₦airaland Forum

Mkenya2019:
Still praying for more company in misery corner. You have Srilanka, Zambia, Ethiopia, Chad and Mali. Soon maybe Pakistan, Egypt and Nigeria will join you.

Kenya is on course to collect 2.1 trillion on taxes alone plus another 0.2-0.3 trillion from non-ordinary revenues bring total revenues to 2.4-2.5. Kenya will also borrow about 0.7 trillion taking total money available to 3.3 trillion.

The expenditure - debt services is 1.3-1.4.

That leaves at least 2 trillion to pay salaries, recurrent expenditure and development.

Kenya will not join Ghana in insolvency.

Keep dreaming

1.5 trillion is a far cry away ... KRA will not be able to collect even 2 trillion kshs before the year ends in June.

But this is not even the main problem.... Because debt has taken all the revenue collected, Ruto was forced to borrow 800 billion kshs to finance portions of the recurrent expenditure. Depreciation has added additional 500 billion kshs to total debt.


That is almost 10% of Kenya total debt borrowed from the Treasury bill market despite under subscriptions, in just 9 months.

From the looks of things, The Kenyan government is even hiding part of the debt that Kenya owes.

By my estimation, Kenya is 12 trillion kshs down in debt.

Also the Kenya GDP is at 106 billion dollars

African countries need to start collecting monies to help finance kenyan Government...

The country is broke... It is effectively Bankrupt and should be filling for bankruptcy by now.

KRA has only been able to collect 1.55 Trillion kshs

Debt service = 1.4 trillion kshs
Recurrent expenditure = 1.4 Trillion kshs


There's no money for capital expenditure and things are only going to get worse for Kenya as the debt service cost increase by 21% every year... Far more than revenue can grow and revenue collection has been decreasing for the last 9 month in value terms.

When the kshs depreciates, everything becomes even worse

rvp20182:
Busy scouring the internet for some company in the miserable default corner.

Look like US Treasury Sec Janet Yellen is on your case - dont lose hope. IMF is just around the corner to come BEAT SENSE to your mad gov.
https://www.aljazeera.com/news/2023/4/11/yellen-to-push-for-speedy-action-on-zambia-ghana-debt-relief

United States Treasury Secretary Janet Yellen will push this week for urgent resolution of requests by Zambia and Ghana for restructuring of their sovereign debts, and moves to conclude a debt treatment for Sri Lanka , Treasury said on Monday.

He said Washington was pressing for “concerted action” on Zambia’s debt treatment and the formation of a creditor committee for Ghana in the next month, adding that the two largest economies in the world – the US and China – needed to collaborate on these challenges.

Sri Lanka, Zambia and Ghana have already defaulted on their overseas debt and are working towards debt reworks with creditors. Some 60 percent of low-income countries are in or near debt distress, but the Group of 20 (G20) common framework set up to help low-income countries has failed to deliver quick debt relief.

Shambaugh said Treasury’s immediate priority was resolving outstanding requests from Zambia, Ghana and Ethiopia under the G20 framework, and from Sri Lanka, which is working on a separate debt plan since it is a middle-income country.

It is highly likely that Ghana won't take it despite everyone wanting to give Ghana the money.

rvp20182:
10% is too little - make that 30% or even more - sin tax like that is suppose to discourage betting and gambling. Kenya had 2.5B dollars annually being wasted in betting - when high taxes was reduced - this has gone down by half - and they are paying something close to 30-40%.

The overriding idea is to reducing gambling.


Gambling has posed a serious threat to many Kenyan families. In 2020, Nelson Bwire, co-Founder of the Gaming Awareness Society of Kenya, and his team submitted data to the presidential task force on mental health that highlighted gambling as a major contributor to mental health-related problems. “The effects are devastating — family breakups, addiction, depression, unmanageable debt, increased crime and suicides. But to learn that people are spending such huge amounts on betting in such a short time? It’s absurd,” he said in a report by Finance Uncovered.

