Kenya’s economy is not on the right path; CS Mbadi
CS Mbadi admits Kenya's economy is not on the right path, optimistic about recovery.
CS Mbadi admits Kenya’s economy is not on the right path, optimistic about recovery.
Treasury and Economic Planning Cabinet Secretary John Mbadi, has expressed concerns that Kenya’s economy is not on the right trajectory, while expressing optimism in recovery.
Speaking at a graduation ceremony at Migori Teachers Training College, Mabdi acknowledged that over-borrowing for short-term solutions to fund long-term projects had hindered the country’s economic progress.
“It is true that our economy is not doing very well. It is largely because at one time we took short-term loans to develop long-term projects,” said Mbadi, while assuring of his ability to restructure the economic situation.
He emphasized that while restoring the economy will take time, he is determined to make the necessary changes.
Mbadi expressed optimism that his debut budget for the upcoming 2025/2026 financial year will be transformative and urged members of the National Assembly not to hinder his efforts.
“This will be my first budget, I will be fair to the whole country,” Mbadi said.
Migori County Governor Ochilo Ayacko, and Nyatike MP Tom Odege, also addressed the gathering, urging the Cabinet Secretary to consider increasing the budget allocation for the employment and remuneration of teachers across the country.
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Ayacko highlighted that teachers are underpaid, and some wait years before being promoted to the next job group. He warned that the current economic challenges could further demoralize teachers, ultimately affecting their productivity.
On March 25, the Treasury CS had warned of Kenya’s fiscal outlook, saying the country is forced to “look inward” and reduce dependence on aid even as it struggles to get its finances back on track after heavy domestic and external borrowing, which has resulted in high debt-servicing costs.
“We will be left to look inward, and this is the worst period for Kenya. Some time back, we decided to take loans as a country, and these loans have now reached their peak.”
Kenya is faced with about Ksh.10 trillion in external and domestic debt, and two-thirds of the country’s annual revenue goes to debt servicing.
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