₦airaland Forum

Mkenya2019:
link would suffice - we are still in April fools days prank zon

In the forum, IMF only spoke of Nigeria and South Africa for Africa though.

Just40:
A nail in the coffin

Lol. You really mean Kenyans today.
Baba temper justice with mercy, biko 😄

Obaaderemi2:
It's a very small country.

I would have expected that for Malawi and Burundi not Zambia.

So Zambia is searching for just 188 million dollars from IMF? that's quiet low.

Mkenya2019:
link would suffice - we are still in April fools days prank zon

IMF SPRING MEETING IN WASHINGTON 2023.

No link yet, maybe tomorrow.

Mkenya2019:
You're funny
Kenya can actually print it way out of trouble as most of maturing debt are 80% local debt in KES
Ruto will do almost opposite of what you say.
He will make Kenyans PAY for their mistakes
Budget will be cut. Salaries cut. Name it
We will do what IMF would do.
And emerge from the hole faster.
As our own austrity measures are borne out of "love" than ulterior IMF motive where Ghana has to accept LGBT

I support budget cuts and reducing cost of operation. The only problem is that by the time Kenyans are paying for their mistakes, projects would not be continuous as they should be and that would affect growth on the long run.

So in addition to budget cuts and all that, you may have to default like other countries in Africa have done to give yourselves breathing space and use the money for more projects.

Breaking News...

IMF rates Nigerian economy as the most stable in the continent of Africa.

Obaaderemi2:
They already told kenyans to brace up for more salary delays. Nigeria even at her worst never owed federal workers. Signs of evil things to come in Kenya.

They borrowed massively like a rich African country forgetting nothing in their economy could sustain such levels of debt. Like a Concorde engine in a Volkswagen beetle.

Now that country is up in flames and Ruto is thinking of reducing salaries. The protests will soon start. The Raila Monday Monday protest is a small thing compared to what's coming.

I have told the Kenyans to print money excessively as the only way to save themselves but that would be dangerous too because they may not be able to control the run away inflation and excess money supply given that their economy is not as dependent on local investors compared to that of Nigeria.

Their equity market for example performed poorly in 2022 in the absence of usual foreign inflows, this means if they print more shillings, the Kenyan economy may fail to balance out all the abundant shillings and you then have excess money supply and uncontrolled spiral inflation. It's a tough situation.

Just40:
The Kenyan economy has collapsed

Kenyan equity market is the worse performer in Africa..

Foreigners have really shipped out shit tons of money and left the sinking ship.

Kenyans have no where else to go but to sink with the ship

Funny thing is that due to Nigerian poor exchange rate disparity, foreigners are almost next to nil as well in Nigerian stock market but they were quickly replaced by local investors and we were one of the best performing stock markets in Africa in 2022 even until this year.

Obaaderemi2:
You are obviously insane. So have your debts disappeared with your fake GDP growth? Your revenue is about to shrink unless you overburden poor little Indians with taxation. You have $75bn already which is bad for a country with a GDP less than$100bn. You better tighten your seatbelt, the ride is going to be rough.

It's actually up to 80 Billion dollars debt I believe.

Mkenya2019:
First Dr Iweala as Minister of Finance was Soludo boss as CBN.
The minister set directions - CBN as independent as he can be - is junior to Minister of Finance.
He execute gov policy.
Nigeria banks were suffering from systemic risk due to debt overhang.
Just like now.
If Nigeria default - your banks will collapse like dominos.

Soludo is just a bitter lowlife proffesor in Nigeria.

HE CAN NEVER WASH Dr Iweala shoes.

Dr Iweala CV and achievements is TRULY IMPRESSIVE. Only a stupid Nigerian would dare question her credentials.

No wonder she has decided to become an American.

If she ever getting tired working for WTO - I would advice Ruto to run and pick her up as his advisor.

It doesn't work that way. Minister of finance is no boss of the CBN manager.
I know you are playing though but Okonjo Iweala had nothing to do with Banks no matter how much your love for her is. These are just facts not emotions.

Obaaderemi2:
Don't take him too seriously.

I swear. I catch cruise sometimes too.

Mkenya2019:
Nonsense. Soludo cannot wash Okonjo Iweala feet. Your Nigeria are some of most stupid people leaving such talents to disappear.

Give me a link or reference on how Okonjo Iweala fixed Banking or you are just speaking from your ass as usual.

Mkenya2019:
Nigeria - until you remove a goat like Buhari - and international drug trafficking convict like Tinubu - and invite the caliber of WTO director general leader Dr Okonjo-Iweala to lead Nigeria you're going nowhere.

Dr Okonjo-Iweala - last time helped Nigeria clean up it's 35B debt problem using her brains - and fixed banking - the one of the few sector functioning in Nigeria now.

