Mbadi: I was embarrassed at IMF World Bank meeting in US

 

National Treasury Cabinet Secretary John Mbadi

National Treasury Cabinet Secretary John Mbadi has revealed that he was embarrassed at the 2024 International Monetary Fund/World Bank annual meetings in the US.

The CS was however quick to point out that African countries were not treated badly at the meeting.

“You are right that I was embarrassed in Washington, not that we were treated badly.  But you see, when you find African countries queuing in a corridor and then you are called one by one; Nigeria, you go in for 15-30 minutes, Rwanda, Kenya. For those of us who have some pride it is a bit demeaning,” he explained.

Mbadi said the money Kenya was looking for from the international lender could be raised locally.

“If we just tighten our systems, we can do without some of these loans. IMF has released Sh78 billion but if KRA puts systems in place we can collect not less than Sh400 billion,” he stated.

A high-level delegation from the National Treasury and the Central Bank of Kenya travelled to Washington D.C. to attend the 2024 International Monetary Fund /World Bank annual meetings, which were held from October 21-26, 2024.

The delegation engaged in critical discussions on pressing global economic challenges including financial stability, poverty reduction, green financing, and sustainable development.

The team included Mbadi, Governor of the Central Bank of Kenya Kamau Thugge, and the Principal Secretary of the National Treasury Chris Kiptoo.

The meeting whose theme was “Delivering with Ambition” was held as Kenya is witnessing an improved macroeconomic outlook, characterised by declining inflation, a stable exchange rate, and steady growth in Gross Domestic Product (GDP).

The Executive Board of the IMF approved the disbursement of Sh78. 3 billion ($606.1 million) loan to Kenya, unlocking new funding to the country after a protracted programme review following the withdrawal of the Finance Bill, 2024.

During the meeting, the delegation provided a comprehensive update on Kenya’s economic progress and reform efforts under its IMF-supported programmes.

by Allan Kisia