Betting companies will pay 20% on all revenue

Hair cut coming for Kenyan treasury bills and Bonds

That's horrible

In 2021, Betway alone paid One billion dollars in bet winnings to Ghanaians.
If Govt tax winnings at 10%, they make a kul 100million from one company. There are additional 26 betting companies

If you run a country like this, you'll definitely fo broke

At the mercy of politicians, putting their family members in broke companies

GeneralDae:
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.

🤣😂🤣

He has no idea .... Maybe he wants to see a Venezuela in Kenya

ProblemChild1:
Kenya is a ZOOOO

😂🤣

A Dark miserable zoo

Obaaderemi2:
Did we not say this with evidence way back? But the likes of rvpboy and his goons wouldn't accept it. Kenya had been broke for years but they know how to cook the books. I maintain their GDP is far smaller than it is.

we said it as far back as the old page

It was too glaring to miss

Mkenya2019:
We borrowed and invested so we do not become backward country like TZ where road network is patchy, electricity unaivalable and if available almost always in blackouts - and to provide education - way better than any in Africa.

You dont borrow - you dont invest - you will remain a backwater.

We made a mistake - it was to over-borrow/over-invest. That is easy to correct than under-investment. We just slow down for a year or two - and everything balanced out.

you have nothing to show for 80 billion dollars.... You guys borrowed and used the money on consumption and that is why you can't pay it back

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.

You can't be doing great inflation when everything in Kenya is extremely expensive than in both Ghana and Nigeria

Shma2023:
Where?

Go to your previous post when you were quoting it revenue

Shma2023:
Where is 2022 coming from?

from you since you refered to it

Shma2023:
So it's not $3B again? Why are you stressing your @nus so much? We're tired of smelling sh*t as information.

3.5 billion is for 2023

2.8 billion was 2022 🤣😂🤣

Read

Shma2023:
Your total revenue this year will still hover around $13B.

$3.5 billion is not it. Ghana spent 80% of total revenue on servicing debt - that's pretty much $10.5B.

Are you getting a sense, m0ron?

Dwarf, don't make the discussion supper hard by your sheer devoidness of brain capacity.

2022 Ghana only spent 2.8 billion on debt.

Good luck making up your own numbers 😂🤣

Shma2023:
Hobbit, your total revenue and grants is a paltry $13B. Now do the math and get your debt servicing rate by using $3B you use to service debt.


BOZO!

yeah 15 billion .... So not tell me how you got 80% from 3.5 out of 15.

You're finally getting to your sense.

Revenue for this year is expected at 20 billion so tell me what percentage will 3.5 billion be? 😂🤣😂

Poor kenya

https://www.youtube.com/watch?v=iIC7SszgGOg

Mkenya2019:
Incorrigible. Ghana will remain bankrupt until 2037. You can deny that reality. Everyone out there knows Ghana has defaulted.

Let me laugh 🤣😂

Frustrations coming from a guy in a bankrupt country


Does everyone includes Ghana Eurobond holders ? Does it also include Ghanaian bond holders ?

Sorry there's no misery's company here ... Kenya can join Sri Lanka and keep them company

Shma2023:
Your CBG says otherwise

Anyways, since you don't believe your own, $3.5B is a mere 37% _ which means Ghana will be in debt quagmire for lifetime. If we factor in your currency depreciation then disaster looms. Kenya spent more than 60% to pat debt. Our goal is to reduce our debt to below our debt ceiling.


So either way; you're still under HIPC program. Policy can be changed anytime; and you might end up spending even 100% of your entire revenue to pay debt. Just annoy IMF and see the real wrath!

Pls... Does anyone understand what this guy is writing ?

😂🤣

He's incoherent

Mkenya2019:
Mad cow,
That was projected last year before you defaulted.
That is why you're pasting an image.

I do hope you work as Minister of Propaganda for your gov.

Ghana long defaulted except for few of the loans (treasury bills, IMF & WB)

Ghana has stopped making payments on its external debts to bondholders, other commercial lenders and foreign governments, making it the latest deeply indebted developing country to fail to make good on its foreign obligations.

In a statement on Monday, the country’s finance ministry announced “a suspension of all debt service payments” on external government debts, including foreign currency bonds, commercial loans and “most of our bilateral debt”.

