Public Participation for the National Treasury's proposed Hustlers' Fund begins tomorrow

National Treasury CS Njuguna Ndungu at his Treasury office in Nairobi. [Boniface Okendo, Standard]

The process is expected to run from November 14 up to November 16, in three different groups.

The public participation comes hours after Treasury CS Njuguna Ndung'u published regulations to govern the Sh50 billion Hustler's Fund under the Public Finance Management Act.

In a letter to outgoing Interior PS Karanja Kibicho three days ago, Treasury PS Julius Muia said:

"The National Treasury has organised physical regional Town Hall meetings, to receive from members of the public any comments or inputs or memoranda they may have on the said Regulations".

In his communication, he has asked the Ministry of Interior to liaise with County administrators to open town halls for the event on time as well as organise the groups for public participation.

"Invite all County Commissioners to attend as well as mobilise targeted groups and members of the public,"

"Detail the respective County Commissioners in the hosting counties to officially open the Town Hall public consultations meetings on the dates,"

The process will involve both National and County representatives, County Assemblies and local MPs, sector groups and associations, Cooperatives, and SME associations.

In the ruling Kenya Kwanza manifesto, President William Ruto promised he would introduce a Hustler's Fund to support small business entities.

According to the regulations published by the National Treasury, beneficiaries will be required to be above the age of 18 years and hold a Kenyan identification card to qualify for the loans.

For one to benefit, they should also be members of Micro, Small, and Medium Enterprises (MSMEs), SACCO societies, Chama and table banking groups, or any other registered association.

The funds will be administered by a Chief Executive Officer (CEO) who will be obligated to open and operate such bank accounts with the approval of the Board and the National Treasury.

He will also supervise and control the day-to-day administration of the Fund.

The Hustler Fund CEO will be appointed by the Treasury CS and transmit to the Auditor-General statement of accounts relating to the Fund.

"Prepare quarterly and annual financial and non-financial reports in a format prescribed by the Public Sector Accounting Standards Board and submit the same to the National Treasury with copies to the Controller of Budget and the Commission on Revenue Allocation," the regulation indicated.

In case one is found guilty of misappropriation of funds, failure to give information, or falsifying information while applying for the fund, they will be fined up to Sh10 million or an alternative jail term of five years.