‘African Countries Were Queuing!’ – CS Mbadi Reveals Embarrassing Moment At The IMF-World Bank Summit
Treasury Cabinet Secretary John Mbadi has described how he felt embarrassed during the World Bank and IMF annual summit in Washington, DC, from October 21 to 26.
Speaking at the Tax Payers’ Day celebration at the State House on Friday, November 1, Mbadi revealed that he was embarrassed by the situation in which 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.
CS Calls for Stronger IDA21 to Address Africa’s Job Crisis at IMF/World Bank Annual Meetings.
— The National Treasury & Economic Planning (@KeTreasury) October 23, 2024
Cabinet Secretary for the National Treasury and Economic Planning, CPA Hon. John Mbadi, early today addressed the 2024 IMF/World Bank Annual Meetings in Washington D.C., stressing… pic.twitter.com/OxGTCPBzZz
According to the Treasury CS, if the Kenya Revenue Authority tightens its system, Kenya will be able to repay the International Monetary Fund’s loans.
“The money that we are asking from out there if we just tighten our systems, we can do some of these loans,” Mbadi reassured.
“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.”
A snapshot of my presentation during the African Caucus Meeting with World Bank Group President Ajay Banga at the 2024 IMF-World Bank Annual Meetings, Washington DC in United States. pic.twitter.com/VErtLvY5Ih
— CPA Hon. John Mbadi Ng'ongo, EGH (@JohnMbadiN) October 24, 2024
Mbadi, joined 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, reducing poverty, green financing and sustainable development.
During the meeting, the delegation provided an in-depth update on Kenya’s economic progress and reform efforts under the IMF-supported program, emphasizing the country’s commitment to fiscal consolidation and economic recovery.
President William Ruto reiterated Mbadi’s comments about Kenya’s ability to raise funds. During Taxpayers’ Day at State House, Ruto reaffirmed his support for the Treasury Ministry.
IMF approves the seventh and eighth review of Kenya's Extended Fund Facility/Extended Credit Facility (EFF/ECF) Program. @citizentvkenya ,@ntvkenya @BD_Africa ,@K24Tv ,@HopeTV_KE ,@tv47news , @StandardKenya, @TheStarKenya @PeopleDailyKe , @KBCChannel1 ,@KTNNewsKE , @SpiceFMKE pic.twitter.com/lJhCDuXopm
— The National Treasury & Economic Planning (@KeTreasury) October 31, 2024
The President took the opportunity to thank Kenyan taxpayers, revealing that tax compliance in the country has improved.
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“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 additional funds to address budget deficits.
Ruto revealed that the government will need to borrow more money to close Kenya’s deficit following the withdrawal of the Finance Bill 2024.
‘African Countries Were Queuing!’ – CS Mbadi Reveals Embarrassing Moment At The IMF-World Bank Summit
