CS Mbadi Shares Embarrassing Moment at IMF World Bank Summit

Treasury Cabinet Secretary John Mbadi has recounted how he was embarrassed during the World Bank and IMF annual summit in Washington DC,  United States, between October 21 to October 26.

Speaking during the Tax Payers’ Day celebration on Friday, November 1, at the State House, Mbadi revealed that he was embarrassed by the situation where African leaders were queuing in a corridor and being called one by one.

“Chairman, you are right that I was embarrassed at Washington DC not that we were treated badly, I wanted just to clarify,” Mbadi clarified.

“But you see when you find African Countries queuing in a corridor, then you are called one by one, Nigeria, you come, for 15 to 30 minutes, Rwanda, Kenya…for those of us who have some pride it’s a bit demeaning,” Mbadi revealed.

Treasury Principal Secretary Chris Kiptoo attending the IMF-World Bank annual meeting in Washington DC, the US on October 22, 2024

Photo

Ministry of Treasury and Economic Planning

According to the Treasury CS, if the Kenya Revenue Authority tightens its system, Kenya can raise the money that it is borrowing from the International Monetary Fund.

“The money that we are asking from out there if we just tighten our systems, we can do some of these loans. Today IMF has released Ksh78 billion, but if KRA puts systems in place, we can collect not less than Ksh400 billion in taxes. So we can do without some of these loans,” Mbadi reassured.

Mbadi accompanied by Principal Secretary Chris Kiptoo and Central Bank Governor Kamau Thugge led the delegations in engaging in critical discussions on pressing global economic challenges including financial stability, poverty reduction, green financing, and sustainable development.

During the meeting, the delegation provided a comprehensive update on Kenya’s economic progress and reform efforts under its IMF-supported program and emphasized the country’s commitment to fiscal consolidation and economic recovery. 

President William Ruto reiterated Mbadi’s words on Kenya’s ability to raise its funds. While speaking during the Taxpayers’ Day in State House Ruto further reassured his support to the Treasury Ministry.

The President took the opportunity to thank Kenyan taxpayers revealing that the tax compliance in the country has increased.

“I am pleased to announce that our collective efforts are yielding positive results. In October 2024, inflation dropped to 2.7% from 9.2% two years ago, well within the Central Bank’s target,” Ruto revealed.

“Your patriotism is the foundation of our nation’s economic resilience and progress because efficient revenue mobilization is essential to financing the delivery of public services, investing in infrastructure development, and providing resources required to safeguard peace, stability, and national security,” Ruto hailed Kenyans.

Kenya’s borrowing from the IMF has increased under President Ruto who has been seeking more funds to plug budget shortfalls. Ruto revealed that the government will have to borrow more money to plug Kenya’s deficit after the withdrawal of the Finance Bill 2024.

CS Mbadi leading a delegation to IMFWorld Bank Annual Meetings held Washington on Monday, October 21, 2024.

Photo

National Treasury

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}