Azimio La Umoja-One Kenya presidential flagbearer Raila Odinga on Monday unveiled his fiscal plan – campaigning on an economic revolution.

He promised to shore up the middle class, review taxes on the common man, lower electricity costs and restructure the country’s debt portfolio among other issues.

Raila also swore to empower small business owners by implementing favourable legal policies should he ascend to power in the August 9 polls.

“We will work towards lowering the cost of electric power as well as review the tax policy, legal, institutional and regulatory framework, anchored on best practice principles and to promote tax stability and predictability,” declared Raila.

Economic recession

The Mwamko Mpya policy, loosely translated as a new awakening or the new dawn, will be the former Premier’s campaign stimulus meant to persuade his followers, as he attempts to charm his way into the Presidency – the fifth trial for the 77-year-old who also served as Langata MP for close to three decades.

“The Covid pandemic, the resultant global recession and the Russia-Ukraine war continue to negatively impact Kenya’s economy.

Subsequently, there is a need to improve the management of the macro and micro economic environment,” reads part of the Azimio manifesto.

The economic revolution, he insisted, was at the centre of the Azimio commitment, and one that is anchored “on specific foundational elements which are necessary enablers for the successful implementation of the policy frameworks, and projects planned under the economic revolution for shared prosperity.”

Key among areas of concern for the Azimio outfit will be to lower prices of food items such as maize flour, milk and wheat products which have noticeably skyrocketed since the year began, straining the majority of Kenyan households that are still dredging from the economic hardships left by Covid-19.

The Coronavirus pandemic – presently on its fourth wave in Kenya, triggered an unprecedented global economic recession in modern history and is measured as a crisis of greater magnitude than the Great Depression of the 1930s.

Address barriers

In his public discourse to the nation, Raila highlighted the ravages caused by the pandemic whose impact, he noted, has negatively impacted the social fabric of the country’s society and fiscal policy, exposing the country’s inequality and poverty levels among struggling Kenyans.

The aforementioned factors coupled with corruption and poor debt management had slackened the country’s economic recovery efforts, according to Raila who reiterated that the two elements would form the basis of economic revolution for the ODM leader.

“We will reduce the pace of debt accumulation and develop policies that support sustainable debt levels and terms and ensure all debts are procured only for the purpose of viable projects that will finance the repayments and debt servicing and secure inter-generational equity,” promised Raila.

Further, Raila, who last month named former legislature for Gichugu constituency Martha Karua as his running mate, promised to push for new legal policies and regulatory reforms to improve the local manufacturing sector, in what is seen as an upgrade to ‘Buy Kenya, Build Kenya’ initiative that was launched under President Uhuru Kenyatta is his first term in office.

That way, Raila noted, in addition to several bilateral and multilateral trade treaties Kenya has signed with other countries, would offer local manufacturers an opportunity to access new regional and international markets using their locally manufactured products.

“Our commitment will be to create an enabling business environment to ensure competitiveness and address barriers to regional and international trade through effective diplomacy and trade representation,” he reiterated.