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Kenya Economy Watch
Ericsson
#2541 Posted : Sunday, September 13, 2020 10:41:40 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,108
Location: NAIROBI
Treasury eyes Sh1trn loan to climb out of Covid-19 debt hole

Kenya plans to borrow a record Sh1 trillion between July and June next year to plug a budget hole that has been deepened by the negative impact of the Covid-19 pandemic.

This is more than three times the Sh326.2 billion that the Jubilee government borrowed in its first fiscal year of 2013/14, and is likely to push the country’s stock of debt to Sh7.7 trillion by end of June next year.

This is Sh1.3 trillion short of the Sh9 trillion legal ceiling. With this money, the Government can disburse a monthly stipend of Sh5,080 to 16.4 million poor Kenyans for a year, money that would be more than adequate for their dietary needs.

Indeed, such a stipend would be enough to pull up those in rural areas from the poverty hole as official figures show they only need Sh3,252 to escape destitution.

Of course, the government does not plan to use these loans as tokens to the poor. But it hopes that the borrowed cash will lift millions out of poverty by resuscitating businesses distressed by the Covid-19 pandemic and creating thousands of jobs.

The money that Treasury expects to borrow from both local and foreign investors in 12 months from July, technically known as fiscal deficit, had initially been estimated at Sh898 billion. The projected fiscal deficit, or budget hole, excludes grants from donors.

But in the draft Budget Review and Outlook Paper (BROP), 2020, this has been revised upwards due to the poor business environment that saw Kenya Revenue Authority (KRA) collect less taxes in the financial year 2019/20, particularly in the fourth quarter, stifled by the containment measures instituted by the State to curb the spread of the coronavirus disease.

The Exchequer thus revised downwards its earnings for the current financial year from Sh1.63 trillion announced in June by National Treasury CS Ukur Yatani in his budget speech, to Sh1.52 trillion.
Consequently, the fiscal deficit–the difference between the country’s total revenues and its total expenditure–as a percentage of the Gross Domestic Product (GDP) is expected to rise to 8.9 per cent in FY 2020/21, which is higher than the eight per cent registered in FY 2019/20.
The GDP is the sum of all goods and services produced in the country. The Treasury said in the outlook that before Covid-19 started wreaking havoc around the world, it had embarked on a journey of belt-tightening measures and was targeting a lower fiscal deficit of 6.3 per cent of GDP in FY 2019/20, 4.9 per cent of GDP in 2020/21 and, ultimately, 3 per cent of GDP over the medium term.

This austerity plan was premised on strong revenue growth, reduction of non-essential spending such as hospitality, tea, advertising and a “gradual slowdown in the growth of public debt”, the Treasury said.

“However, this path was interrupted by the outbreak and rapid spread of the Covid-19 pandemic,” said Treasury in the outlook, which sets the stage for the Government’s fiscal policies for the current financial year.

“The pandemic did not only worsen revenue performance in FY 2019/20, but will also affect revenue performance in FY 2020/21,” reads part of the BROP, 2020.

Taxes on imports were hit the hardest, affecting such tax heads as import duty, value added tax on imports, import declaration fees, and the railway development levy due to a decline in imports and reduction of trade among countries.
Treasury added that other domestic taxes such as excise, PAYE and corporate taxes have been severely affected by declining incomes and depressed consumption.

With reduced tax revenues, the government has been forced to go on a borrowing spree. When you include grants, the budget hole to be plugged with loans is expected to rise to Sh951 billion from the earlier estimate of Sh841 billion. This deficit will be plugged through both local and foreign borrowing of Sh554 billion and Sh397 billion, respectively.

Luckily for government, most of the loans it has so far received have been cheap with a long tenor and grace periods as well as low interest rates. The loans have mostly come from multilateral institutions such as the World Bank, International Monetary Fund and the African Development Bank.

Prior to Covid-19, the Government had been under pressure to reduce its debt appetite. Mr Yatani, who had just replaced Henry Rotich, had aggressively launched an austerity campaign aimed at reducing the country’s debt levels by discouraging non-essential spending and improving efficiency in revenue collection.

Yatani had also embarked on a mission to wean the country off expensive commercial loans, including sovereign bonds such as the Eurobonds, syndicated loans and supplier credits in a bid to give the country breathing space in the repayment marathon that denied funds to critical development expenditures.

But this was interrupted by the Covid-19 crisis that devastated the economy, with many businesses shutting down and thousands losing their livelihoods.

The Government was not only expected to address the health effects of the pandemic, which by yesterday had seen 35,969 infected with the disease and 619 dead, it also had to cushion households and businesses.

