Kenya’s President William Ruto has asked the World Bank, International Monetary Fund (IMF) and other multilateral lenders to extend new reliefs for debt-burdened African countries to allow them to recuperate from multiple economic shocks.
In his maiden address to the United Nations General Assembly as President on Wednesday Dr Ruto said heavily indebted countries “run the risk of losing development gains due to the shocks inflicted by the pandemic and associated disruptions.”
It reflects a policy shift from previous administrations that have relied on commercial banks to disburse State-owned affirmative action funds such as Uwezo Fund.Under the deal, Safaricom and in conjunction with local banking partners will earn commissions for administering the ‘hustler’ loans.
President William Ruto is also on record for saying that the Hustler Fund will use credit scores to determine if a borrower is worth giving a loan to. A high credit score reveals that a borrower can be able to borrow loans and repay them on time- and makes a person more credit worthy. The vice-versa also applies.
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