- Finance Minister John Mbadi has explained the reasons why he defended President William Ruto against criticism about his performance in government
- He revealed that he experienced major challenges of depression after entering office in 2024, a situation that almost cost him his life
- Mbadi also explained the reasons that led to the devaluation of the shilling early in 2024 and blamed the previous president for lax fiscal responsibility at the end of his term
The Minister of National Treasury, John Mbadi, has defended the administration of the President William Ruto against claims that his government has failed to fulfill promises.
Source: Facebook
Speaking during a meeting with citizens in the city Eldoret On Sunday, January 18, Mbadi pointed to key economic indicators that he said show progress.
Why did John Mbadi get depressed?
The minister, who took office in October 2024, rebuked Kenyans who criticize the performance of President Ruto, noting that Kenya was listed by the International Monetary Fund (IMF) among countries that were at risk of failing to pay their loans for the financial year 2024/2025.
“You are told that Ruto is not working. You do not know where this country came from. The IMF said that Kenya is one of the six countries that cannot pay its debts in 2024/2025. And let me tell you, if a country fails to pay its debts, the IMF and the World Bank are the first to arrive. They will order the salaries of public servants and subsidy funds to be cut in half to pay off the debts. When Ruto came to power, inflation was nine percent; today it is less than five percent.” he said.
Mbadi also said that foreign currency reserves have increased to 5.3 months of imports, from only three months.
Working under an inclusive government arrangement, Mbadi revealed that he almost lost his life due to depression just two months after taking office.
“I lost weight in two months. I almost died, please don’t laugh. You should have mercy on me,” he said.
According to the minister, the pressure came from the difficulty of paying salaries and servicing debts at a time when the shilling was depreciating against the dollar.
Source: Facebook
Why did the shilling fall against the dollar?
He explained that the rapid decline of the shilling against the dollar, up to KSh 160 in 2024, was due to Kenya facing the challenge of paying the Eurobond.
“Do you know why the shilling was exchanged for dollars at KSh 160? We had a loan to pay in June 2024, and by February, Kenya did not know where it would get KSh 260 billion to pay the Eurobond,” he explained.
He attacked the former president Uhuru Kenyattaaccusing him of neglecting fiscal responsibility at the end of his administration.
“Someone sat somewhere and said his time was running out, so he didn’t care,” he demanded.
Mbadi also said that Kenya has paid in advance loans maturing in 2027 and 2028, and is now targeting loans maturing in 2031.
According to him, President Ruto has worked too hard to strengthen the economy so that future governments will not go through the financial crisis he encountered when he came to power in 2022.
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