Eldoret: The Cabinet Secretary for the National Treasury, John Mbadi, has defended the government’s economic performance, stating that President William Ruto’s Administration has stabilized the country’s finances, restored investor confidence, and averted a near-collapse of the economy inherited in 2022. Speaking during a stakeholder engagement forum in Eldoret, Uasin Gishu County, the CS emphasized the challenging financial conditions that the government faced upon assuming office.
According to Kenya News Agency, the CS detailed that the Treasury was struggling to pay civil servants, service public debt, and secure adequate foreign currency at the time the administration took charge. He revealed that salaries were being paid late and that the International Monetary Fund (IMF) had listed Kenya among six African countries at high risk of default, five of which have since defaulted. He credited the Ruto Administration with successfully managing the repayment of the $2 billion Eurobond that matured in 2023 and restoring confidence in the market, which led to improvements in credit ratings and investor perception.
The CS noted that despite the progress, the country’s fiscal space remains tight due to competing needs in education, health, water, and social protection. To address this, the government plans to attract private-sector financing for major roads through a National Infrastructure Fund, a model used in several advanced economies. He praised President Ruto’s development agenda, highlighting timely release of county funds, consistent NG-CDF disbursements, and strengthened public financial accountability.
Mbadi also highlighted gains in the health sector, noting the renewed support from the United States for Kenya’s Universal Health Care roll-out, with funding channeled directly through Kenya’s National Budget. Additionally, he cited successful negotiations with China that have saved the country $215 million annually through restructured SGR loan terms.
The CS urged Uasin Gishu residents and the wider region to support the ongoing reforms, emphasizing the economy’s recovery path and the need for bold, decisive leadership to sustain momentum. Uasin Gishu Senator, Jackson Mandago, also encouraged residents to embrace the new e-Government Procurement (e-GP) system, advocating for enhanced fairness and transparency in public procurement.
Present at the event were Permanent Secretary for The National Treasury, Dr. Chris Kiptoo, Member of Parliament for Kesses Constituency CPA Julius Ruto, Member of Parliament for Awendo Constituency, Walter Owino, among other leaders.
