The government is working on a new saving scheme that once implemented will ensure that kenyans working abroad will send money to the government as the new saving scheme.
According to reports, the Labour Migration and Management Bill 2023 is in the final stages of ratification details. Therefore, the Foreign Affairs Ministry will be responsible for setting up the development kitty that Kenyans working abroad will send the money to.
However, reports indicate that the new saving scheme will be a voluntary saving scheme for migrant workers that will be kept for them.
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“The Cabinet Secretary responsible for matters relating to foreign affairs may liaise with financial institutions in Kenya to negotiate favourable terms on the investments of any contributions that may be made.”
The bill proposes that the Treasury Cabinet Secretary will be briefed periodically on the state of the savings scheme once it is implemented so as to ensure timely reports and efficiency.
“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.”
This comes after President William Ruto urged kenyans working abroad to play a key role in nation building by sending money back home as a way of saving so as to access them once they are back in the country.
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According to the President, one way Kenya was going to stabilise its currency and economy was through diaspora remittances and Kenyans working in Diaspora will come in handy in ensuring that remittances are made to the country.
However, the bill is yet to pass through the final stages to become law therefore, not yet materialised.