Go round the world - invite the gazillion of brilliant Nigerians - let them run your gov for 10yrs - Nigeria will THRIVE

In Kenya we respect professionals and intellectuals. BRAINS beat all oil. That is why Western Nations and Asians/Chinese run the world.

This Ruto today praising Ndii team for nailing 4.5B dollars Oil deal with Saudi & UAE - if we didnt have it - we would be in serious trouble.

President Ruto: My economic advisors (David Ndii, Mohamed Hassan and Davis Chirchir) have done something phenomenal; they have managed to put together a programme that has taken us away from looking for $500M every month to buy our fuel needs... today we can buy fuel in KES.

President Ruto: My economic advisors (David Ndii, Mohamed Hassan and Davis Chirchir) have done something phenomenal; they have managed to put together a programme that has taken us away from looking for $500M every month to buy our fuel needs... today we can buy fuel in KES. pic.twitter.com/JPWv3BB32W

— Citizen TV Kenya (@citizentvkenya) April 11, 2023

Okonjo Iweala did not fix Banking. Soludo did.
She's great but she wasn't as excellent as you described here. Lots of issues during her time especially under Jonathan.

"According to Deputy President Rigathi Gachagua, some government loans matured last week, forcing the government to pay the debt, leaving the government with no money to pay civil servants.

“It is true we are having challenges in paying salaries, giving money to governors. Because the handshake gov’t ripped this country, they borrowed money left right and centre. Because we are a responsible government, we have to pay this money,” he said. 

“What we collected the last two weeks was sufficient to pay the loans. What we are collecting this week will pay salaries and other requirements,” he added. "

[quote author=chrisooblog post=122446517]Hmmm

David Ndii: Government is extremely wasteful, there is not a single day that I am not exasperated by not just how wasteful it is but by how deliberate it is and how unbothered people are #MondayReport @WaihigaMwaura pic.twitter.com/lfkReXygQC

— Citizen TV Kenya (@citizentvkenya) April 10, 2023

is bleeding.

Mkenya2019:
As Nigeria who have printed 50B dollars the last few years to pay salaries you should be ashamed of yourself.
Kenya debt grew - but so did the infrastructure - uhuru regime double the paved road from 11,000kms to now 25,000kms.
We build greenfield railway - that cost us 7-8B dollars.
We had fastest electrification ever seen on earth - moving from having just 1.5 million household to now 9.5m household in a decade.
The problem we should have stopped in 2018 or around when we hit 50% debt to gdp.
We did slow down but not good enough - then covid and ukraine war - has now precipitate a crisis.
But kenya is fairing much better than many in Africa.
We are middle of the park when it come to dollar/local currency depreciation - nigeria is worst.
We got out of debt distress - Nigeria is getting more and more in a debt mess
We are doing great inflation - single digit - Nigeria and Ghana are over 50 percent.

Kenya has done well in Africa for a long time because we have brilliant people working in gov.

We have 2024 to negotiate - and come 2025 - we will have balanced budget - debt to gdp will drop to 55% - and debt servicing will drop to 33%.

And of course economy even now is still growing at 6% plus every year. GDP that will soon generate 30B dollars for gov alone is not cooked.


I wish I could say the same about Nigeria.

If you can print 50 Billion dollars and your economy survives, do it. There is a reason most non advanced economies can't do this. Not because they don't wanna do it.

Lagos Nigeria.

Mkenya2019:
The clown is Buhari and you - dealing with high inflation, poverty, darkness, bad roads, insecurity.

50B dollars worth of overdraft. That is crazy.

Kenya gov last year went out of it way to take overdraft of 200m dollar from central bank or something like that.


This highest we have as oustanding overdraft - 0.5B dollars versus 50B dollars from NIGERIA - ZOOGERIA - crazy country

https://www.businessdailyafrica.com/bd/economy/treasury-takes-biggest-overdraft--4113964
The official report shows that the outstanding overdraft at the Central Bank of Kenya (CBK) rose to Sh64.51 billion by end of Friday last week .

Kenya is a much smaller economy. You shouldn't be comparing the size of your debt to that of Nigeria. You can't survive what Nigeria does, you would collapse in 6 months.

Mkenya2019:
The clown is Buhari and you - dealing with high inflation, poverty, darkness, bad roads, insecurity.

50B dollars worth of overdraft. That is crazy.

Kenya gov last year went out of it way to take overdraft of 200m dollar from central bank or something like that.

Yeah but we still survive. Many economies cannot survive doing this.
We can debate the viability of this economic principle later. Today, I have little of such time.

Mkenya2019:
No, it perfect explanation.
Your Treasury has been asking for overdraft from your central bank to meet it's obligation.
Central bank mint the money and hand it to treasury.
Treasury pay salaries, contractors, etc.
This creates inflation as it increase money supply beyond economic output.
Nationalize debt.
Create poverty.

Lol, clown.

