The National Assembly will be in a position to determine the availability and distribution of the funds allocated to Hustler Kitty from the National Treasury
This is in line with the changes made by the Treasury Ministry, two days before the rollout of the said kitty on December 1st 2022.
According to a statement from the National Treasury on Monday 28th, November, is that maximum capital of the Fund will be appropriated by the National Assembly and shall be Kshs 50 billion.
This makes changes to the much anticipated hustler fund two days to rollout. The treasury also stated that the National Assembly has been accorded power to ensure distribution and availability of the funds.
The legislators will also have powers to increase or reduce the limit, which was initially set at Kshs 50 billion.
Part of the statement read, “The administrative costs of the Fund shall not exceed three percent of the approved budget of the Fund,”.
The funds, will also be accessed, only through the Micro, Small and Medium Enterprises.
“The administrative costs of the Fund shall be met through appropriations of the State Department responsible for matters relating to Micro, Small and Medium Enterprises.” Treasury added.
Administrative costs include the money responsible for necessary infrastructure, remunerations and salaries of the staffs deployed for operationalization of the kitty as well as logistics-key to distribution and recovery of the loans