Nairobi — Devolution Cabinet Secretary Ann Waiguru on Monday emphasized on the importance of economic equality within the 47 counties as the government gears towards reduction of inflation rates. Waiguru explained that they are working at maintaining inflation rates below double digits and maintaining debt at manageable levels.
"We are seeking to address some structural challenges on which the macro economic stability will be anchored," she said. "Plans have been created and some implemented at expanding the port of Mombasa and export transport corridor in order to deepen the regional integration and trade," she added.
She said the inconsistencies in performance have made counties less developed and as such economic and financial policies will be put in place to ensure less vulnerability. "To ensure that our economy continues to remain vibrant we are moving towards economic policies that will ensure less susceptibility to exogenous shocks by addressing the structural challenges," Waiguru said.
The Cabinet Secretary noted that in 2003 - 2007 the economy stood at a strong 5.4 percent but drastically dropped saying, "the multiple shocks experienced after the 2007 General Election resulted in a slow down in the economy." "There's a great deal of optimism in economic performance in the current period and with economic growth from 3.9 percent in 2011 to 4.6 percent in 2012 and this year's projections are at 6.1 percent," she said.
"Equality in county governments is a means to curbing the current high inflation rate," "If all counties resources are equally distributed then the country will generate revenue from all the different counties thus greatly boosting the economy, "added Waiguru. She said the government's key agenda is to create and empower its citizens economically through different programmes that have been set up.
Speaking at the launch of the African Economic Outlook 2013 she said that Kenyans must embrace economic transformation so as to create competitiveness and empower more people in the society. "We are looking to avenues that will create sustainable development that will create jobs for young people women and the marginalized communities,"
"Part of this effort is to deepen financial access and we have recently launched the Uwezo Fund which will provide accessible and affordable finances to youth and women who have previously been left out from access to capital," she added.
She further explained that with the ongoing discovery of minerals in the country, the exploitation of these natural resources for economic and social growth will require a facilitating property regime, balanced and effective tax systems to foster an acceleration and diversification of the source of growth.