Another nonsense from a lunatic

You're reading that Bloomberg is using data yet youre saying projection.

Meanwhile this just from a week to the end of the year.

In any case, this 3.5 billion dollars has reduced because has effectively renegotiated it local debt is will be paying far less 🤣😂

Shma2023:
You are the one to tell me that since 3.5billion came from your stinking @nus.

Bozo!

suck on it 🤣😂

Shma2023:
How can 3.5 billion equate to 80%? Or your total revenue is a paltry 4.4 Billion?


Zombie, why are you this obtuse?

Tell me how 3.5 billion equate to 80%, after all you're the one making that claim😂🤣


Desperate orangutan

Shma2023:
Is it because your CBG is useless and dysfunctional that you prefer trusting data for foreign entities over your own?

Zombie, start believing in your zoo. Even if it's crumbling. Just pray for it and you will see miracles. At this time, no redemption outside prayers can work.

My central bank is not responsible for collating how much Kenya pays in debt serving for 2023.

It is only responsible for Ghana and it has told the world how much payment Ghana must make.


Next distraction, dwarf 🤣😂

Mkenya2019:
You're a waste of time.
Let me log off until I find something worth responding to.

This thread has literally gone to the dogs - I am going to try twitter.

frustration is written all over this post ...

You throw tantrums like a 2 years old kid.

You don't like facts because they prevent you from having your way to lie ... Such a man child 😂🤣

Tell me you know more than Neuberger Berman

Mkenya2019:
Ghana defaulted on all it debts apart from Treasury Bills.
It suspended all debt repayment (interest+principals) last year.
Ghana will resume payment of domestic debt in 2027.
And it also forced holder of domestic debt to take less money than due to them when they start repaying in 2027.
That is called haircut.
It hasnt paid any external debt - yet to nail a debt restructure.
It stopped paying Eurobond last year.

You need medical help. Your madness is CLINICAL.

it's good you can't list any 🤩🤣😂

All of Ghana Eurobond holders have already told the world that they received payment, local bond holders have already told the news media that they've been paid as due.

That's the beauty of a negotiation strategy when you hold a lot of cards.... I told you when it happened that it was just a negotiation strategy.

Do you need me to post prove of payments or you don't know that default is when you fail to make payment?

You're having a metal breakdown and needs to be checked in😂🤣

Keep searching the entire internet for the debt instruments that Ghana has defaulted on @rvp

Madness loves work 😂

Mkenya2019:
Take your meds - everyone in world knows Ghana has defaulted. Jesus you need help.

You need the med more

If Ghana has defaulted, why can't you list the debt instruments that it has defaulted on, just like I did with Kenya default?
😂🤣

Misery really loves company

GeneralDae:
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.

🤣😂

Kazikazi:
you have no other choice than to default. The civil servants will go mad and start going to the streets and soon afterwards you will be declared another srilanka.

So why take a risk?

Better u default like Zambia and Ghana

correct your self
. Ghana hasn't defaulted yet.

Not a single debt has been defaulted on

Shma2023:
I will take this as a usual nonsensical message peddled by a special agent at the mental hospital final stage.

I care less 😂🤣

I'm only going to educate you, how you take it is your business after all my country is not the one that is broke, refused to pay salaries and also defaulting on debts

Mkenya2019:
Broke Ghana that long suspended any debt repayment - printed 44B cedis (that is almost 4-5B dollars) last year - to pay debt

https://www.myjoyonline.com/bog-justifies-financing-of-governments-2022-budget-with-%C2%A244-5bn/

The Bank of Ghana (BoG) has justified financing of the government’s 2022 budget with about ¢44.5 billion.

According to the Central Bank, its net claims on the government increased by about ¢44.5 billion at the end of December 2022.

This is coming after renewed discussion in the media regarding the BoG’s financing of the budget in 2022.

In a statement, the Central Bank said its financing of government was part of a crises management tool used in dealing with the difficulties of 2022.

We are not broke according to every indication

Also we printed 80 billion cedis and not 44 🤣😂