Musalia Mudavadi posted on his twitter handle that, ” I helped save the countries economic situation in the 90’s and I’m ready to do it again in 2022, if given the opportunity by the Kenyan people.”
Checking at some of the ways Musalia have saved our country maybe he has a point. Musalia when he was Minister of Finance fought so much to the save the economy of the country.
Musalia is credited with saving the country from runaway inflation and resumption of aid when he was the Minister of finance after the 1992 multiparty elections. When he took over the finance docket in 1993, the economy was in a mess.
There was excess money circulating in the country and the Government had borrowed too much from the local market. The government had also printed money to use for the elections and campaigns the previous year, causing hyperinflation. The prices of food and other essential commodities had hiked.
The country did not have enough money left for individual and business borrowing, hence a sharp rise in the bank interests rates. When Mudavadi took his power, he began to mop up the currency in circulation. He also oversaw the privatization of local state corporations, won back donor confidence to resume foreign aid and established a strong banking confidence
What’s your thought on all these?