Kenya's Treasury Cabinet Secretary John Mbadi has rejected criticism that the government plans to privatize state-owned enterprises to patch budget shortfalls, asserting the strategy instead targets long-term national advancement.
During a fundraising gathering in Homa Bay, Mbadi outlined plans to channel all privatization revenue into two newly created entities: a Sovereign Wealth Fund and a National Infrastructure Fund. He stressed these resources would finance infrastructure projects rather than cover operational costs like government salaries. The administration will launch countrywide consultations to explain the privatization approach to citizens, he said. Mbadi called for difficult policy choices that may draw initial opposition but deliver future benefits, urging Kenyans to pursue financial independence as global lending from institutions like the IMF and World Bank becomes less viable.
The Cabinet Secretary also pledged to continue the political work of ODM leader Raila Odinga, promising to guide the Luo community forward. Awendo MP Walter Owino praised Mbadi's credentials, citing his decade leading ODM, 17 years in Parliament, minority leadership experience and current senior government position as qualifications for future leadership roles.
During a fundraising gathering in Homa Bay, Mbadi outlined plans to channel all privatization revenue into two newly created entities: a Sovereign Wealth Fund and a National Infrastructure Fund. He stressed these resources would finance infrastructure projects rather than cover operational costs like government salaries. The administration will launch countrywide consultations to explain the privatization approach to citizens, he said. Mbadi called for difficult policy choices that may draw initial opposition but deliver future benefits, urging Kenyans to pursue financial independence as global lending from institutions like the IMF and World Bank becomes less viable.
The Cabinet Secretary also pledged to continue the political work of ODM leader Raila Odinga, promising to guide the Luo community forward. Awendo MP Walter Owino praised Mbadi's credentials, citing his decade leading ODM, 17 years in Parliament, minority leadership experience and current senior government position as qualifications for future leadership roles.
