₦airaland Forum

There is no nexus btw your statement and those allegations. Kenya is an open democracy. You would have heard if teachers or soldiers hadnt been paid.

We have to keep repeating this daily. There was a small liquidity problem as gov targetted borrowing is below target (45% with three months to go) otherwise gov revenues are up 8%.

Again Ruto has a plan that will return kenya to very solid footing in 18 months - this will involve many painful decisions to fix the problem that Kenyatta caused.

"All I assure the country is the commitment I made that we are not going to borrow money to spend on recurrent expenditure, including salaries. That is the position of the Government of Kenya. We will not do that. "

– President William Ruto

Obaaderemi2:
Stop lying. All your federal government civil servants are being owed. Even parliamentarians, soldiers, police and teachers. It's a sign that little India is broke and dysfunctional, another Somalia.

Ghana should not be in this conversation. A mad man and a broke man cannot hold even the village elder position.

The day your gov summoned the press one sunday morning to announce it was bankrupt - is the day you should have logged off here - and go fix your country.

Take your madness to the people below. Next time elect a better gov.

Ruto is returning kenya to prudent economic management in a record 18 months without IMF telling us common sense.

Just40:
First of all, I agree Kenya will take years to be as good as Ghana.

April is the 4th month of no salary and at the moment Kenya is begging for debt forgiveness because it cannot pay and that's worse... A classic Zoo

Majority of civil servants were paid on time - teachers, police and soldiers - a few agencies that depend on treasury had their money delayed. Kenya will take ages before it become Ghana - small zoo or your dysfunctional zoo.

Ruto has refused to borrow money at interest rates beyond 14% - otherwise he can become a Zoo and borrow like Nigeria at 20%.

Obaaderemi2:
As at the 15th, that's 3 days ago salaries were still unpaid. That's not a progressive country. It's actually a sign of a malignant tumor. You are the next African country expected to default. Lebanon loading.

Kenya is very functional progressive country - I dont know if we need to repeat this daily. Salaries long paid. Delay was for a week.

No way such a kind of vehicle can be allowed on kenya road.

Obaaderemi2:
Have you solved the salary imbroglio in Kenya yet? This is the third week of April.

Couldnt agree more.

SUFFERInSMILIIN:
A nation clown which believe they are the best in Africa

Mombas does twice Dar port. Put in the hardwork Bongolala.

Kazikazi:
What u accomplished while things are falling apart??

Our friend finally made through to Benin from the Zoo

Due to traffic, It is normal here for vehicles to do a U-turn on a dual carriage and use the wrong side.The 800m Onitsha bridge (Niger river) took me 3hrs to cross. Yes, less than 1km in 3hrs. Must be a new record.

See one of the bus he saw.

It almost common sense that kenya has more things (of any type) than Tanzania except for maize and beans - and cashew nuts.

Kazikazi:
So kenya has 4.8m vehicles vs Tanzania 1.4M? Kenyans really love fake data.
Hehehe
What a lie. The truth is TZ has more vehicles than kenya. Just bring a latest kenyan plate number,I will show u a thing

Leadership is required. Nigeria can easily fix their mess because they've got lots of minerals. So getting money is not a problem.

popizaino:
More insight about Lagos for you.


https://www.youtube.com/watch?v=puOu1BRZ3ZQ

Only sane part of port harcourt.

ProblemChild1:
Life in Port Harcourt City



https://www.youtube.com/watch?v=U5BqDZyRlBY

slowpoke - the rand has depreciated - from 14shs last year to 18shs - that huge - almost 20% depreciation.

Egypt, Ethiopia and Nigeria GDP are overstated - as shown by black market rate.

IMF will likely force Ethiopia to devalue their Birr. Egypt also will soon be under IMF arms.

Nigeria will continue to mess around for a little long.

AfriqueDuZuid:
Egypt is at around 450 also
SA 435

One week salary delay is nothing compared to your ZOO.

