Highlights of the CS's First 50 Days in Office: National Treasury & Planning

Nairobi, Kenya – October 2024

In just 50 days since taking over on August 8, 2024, the Cabinet Secretary (CS) for National Treasury and Planning Hon.CPA John Mbadi has made significant strides in steering Kenya's economic direction. Taking charge at a crucial time for the country's fiscal health, the CS has focused on key initiatives;

Stabilizing the Kenyan Shilling

One of the most notable achievements has been the stabilization of the Kenyan shilling. In the weeks following the CS's assumption of office, the shilling had been under immense pressure due to external economic shocks, rising inflation, and fluctuating commodity prices. The CS implemented targeted interventions in partnership with the Central Bank of Kenya to ease pressure on the currency. These measures included increasing foreign exchange reserves and curbing speculative trading, leading to a marked stabilization of the shilling.

Budget Realignment and Fiscal Discipline

Another significant move by the CS was his aggressive approach to budget realignment. He swiftly reallocated funds toward essential sectors such as healthcare, education, and infrastructure while cutting down on non-priority expenditures. This has been part of a broader fiscal discipline strategy to reduce Kenya’s budget deficit and align spending with key development goals. The CS emphasized the need for efficiency and accountability in government spending.

Growth in Domestic Revenue

In the first 50 days, the CS has also overseen a substantial improvement in domestic revenue collection. By working closely with the Kenya Revenue Authority (KRA), the CS launched initiatives to streamline tax compliance, reduce tax evasion, and widen the tax base. He has also committed to modernizing tax systems and boosting the capacity of revenue officers, ensuring that Kenya's revenue generation is on an upward trajectory.

Public-Private Partnerships (PPP)

The CS has championed the revitalization of public-private partnerships (PPP) as a means of unlocking private sector investment in public infrastructure projects. His office has launched several new PPP initiatives that target roads, energy, and housing. These partnerships are expected to spur job creation, provide critical infrastructure, and reduce the burden on government expenditure.

International Relations and Investor Confidence

Finally, the CS has engaged in numerous diplomatic engagements to restore investor confidence. He has met with international lenders, development partners, and business leaders to attract foreign direct investment and negotiate better terms for Kenya’s trade agreements. His efforts have been well-received by investors, as evidenced by renewed interest in key sectors such as manufacturing, agriculture, and energy.

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