Treasury Cabinet Secretary John Mbadi engaged in high-level discussions with International Monetary Fund (IMF) officials during the ongoing IMF-World Bank Spring Meetings in Washington, D.C. The Kenyan delegation, led by Mbadi and Energy and Petroleum Cabinet Secretary Opiyo Wandayi, includes key figures such as Equity Bank CEO James Mwangi, National Treasury Principal Secretary Chris Kiptoo, and Uriri Member of Parliament Mark Nyamita.

The meetings are focused on addressing global economic challenges, with particular attention on trade and tariff issues. U.S. Treasury Secretary Scott Bessent has been actively involved in discussions concerning the impact of tariffs introduced by President Donald Trump, which have affected global economic forecasts and increased debt pressures for developing countries.

In the lead-up to the meetings, CS Wandayi expressed his commitment to advancing Kenya’s Energy Compact, aiming to drive investment in clean and reliable energy for sustainable development. This initiative aligns with Kenya’s broader agenda to enhance its energy sector and attract international support.

During the meetings, CS Mbadi emphasized Kenya’s focus on fiscal consolidation and economic recovery, highlighting reforms in agriculture, housing, healthcare, and the digital economy. He noted that the country’s economy grew by 5.6% in 2023 and is projected to continue expanding, with a growth rate of 5.4% expected in 2025.

Despite positive economic strides, CS Mbadi acknowledged ongoing fiscal challenges, including a revenue shortfall of Ksh 29.6 billion by August 2024. He reaffirmed Kenya’s commitment to reducing the fiscal deficit to below 3% of GDP through continued reforms and enhanced domestic revenue collection.