{"id":123725,"date":"2023-11-25T23:36:01","date_gmt":"2023-11-25T23:36:01","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/25\/ruto-announces-govts-readiness-to-privatize-35-state-owned-companies\/"},"modified":"2023-11-25T23:36:01","modified_gmt":"2023-11-25T23:36:01","slug":"ruto-announces-govts-readiness-to-privatize-35-state-owned-companies","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/25\/ruto-announces-govts-readiness-to-privatize-35-state-owned-companies\/","title":{"rendered":"Ruto Announces Govt&#8217;s Readiness to Privatize 35 State-Owned Companies"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-303496\" alt=\"\" width=\"809\" height=\"457\"  data-lazy- src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/11\/private.jpg\"\/><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-303496\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/11\/private.jpg\" alt=\"\" width=\"809\" height=\"457\"  \/>President William Ruto on Thursday, announced the government\u2019s preparedness to privatize 35 state-owned companies, citing their entanglement in government bureaucracy as a hindrance to productivity.<\/p>\n<p>This move comes in the wake of recent legislative changes, with the government having signed a revised privatization bill into law last month, facilitating a smoother process for selling state enterprises to private entities.<\/p>\n<p>At the time of signing, President Ruto emphasized that the revised law aims to increase the private sector\u2019s involvement in the economy.<\/p>\n<p><em>\u201cWe have identified the first 35 companies that we are going to offer to the private sector,\u201d<\/em> Ruto told a gathering of African stock market officials in Nairobi.<\/p>\n<p>He also stated that the government is exploring options for around 100 state-owned firms. He noted that numerous potentially lucrative enterprises are trapped in government bureaucracy, and their services could be more efficiently provided by the private sector.<\/p>\n<p>\u201c<em>We will make this opportunity available.\u201d<\/em><\/p>\n<p>The East Africa economic powerhouse is grappling with a myriad of challenges, including depleted government coffers, soaring inflation, and a plummeting currency that has led to a significant increase in its debt repayment costs.<\/p>\n<p>This month, the International Monetary Fund (IMF) announced its approval of a $938-million loan for Kenya, which is further compounded by a looming $2-billion euro bond repayment due next year.<\/p>\n<p>In addition to the financial assistance, the IMF has advised the government to undertake reforms in public sector entities, with a particular focus on key entities such as the national electricity supplier, Kenya Power, and the national carrier, Kenya Airways, both of which recorded substantial losses in 2022.<\/p>\n<p>On Monday, the World Bank announced its intention to offer $12 billion in support to the country over the next three years.<\/p>\n<p>As of the end of June, Kenya\u2019s debt had surpassed Sh10.1 trillion ($66 billion), as per Treasury figures, amounting to approximately two-thirds of the gross domestic product.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>President William Ruto on Thursday, announced the government\u2019s preparedness to privatize 35 state-owned companies, citing their entanglement in government bureaucracy as a hindrance to productivity. This move comes in the wake of recent legislative changes, with the government having signed a revised privatization bill into law last month, facilitating a smoother process for selling state [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":123726,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-123725","post","type-post","status-publish","format-standard","has-post-thumbnail","category-kenya-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ruto Announces Govt&#039;s Readiness to Privatize 35 State-Owned Companies - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/11\/25\/ruto-announces-govts-readiness-to-privatize-35-state-owned-companies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ruto Announces Govt&#039;s Readiness to Privatize 35 State-Owned Companies - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"President William Ruto on Thursday, announced the government\u2019s preparedness to privatize 35 state-owned companies, citing their entanglement in government bureaucracy as a hindrance to productivity. 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