Treasury Cabinet Secretary John Mbadi has promised to improve Kenya’s economy in the next one year.
Speaking during President William Ruto’s visit to Homa Bay County on Thursday, CS Mbadi expressed confidence in his ability to revive the economy within this timeframe.
“Ninakuhakikishia hii uchumi ya Kenya mtupatie one year; the second year itafufuka,” he said.
(I assure you that if you give us one year; by the second year this economy will be revived).
On Thursday, President Ruto held a thanksgiving ceremony for Mbadi in his Suba South constituency after launching various projects across Homa Bay County. An accountant by profession, Mbadi previously chaired the Public Accounts Committee in the National Assembly for several years.
Experts have advised Mbadi to focus on reducing government excesses, eliminating unnecessary expenditures, and exploring debt rescheduling options. While debt rescheduling may incur hefty interest, experts believe it could help fill gaps created by Ruto’s budget cuts, which have affected multiple sectors.
For instance, the education sector faced a Ksh30 billion cut, resulting in the removal of funding for the school feeding program. The health sector also experienced a Ksh20 billion reduction, and the government eliminated confidential budgets.
Additionally, the administration reduced the number of presidential advisors, dissolved 47 parastatals with overlapping mandates, and imposed a freeze on motor vehicle purchases, except for security agencies.
To further strengthen the economy, the Treasury plans to implement a mid-term revenue generation strategy. This initiative aims to increase Kenya Revenue Authority (KRA) collections from the current 13.5 percent of GDP to 20 percent by the end of the 2026/27 financial year.
“Hii uchumi ya Kenya mtupatie mwaka moja, mwaka wa pili itafufuka” – CS John Mbadi pic.twitter.com/JkgDvMLwJi
— K24 TV (@K24Tv) August 29, 2024
