Economic growth improved between 2003 and 2008, under the Mwai Kibaki administration.[45] When Kibaki took power in 2003, he immediately established the National Debt Management Department at the treasury, reformed the Kenya Revenue Authority (KRA) to increase government revenue, reformed financial laws on banking, wrote off the debts of strategic public enterprises and ensured that 30% of government tax revenue was invested in economic development projects. With these National Rainbow Coalition (NARC) government-driven reforms, the KRA collected more tax revenue in 2004 than was anticipated.