Mkenya2019:
The Zoo is even worse.
They've been surviving by printing money

50B dollars in overdraft. Now you know how it able to survive with 120% debt servicing ratio. The just print Naira.

https://www.bloomberg.com/news/articles/2023-01-17/a-50-billion-overdraft-is-set-to-become-nigeria-s-debt#xj4y7vzkg

Of course it's calculated as part of the debts in Nigeria seperate from public debts. But still doesn't explain why Nigeria is not worse off than it is.

Just40:
The drivers of Ghana Inflation have been brought under control so there's currently a downward trajectory.

This is the perfect time to print more and acquire more gold while the central bank makes a windfall in the difference.


Ghana does not need to go to the IMF, it was never needed and everyone is advising the govt not to go because it is not a solution to any of the problems that Ghana faces.
All the solutions the Ghana needs is in the Bossom of the govt.

But for political reasons, they may choose to go just to scream up the next govt options and make noise in opposition.

@the bolded, that would be very crazy thing to do. I doubt they'll deliberately wanna do that.

Shma2023:
Printing money def has consequences especially if it's not a well thought out process. Printing money can literally weaken your currency and hence making things pretty much worse than before.
But in the case where push comes to shove, we have to strike a deal with our international vendors before coming up with such decision.
A zoo like Ghana can't do that.

The only reason I think Ghana shouldn't do that is because of the very high inflation rate already. Else it would have been much better option in their times of need.
They did it last year though but couldn't do it well due to their inflation rate and probably for fear of annoying the IMF.

Mkenya2019:
Those are last defense before one default like Ghana.
Printing money is nationalizing debt.
It will show up as inflation - you guys in West Africa are getting harmed by 50-100% of inflation.
That has to come from some money printing go on - I need to check Ghana overdraft facilities.

My guy worry about Kenya. Leave Ghana alone .
Printing money actually is just part of debt. You pay back your central bank with interest. Advanced world do it well. U.S are masters of it, but their currency and inflation rate is still stable because the world trades in dollars.

Mkenya2019:
That impressive for the Zoo. I think Lagos-Ibandan expressway took 20yrs.

Oh you meant expressway. Yeah that one took years but this particular Government has shown more commitment and may complete it.

Shma2023:
Ruto will not default. Ruto will print KSH and strike deals with foreign vendors to use local currency for trade. We're already doing that with UAE.

I don't know why Governments across have problem with printing money. This is what advanced economies have done. If you manage it well, you can control inflation and depreciation of currency.

Mkenya2019:
You lie again,
Lagos-Ibandan began way before Kenya SGR
It mere 150km - and I think took 10-15yrs.
It hard to predict when something will get finished in Nigeria - becuase that project could get 90% completion - then stall for 10yrs.

Again FACE THE PROBLEM.

Dont go round with LOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOONG excuses of how Nigeria is informal econom or ohoo data is wrong.

The problem that Kenya and Nigeria faces - REVENUES havent kept pace with borrowing.

Kenya at nearly 60% percent of all revenues going into debt repayment - we recognize this BIG PROBLEM.

We have to bring it down to 30%. This will require PAINFUL reforms. The first is to STOP DIGGING - meaning reduce borrowing. That is going to hurt. Second improve revenue collection.

Dont argue with data. Your country will remain a ZOO because you're not READY FOR ANY REFORMS. It just hallucination. Hidding your head in the sands hoping the problem will go away.

Ghana disease is even more serious - it denial denial denial.

Lagos-Ibandan began way before Kenya SGR
It mere 150km - and I think took 10-15yrs.
It hard to predict when something will get finished in Nigeria - becuase that project could get 90% completion - then stall for 10yrs.

Stop posting things from your ass.
Lagos-Ibadan Railway took just 4 Years. It commenced 2017 and despite COVID was completed 2021.

Shma2023:
Point taken. But I read blue line break ground in 2010?

I agree, we can say 2009.
Blue line was first planned by Tinubu in 2006 or thereabout. They had problems with the topography even when they began work around 2010. Not much was done then but work began.

Mkenya2019:
The tenor of my argument was that project takes years - your country like Ghana is a mortuary of abandoned projects. If I was to list projects that have stalled or taken donkey years - I would run out of spaces.

Kenya we had same situation in 1990s.

Now projects get done on time - infact most of the time - way before time - because gov was LIQUID and paid contractors on time.

If we dont solve our current problems - we will go back to Nigeria - contractors will not use their money to build stuff - they will wait.

Yes Projects take years but many also have been completed on time.

Lagos-Ibadan Railway was completed in 4 years.

Several core roads, bridges, and projects completed in few years.

Lagos redline that began properly in 2021 is at very advanced stage. Set for commissioning by May.

Lekki deep sea port completed in few years.

Mkenya2019:
2009: Construction commences on the Blue Line.[1]

Why do you lie in the era of internet.

You only succeed in stalling and wasting time.

Blueline yes. Redline no.

Why so obtuse man?