United Business Association Urges Passing of Finance Bill

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United Business Association (UBA) is urging Members of the National Assembly to support the Finance Bill 2023 for enhanced economic development.

It says the proposed 3% housing levy is a viable way and means providing decent housing to about seven million citizens living in the informal settlements and slum dwellings.

“As a Trustee of United Business Association, I support the Finance Bill 2023. I also urge MPs in the National Assembly to pass it ahead of the national Budget pronouncement on order to align the housing levy”, Mr Jayendra Malde said.

Mr Malde pointed out that the Finance Bill was a good instrument for the country through which President William Ruto had introduced a ideal plan to give decent life to the low cadre citizens under the Kenya Kwanza bottom up manifesto.

UBA is an organization that brings together industrialists, business investors and entrepreneurs from various economic spheres and regions in Kenya.

Mr Malde said the Bill was necessary for the government to collect sufficient revenue and effectively facilitate development instead of depending on external borrowing from agencies like the World Bank and International Monetary Fund (IMF), which eventually becomes punitive.

“We have already hit a nine trillion debt portfolio on foreign borrowing. To sustain the country, we cannot afford to borrow more because that would amount to worsening the debt situation”, Malde who is also the former Parklands/Highridge Ward noted.

He explained that Sri Lanka and several African countries were today suffering for relying so much on international donor funding.

“I am fully in agreement with the Finance Bill and President Ruto’s motive which focuses on internal sourcing of revenue to run the country under his agenda”, Malde noted.

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