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Youth Fund dismisses zero budget allocation reports

Thursday, May 16th, 2024 02:00 | By
The National Treasury offices. PHOTO/Print
The National Treasury offices. PHOTO/Print

 The board of the Youth Enterprise Development Fund (YEDF) has refuted reports that the Kenya Kwanza Government has denied it budgetary allocation for the 2024/25 financial year as part of a strategy to disband it. 

Chief executive Josiah Moriasi dismissed the report as erroneous and meant to create confusion in the agency and government at large. 

“Contrary to the erroneous reports alleging that YEDF will not be in existence in the coming F/Y 2024/ 2025 due to zero Budgetary  allocation,  the fund has been allocated Sh100 million for development (loans) and Sh125 million for recurrent expenditure, and not nil budget as indicated by the newspapers,” said Moriasi.

A section of the media yesterday reported that that KK Government has resolved not to allocated budgetary allocation in the next fiscal year with a view to disband it.

Moriasi explained that the government, through the Ministry of Youth Affairs, Creative Economy and Sports is successfully implementing the Youth Agenda towards their improved livelihoods and economic sustainability.

“As a matter of fact, YEDF has disbursed loans totalling Sh1.4 billion in the last three years and provided business support services to 380,000 youth, directly impacting positively on their enterprises.

The Fund projects to recover Sh635 million from outstanding loans and generate an additional Sh62.5 million through appropriations in aid (A-in-A), totaling Sh735 million for loans and Sh187.5 million for recurrent budget,” he added.

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