positive impact of repealing the law capping bank lending interest rates and introducing financial products such as STAWI, which have made low-cost financing available to hundreds of businesses.
He announced plans to introduce new financial products, including Stawisha SME Mashinani, and administrative measures to support Small and Medium-Sized Enterprises (SMEs) in the coming months.
The President expressed pride in Kenya's progress in the World Bank's Ease-of-Doing-Business Index, which has improved to 56 among 190 economies, and attributed this to reforms in creating businesses and other initiatives.