As a result, the government had to forego nearly Sh172 billion in tax reliefs. In addition to the Big Four agenda, the government also cobbled together an eight-point stimulus package worth Sh54 billion aimed at reviving small businesses.

This even as it received more money to spend on tracing, testing, isolating and treating those affected or infected by Covid-19.

With the government expected to do most of the heavy lifting in the country’s recovery efforts, even debt-shaming critics have given it the green-light to borrow.

In its latest report, the Parliamentary Budget Office noted that the negative effects of the coronavirus disease, including the magnitude of the economic stimulus package, made it difficult for Treasury to continue on its austerity path.

“Under these circumstances, it is difficult to implement fiscal consolidation measures.”

But the report also warned that the high fiscal deficit could be counterproductive should the negative effects of the pandemic persist.

“The prevailing high fiscal deficit implies that Kenya will have limited room for a fiscal response to the impact of the Covid-19 pandemic on poor and vulnerable households, especially if its economic shocks persist for an extended period,” said MPs. There have also been increased calls for the borrowed cash to be spent prudently. While noting that a break in the country’s fiscal austerity plan to accommodate Covid-19-related measures is appropriate, the IMF insisted that the “measures should be temporary and well-targeted.”

“Once the crisis abates, it is critical that the authorities resume their pursuit of a growth-friendly medium-term fiscal adjustment, including raising revenues as a share of GDP to reduce debt vulnerabilities.”

https://www.standardmedi...ut-of-covid-19-debt-hole
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#2542 Posted : Thursday, September 17, 2020 7:49:41 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,108
Location: NAIROBI
https://www.standardmedi...lunge-spikes-power-bills
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Swenani
#2543 Posted : Tuesday, September 29, 2020 10:05:44 AM
Rank: User


Joined: 8/15/2013
Posts: 13,173
Location: Vacuum
This now makes sense as to why the SGR terminated at Naivasha

https://nation.africa/kenya/news...ign-sh180bn-loan-2374222

Amerucans-Mombasa-JKIA
Shainese-JKIA-Rironi
French-Rironi-Mau summit


Soon, Uganda will finance the dualing of mau summit to malaba
If Obiero did it, Who Am I?
Lolest!
#2544 Posted : Tuesday, September 29, 2020 5:51:01 PM
Rank: Elder


Joined: 3/18/2011
Posts: 12,059
Location: Kianjokoma
Swenani wrote:
This now makes sense as to why the SGR terminated at Naivasha

https://nation.africa/kenya/news...ign-sh180bn-loan-2374222

Amerucans-Mombasa-JKIA
Shainese-JKIA-Rironi
French-Rironi-Mau summit


Soon, Uganda will finance the dualing of mau summit to malaba

On one hand the article suggests it's a 180B loan

Then it's PPP where we pay toll fees

Let's wait for the details of the deal once talks are finalized. It shouldn't be both.
Laughing out loudly smile Applause d'oh! Sad Drool Liar Shame on you Pray
VituVingiSana
#2545 Posted : Tuesday, September 29, 2020 11:22:44 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,319
Location: Nairobi
Lolest! wrote:
Swenani wrote:
This now makes sense as to why the SGR terminated at Naivasha

https://nation.africa/kenya/news...ign-sh180bn-loan-2374222

Amerucans-Mombasa-JKIA
Shainese-JKIA-Rironi
French-Rironi-Mau summit


Soon, Uganda will finance the dualing of mau summit to malaba

On one hand the article suggests it's a 180B loan

Then it's PPP where we pay toll fees

Let's wait for the details of the deal once talks are finalized. It shouldn't be both.

#ThisIsKenya

Tutalipa: Tolls, Subsidies and Fuel Levy
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
PeterReborn
#2546 Posted : Thursday, October 01, 2020 1:27:21 PM
Rank: Veteran


Joined: 1/3/2014
Posts: 1,037
VituVingiSana wrote:
Lolest! wrote:
Swenani wrote:
This now makes sense as to why the SGR terminated at Naivasha

https://nation.africa/kenya/news...ign-sh180bn-loan-2374222

Amerucans-Mombasa-JKIA
Shainese-JKIA-Rironi
French-Rironi-Mau summit


Soon, Uganda will finance the dualing of mau summit to malaba

On one hand the article suggests it's a 180B loan

Then it's PPP where we pay toll fees

Let's wait for the details of the deal once talks are finalized. It shouldn't be both.

#ThisIsKenya


Tutalipa: Tolls, Subsidies and Fuel Levy



Interesting discussion about the road https://threadreaderapp....311018885550952448.html
'Kwa ground mambo ni tofauti sana' Prophet Muigai
Fyatu
#2547 Posted : Thursday, October 01, 2020 10:45:28 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,781
Location: Nakuru
PeterReborn wrote:



Interesting discussion about the road https://threadreaderapp....311018885550952448.html


Wachana na Oxford-Ndii na miwani zake za kamba. As my elementary math primary school teacher used to say...empty debes make the most noise.