This kenyan is right now in the ZOO

https://twitter.com/AlphaLandRover
An extra 2hrs evading potholes and I get to Serti for overnight.

Here, I join friends Overlanding from The Natherland with an EV (100% electric) - This and more in the next thread, including special challenges w/Nigeria:
1. No cash (Nairas)
2. Fuel shortages
3. No electricity

Obaaderemi2:
It's a lie. Though I can't say as much about your unpaid salaries.

The IMF has just published their new GDP figures for 2023: World Economic Outlook Database

The Ivorian and Congolese economies move ahead of the Ghanaian economy! That's pretty significant. (I was expecting Côte d'Ivoire to pass Ghana, but I wasn't expecting the DRC to pass Ghana so soon)

GDP in 2023 (in billion of US dollars at current exchange rates):
Nigeria: 506.6
South Africa: 399.0
Egypt: 387.1
Algeria: 206.0
Ethiopia: 156.1
Morocco: 138.8
Kenya: 118.1
Angola: 117.9
Tanzania: 85.4
Côte d'Ivoire: 77.0
Democratic Republic of the Congo: 69.5
Ghana: 66.6
Tunisia: 49.8
Uganda: 49.8
Cameroon: 48.6

In terms of GDP per capita, Côte d'Ivoire also moves ahead of Ghana, and is now very close to Angola's level (this before they even start to exploit the Ivorian offshore oil discovered recently). The gap between Côte d'Ivoire and Cameroon is now very large (in the beginning the 2010s, they had almost the same GDP per capita). Morocco also seems to have been upgraded significantly in these new IMF figures (perhaps they've rebased their national accounts?).

GDP per capita in 2023 (in PPP US dollars):
Egypt: 16,979
South Africa: 16,091
Algeria: 13,507
Tunisia: 13,270
Morocco: 10,460
Angola: 7,222
Côte d'Ivoire: 7,011
Ghana: 6,974
Kenya : 6,569
Nigeria: 6,178
Cameroon: 4,665
Ethiopia: 3,724
Tanzania: 3,600
Uganda: 3,224
Democratic Republic of the Congo: 1,474

For comparison, the oft-spoken Rwanda: 3,090.

Observed growth in 2022:
Côte d'Ivoire: +6.7%
Democratic Republic of the Congo: +6.6%
Egypt: +6.6%
Ethiopia: +6.4%
Kenya: +5.4%
Uganda: +4.9%
Tanzania: +4.7%
Cameroon: +3.4%
Nigeria: +3.3%
Ghana: +3.2%
Algeria: +2.9%
Angola: +2.8%
Tunisia: +2.5%
South Africa: +2.0%
Morocco: +1.1%

Growth forecast for 2023:
Democratic Republic of the Congo: +6.3%
Côte d'Ivoire: +6.2%
Ethiopia: 6.1%
Uganda: +5.7%
Kenya: +5.3%
Tanzania: +5.2%
Cameroon: +4.3%
Egypt: +3.7%
Angola: +3.5%
Nigeria: +3.2%
Morocco: +3.9%
Algeria: +2.6%
Ghana: +1.6%
Tunisia: +1.3%
South Africa: +0.1%

AfriqueDuZuid:
im using the latest from imf

You're a joke.
This is being reported today.

Obaaderemi2:
You can walk to any ATM and withdraw cash. That was a temporary problem and it's fixed already.

But throughout all our ordeal we never owed federal government civil servants and we didn't have to go to Benin republic for dollars like one jungle in East Africa is doing.

The Slave Kingdom with GOLD who have been embarrassing Africa since 15th century got some cheek!

A country literally named gold coast that is broke every 3yrs.

Just40:
I'm more worried for Kenya at this point because the global media will be using your hungry faces around the world to defame black people all over to the point where even filthy indians want to disrespect Africans...
😂🤣😂

A filthy indian in my sis class in Germany wanted to disrespect her African friends and she address her and her poor country from head to toe.

