New Savings Scheme For Kenyans Working Abroad Unveiled
After the Labour Migration and Management Bill, 2023 passes, the government will soon launch a savings scheme for Kenyans living abroad.
The development kitty would be established by the Foreign Affairs Ministry, according to the Bill, which is currently undergoing confirmation.
This will be a voluntary savings plan for migrant workers, and it will be implemented in cooperation with pertinent Kenyan missions.
The Bill says, in part, that the Cabinet Secretary in charge of foreign affairs may communicate with Kenyan financial institutions to arrange favorable terms for the investments of any potential donations.
The Bill specifies that the Treasury CS will receive frequent updates on the status of the savings plan.
In cooperation with his counterpart in foreign affairs, he will also create policies and initiatives that will entice migrant laborers to make investments in Kenya.
New Savings Scheme For Kenyans Working Abroad Unveiled
A database managed by the Kenyan government will also be established and will include details on the program.
This will involve, but not be restricted to, initiatives and programs in Kenya that migrant laborers can invest in.
The Bill provides additional information, saying that “the CS responsible for matters relating to foreign affairs may, in consultation with the CS for Treasury, put in place measures for the prevention of fraudulent practices that hinder investment in Kenya by migrant workers.”
New Savings Scheme For Kenyans Working Abroad Unveiled
The savings plan was established in accordance with President William Ruto’s goal of having Kenyans living abroad play a significant part in the development of their country.
President Ruto stated on December 10 that remittances from the diaspora will be one way Kenya managed to stabilize its economy and currency.
Ruto said at the time, “Those who are going overseas will repatriate dollars so that the exchange rate can stop giving us problems.”
