Greetings and welcome to the ninth Money Weekly Newsletter of 2025! 

Since arriving in China on Tuesday, President William Ruto—who is in the foreign country seeking funding—has been the subject of intense debate following his speech at Peking University. During his address, the Head of State took jabs at the US, noting that America’s decision to take sides in the Russia-Ukraine war conflicted with United Nations Security Council resolutions.

He also called for reforms at the helm of two Bretton Woods institutions—the International Monetary Fund (IMF) and the World Bank. “There are many reforms required in these institutions, but I believe that the most consequential is governance changes that will transform them into independent, apolitical global institutions, insulated from the national interests of their shareholders,” he stated. “Both the World Bank and the IMF have evolved into development finance institutions, but the ownership and power remain with the wealthy countries that they no longer serve.”

Meanwhile, Treasury CS John Mbadi and his delegation have been in Washington, D.C., for the IMF-World Bank Spring Meetings, where they have held discussions with leaders from these very institutions, particularly the IMF, in an effort to renegotiate engagement terms. So far, Mbadi has met with senior World Bank officials, IMF officials, and U.S. government representatives. He has also secured two separate loan deals: Ksh8.9 billion from the OPEC Fund and Ksh64 billion from the UAE.

Halfway around the world, President Ruto witnessed the signing of 20 agreements—seven of which are investment deals totaling Ksh100.1 billion—and a separate Ksh137 billion agreement to fund local projects. He hopes to unlock 30,000 job opportunities through these agreements.

At Money254, we are closely monitoring these developments. You can follow our coverage at Money254.co.ke.

Here is a recap of this week's money news and Finance Tips below:

NEWS RECAP

What happened this week

Treasury CS Secures Loans in the US

• Treasury Cabinet Secretary John Mbadi announced on Tuesday night that Kenya has signed a Ksh8.9 billion (€60 million) loan agreement with OPEC Fund President Dr. Abdulhamid Alkhalifa for the Economic Transformation and Green Recovery Support Programme (ETGRSP). Mbadi said that the Treasury Cabinet Secretary, John Mbadi, announced on Tuesday night that Kenya has signed a Ksh8.9 billion (€60 million) loan agreement with OPEC Fund President Dr. Abdulhamid Alkhalifa for the Economic Transformation and Green Recovery Support Programme (ETGRSP), touching on projects such as Kenyatta National Hospital (KNH) Burns & Paediatrics Centre.

• Separately, the Treasury CS announced that Kenya will receive a Ksh64 billion loan from the United Arab Emirates in the coming days after inking a deal. The funding is part of the Ksh174 billion loan facility negotiated by President William Ruto’s administration in 2024.

Ruto’s Deals in China

• President William Ruto, who is touring China for 5 days, secured funding for five infrastructural projects, including the extension of the Standard Gauge Railway (SGR) and the dualing of the Nairobi-Nakuru-Mau Summit–Malaba Highway. The contractors and value of the deals remain muted.

• On his first day, President Ruto witnessed the signing of seven separate deals totalling Ksh100.1 billion ($773 million), looking to unlock 30,000 jobs. The partnerships included a Ksh51.8 billion deal with Zonken Group and a Ksh19.4 billion deal with China Wu Yi Company.

Vietnam Gas President Doanh Chau says Kenya is losing investments due to poor leadership, corruption, and failure to prioritize basics like power. He urged leaders to stop grandstanding and focus on building systems that attract long-term investment. “Kenya’s real problem is not a lack of money or talent. It’s the absence of long-term vision and the dominance of short-term gain.”

Cash-Strapped Firm and Ksh2 Billion Tender

A report by Business Daily broke down how a company unable to pay a Ksh1.8 million debt had landed a Ksh2 billion affordable housing tender. The tender was later withdrawn after other bidders lodged complaints, forcing the government to re-tender.

NEMA Mandatory Emissions Test for Bodas and Vehicles

Kenyan motorists will soon face mandatory emissions testing under new 2024 NEMA regulations, with commercial and PSV vehicles tested annually and private vehicles over five years old tested biennially. Non-compliant vehicles will face fines, pollution taxes, and possible deregistration if they fail to meet standards for five consecutive years.

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MONEY TIPS & TOOLS

This week’s finance tips

Welcome to Money254's Money Tips! Here, we share quick and easy tips that make understanding and managing your money a breeze. We break down the tricky parts of your finances and the financial landscape, making it simple and clear for you. Stay tuned for helpful tips every week.

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That’s a wrap for this week’s Money Weekly!

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Tony and the Money254 editorial team.