Kenya’s President William Ruto said on Thursday the government was poised to privatise 35 state companies and was looking at a further 100 firms after enacting a revised law last month to cut down on bureaucracy.

Ruto says the law makes it easier to sell state enterprises to private companies and aims to push up the private sector’s participation in the economy.

Kenya is reported to be facing a host of challenges, including depleted government coffers, skyrocketing inflation, and a plunging currency that has sent its debt repayment costs soaring.

Moreover, The International Monetary Fund (IMF) said this month that it had agreed to a $938m loan for Kenya, which also has a $2bn Eurobond repayment due next year.World Bank also indicated that is going to provide Kenya with $12billion in support over the next three years.