Just like India, Kenya will remain under the toes of Ghana.
Both zoos ain't worthy to shine Ghana's shoes.

You'll not be able to finance your budget for the next 10 years like I told you earlier.. or have you missed the part where the Kenyan treasury told you that debt servicing was rising at 21%?

You'll not see a budget surplus in your lifetime

Kenya was ranked alongside Côte d’Ivoire, and DRC , whose economic growth remained resilient amid multiple global shocks.

The rest of Africa still reeling from economic meltdown.

The April 2023 World Bank Africa’s Pulse report ranked Kenya among the top-performing economies in Africa despite an uneven economic recovery experienced across the continent.

How will that help Ghana - If Kenya was to default.

Kenya is above your Zoo

"Next year, we will bring it further down so that, by the third year, we have a recurrent budget surplus." President Ruto.

They'll force the govt to default

Now looping.
Yes, it not sustainable, that is why we are taking steps to fix it.
We have next year 2023/2024 - at 1.4/1.5trillion with Eurobond principal of 2.5B maturing.
Then we are done...we project our debt services will then drop back to sustainable level.
We get balanced recurrent budget surplus for first time in years.

Just40:
keep screaming noise

Come and learn

You should ask for refund from your school.
What hell did they teach you?

Study the graph below. Maybe the visual will help your undersized brain.

Just40:
Don't even argue with me on facts .. I all the time knows what I'm say.

From your treasury, he planned to borrow 864 billion but 9 months into it, he has done 800 billion...
Before the year ends, they expect him to add 100 billion more and this whole borrowing scheme is a disaster.

Kenya more than ever needs to cut it coat according to it size.

How many Kenyans are in Nairaland or you think Ruto has ambition to one day lead your hopeless Zoo! Old Tinubu will likely finish what Buhari started - which is to bankrupt Nigeria like Ghana.

chrisooblog:
Rafiki I know Ruto has funded your propaganda office since last month hence the outburst and frustration. Hang in there bro you'll pull through

The last 3 months of the financial year normal see higher collection as taxpayer races to close the year.

The planned tax revenues is just 5% behind schedule - so with above average collection in April, May and June - we will hit the target of our revenues.

As of Feb - we were at 37% of borrowing target - this where gov is struggling because it rejecting expensive money.

Which prudent thing to do - because Ruto want to solve the debt crisis as soon as possible - not have it linger like Ghana until 2037.

Just40:
Obtuse nonsense ----------

https://www.capitalfm.co.ke/business/2023/03/govt-to-borrow-sh700bn-as-it-seeks-to-finance-sh3-6tn-budget/
The government was to borrow Sh 700 billion out of which Sh 198.6 billion will be raised from external sources and Sh521.5 billion from the domestic market.

So far external sources have dried up - apart from IMF loan (400M dollars)
I think there is syndicated loan - gov wanted 600M loans - but has gotten 200m dollars.

Domestic debt - total of 521B - is also behind schedule - as gov reject high interest offers.

Is there a difference btw the big and small Zoo. Same obtuseness. Same intransigence. Same banality.

chrisooblog:
I'm not Ghanaian rafiki insecure much?

You use a lot of words to say nothing - thanks to the pathetic ZOO education you receive.
Kenya last year collection 2.1 in ord.taxes - and 200b plus in 2.2.
Kenya has 3 more months to go - and are 8% ahead of last year collection - we will definitely hit 2.4/2.5 trillion.
Kenya reduced the planned borrowing - from 6.2% to 5.7% - in supplementary budget.
Ruto also increase the planned revenues collection - upward

As of now April - gov is way behind it's borrowing target - both external and domestic.

https://www.reuters.com/world/africa/kenya-tweaks-202223-spending-deficit-estimates-supplementary-budget-2023-02-07/

Just40:
The IMF 400 million was just to help Kenya buy fuel and food...

