Speaking at a stakeholders’ meeting in Ndhiwa, Homa Bay County, Mbadi highlighted the critical role he has in managing the country’s finances and reassured the public of his unwavering support for Ruto.
“The President can give you any ministry, but not the Ministry of Finance.
The confidence and risk that he took in appointing me make it very difficult for me to betray him,” Mbadi stated.
Mbadi, who took office amid significant financial challenges, made it clear that his focus would remain on addressing these issues, rather than getting involved in political debates.
“We are not in that debate right now. I’m not here to push for President Ruto’s re-election. My job is to ensure that things work well in this government,” he added.
Since taking over the Ministry of Finance, Mbadi has been tackling key economic challenges, such as reducing Kenya’s budget deficit and stabilizing the Kenyan shilling.
He shared his progress, saying, “When I came in, the budget deficit to GDP was 8.1%.
We’ve managed to bring it down to 4.3%, and next year it will be 3.8%. Our goal is to get the deficit below 3% in the next two years.”
Another major achievement under his leadership is the stabilization of the Kenyan shilling, which had plummeted to Sh160 against the US dollar earlier this year.
“The shilling is now stable at Sh129 per dollar,” Mbadi remarked, reflecting on the positive shift in the country’s financial situation.
Mbadi also pointed out that government borrowing has decreased by 1.5% since he took office, highlighting a trend of fiscal responsibility.
He further committed to pushing for tax reforms, including easing Pay-As-You-Earn taxes, as the budget deficit continues to shrink.
“My main focus is to work for President Ruto, to make things that are not working work.
Once we’ve made progress, we’ll tell Kenyans we want another chance to continue this work,” Mbadi concluded.
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