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According to Ruto, the government has strengthened the economy by stabilising the Kenyan shilling, increasing foreign exchange reserves to more than $15 billion, enough to cover 6.5 months of imports, while also lowering inflation and reducing the cost of borrowing.
The President said Kenya must openly examine why many countries that once shared similar economic conditions have advanced faster despite starting from nearly the same point.
Ruto said the government had stabilised the Kenyan shilling, increased foreign exchange reserves to more than $15 billion, equivalent to 6.5 months of import cover, while also reducing inflation and lowering borrowing costs.
Oburu said he encouraged Ruto to occasionally exercise what he described as "benevolent dictatorship" by standing firm on policies that will strengthen the country's future.
Ruto recalled that he was outside the country attending his daughter's graduation when Parliament continued holding consultations, saying he closely monitored the progress despite being away.
The National Assembly Finance and National Planning Committee secured the amendments to the Sovereign Wealth Fund Bill, 2026 during debate in the Committee of the Whole House.
The new law creates a legal and institutional framework for the establishment, governance and management of the Sovereign Wealth Fund, fulfilling a commitment President Ruto made during his 2025 State of the Nation Address to establish a long-term national savings vehicle alongside the National Infrastructure Fund.
In a notice issued on May 30,2026, Parliament said the Finance and National Planning Committee will hold public hearings between June 2 and June 8 as required under Article 118(1)(b) of the Constitution.
The President announced that the National Infrastructure Fund and the Sovereign Wealth Fund will be fully established and operationalized in January 2026 to drive development while reducing reliance on borrowing and taxation.
Energy lawyer Halima Ali says Kenya’s proposed sovereign wealth fund could stabilise the economy, but warns its success hinges on governance, transparency and insulating savings from political and budget pressures.
The Central Organization of Trade Unions (Kenya) said it fully supports the establishment of the National Infrastructure Fund (NIF) and the Sovereign Wealth Fund (SWF), describing them as critical tools for long-term development and the welfare of Kenyan workers.
According to a Cabinet dispatch issued on Monday, the two funds form part of a Sh5 trillion roadmap intended to transform Kenya into a first-world economy through an investment-led growth model anchored on domestic resource mobilisation and private capital.