Screaming over your voice will do you no good.

Kenya needs 1.4 trillion kshs to finance recurrent expenditure and KRA could not collect enough revenue to finance debt payment and recurrent expenditure.

To keep the Kenyan government functioning Ruto decided to borrow 800 billion through treasury bills to finance essential part of the recurrent expenditure despite being told not to borrow and cut down on expenditure by 300 billion.

Now he's has made everything even worse. Uhuru was doing 60billion per month borrowing but Ruto is currently doing 100 billion every month.


Kenya is a bankrupt ZOO

Kenya is not a Zoo like Ghana.
Such data are available easily.
Kenya financial year start from June to June ( I think your two Zoos do Jan-Dec)
You can easily find how much has been borrowed external and internally.
Externally it only about 400M dollars that has come from IMF - out of planned almost 2B dollars ( there is syndicated loan soon to bridge that gap)
Internally - it easy to know what gov has borrowed from Tbills and Treasury bonds

Kenya gov is way behind schedule in borrowing hence the liquidity crunch.

We are not Ghana BACKWATER bankrupt Zoo.

Just40:
It is always prudent to be factual

Ruto has borrowed 800 billion kshs to finance recurrent expenditure.. how do you think he managed to pay MPs and soldiers, finance the running of the government Machinery and pay the police for the last 9 months ?


The worse is that, at the moment, he can't borrow anymore from the domestic market.

This is his current dilemma

He's either going to crash the Kenyan economy by not financing anything to keep it running or he will crash the Kenyan economy by defaulting on even more debt like he has on 8 debts.

Ruto has taken very difficult but necessary decisions. Removing subsidies. Refusing to borrow at expensive rate. Increasing revenues. Kenyans have to go through the a little pain to regain it's footing.

Such kind of leadership is beyond your Zoogerian brain where you gov has taken 50B dollars overdraft from its central bank - printing money

President William Ruto: We are not going to borrow money to spend it on recurrent expenditure. We will pay salaries using our own resources. pic.twitter.com/ZMq9ZPprbW

— KTN News (@KTNNewsKE) April 11, 2023

Ruto just now :President William Ruto: We are not going to borrow money to spend it on recurrent expenditure. We will pay salaries using our own resources.

Obaaderemi2:
In less than one year Ruto is already failing. Another useless bling bling president.

That is better.

Just40:
Betting companies will pay 20% on all revenue

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.

Just40:
Hair cut coming for Kenyan treasury bills and Bonds

That's horrible

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 objective is to reduce or discourage gambling or betting.

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.

Just40:
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

Even ZImbwabwe is surviving. They are doing better than Nigeria in almost any index. You're not thriving. You have bad deal. Electricity non-existent. Zim has better electricity. Your roads a mess - Zim has it better. You dont have piped water. You dont have sewage system. Your have maybe 20million kids now out of school. Many Zim kids are in school.

And of course you're producing poverty. I dont want to talk about insecurity. That is why I call Nigeria a ZOO - not out of hate - but because nothing works - Zoomalia and ZOOgeria are almost the same

So you can print Naira - nationalize your debt - and create poverty like you've been doing - and create a big Zoo. Continue.

Soon ZOOmalia is going to overtake ZOOgeria.

Sadly you will cause more global problems with millions of un-educated kids, islamic terrorists, drug dealers, prostitutes and scammers.

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.

Why shouldn't I - you think he has personal beef with Ghana or Nigeria?

Again I dont use one story - It combination of many things that show Nigeria is SICK.

I asked you to bring debt servicing ratio? You went MIA

You rather engage in personal attack against an illustrious proffesor trying to help your realize the depth of the hole.

Stop being delusional. Nigeria must confront its problem.

We dont hate Nigeria. But it's a ZOOOOOOOOOOOOOOOOOO.

GeneralDae:
I don't know why he takes that Steve Hanke of a guy so seriously.