Don't listen to the disgraced wazua elders too...utapotea rafiki. They want Kenya to remain with narrow two lane roads. Its as if they have not recovered from the 24-year Nyayo error stagnation hangover....sijui watatoa lock ya nyayo na nini..

Meanwhile,as we continue opposing every progressive move GoK is making.... hapo south-Kenya(Tanzania), they are building a 197 Km expresswayfrom Dar to Morogoro.

Mnataka HE Uhuru afanye nini jameni?? akae tu kitako wakati majirani wako teke teke wanataka kutunang'anya biashara ya Uganda? Wacheni jokes
Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#2548 Posted : Friday, October 02, 2020 12:30:11 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,319
Location: Nairobi
Fyatu wrote:
PeterReborn wrote:



Interesting discussion about the road https://threadreaderapp....311018885550952448.html


Wachana na Oxford-Ndii na miwani zake za kamba. As my elementary math primary school teacher used to say...empty debes make the most noise.

Don't listen to the disgraced wazua elders too...utapotea rafiki. They want Kenya to remain with narrow two lane roads. Its as if they have not recovered from the 24-year Nyayo error stagnation hangover....sijui watatoa lock ya nyayo na nini..

Meanwhile,as we continue opposing every progressive move GoK is making.... hapo south-Kenya(Tanzania), they are building a 197 Km expresswayfrom Dar to Morogoro.

Mnataka HE Uhuru afanye nini jameni?? akae tu kitako wakati majirani wako teke teke wanataka kutunang'anya biashara ya Uganda? Wacheni jokes
The issue is not whether new and better roads are required. That's a resounding YES. The issue is around the (inflated) costs of these projects and overly rosy ROIs expected. Debt adds another layer to the drama.

Think SGR. Over-priced (according to many), Land acquisitions. Debt. Chinese Concessionaire/Operator. Importers are coerced into using it. Subsidies from the RDL. And still making a loss and expected to do so for a few more years.

BUT if we can get the costs under control by reducing the corruption and inefficiencies, then some of these projects make sense even if we have to borrow.

In this PPP, the catch seems to the guarantee to provide traffic like the SGR. Shortfalls will be covered by GoK aka public money aka taxpayer.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#2549 Posted : Friday, October 02, 2020 8:19:09 AM
Rank: Elder


Joined: 12/4/2009
Posts: 9,108
Location: NAIROBI
VituVingiSana wrote:
Fyatu wrote:
PeterReborn wrote:



Interesting discussion about the road https://threadreaderapp....311018885550952448.html


Wachana na Oxford-Ndii na miwani zake za kamba. As my elementary math primary school teacher used to say...empty debes make the most noise.

Don't listen to the disgraced wazua elders too...utapotea rafiki. They want Kenya to remain with narrow two lane roads. Its as if they have not recovered from the 24-year Nyayo error stagnation hangover....sijui watatoa lock ya nyayo na nini..

Meanwhile,as we continue opposing every progressive move GoK is making.... hapo south-Kenya(Tanzania), they are building a 197 Km expresswayfrom Dar to Morogoro.

Mnataka HE Uhuru afanye nini jameni?? akae tu kitako wakati majirani wako teke teke wanataka kutunang'anya biashara ya Uganda? Wacheni jokes
The issue is not whether new and better roads are required. That's a resounding YES. The issue is around the (inflated) costs of these projects and overly rosy ROIs expected. Debt adds another layer to the drama.

Think SGR. Over-priced (according to many), Land acquisitions. Debt. Chinese Concessionaire/Operator. Importers are coerced into using it. Subsidies from the RDL. And still making a loss and expected to do so for a few more years.

BUT if we can get the costs under control by reducing the corruption and inefficiencies, then some of these projects make sense even if we have to borrow.

In this PPP, the catch seems to the guarantee to provide traffic like the SGR. Shortfalls will be covered by GoK aka public money aka taxpayer.



The over pricing and inefficiency is to enable some people get retirement package
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
PeterReborn
#2550 Posted : Friday, October 02, 2020 2:03:19 PM
Rank: Veteran


Joined: 1/3/2014
Posts: 1,037
Fyatu wrote:
PeterReborn wrote:



Interesting discussion about the road https://threadreaderapp....311018885550952448.html


Wachana na Oxford-Ndii na miwani zake za kamba. As my elementary math primary school teacher used to say...empty debes make the most noise.

Don't listen to the disgraced wazua elders too...utapotea rafiki. They want Kenya to remain with narrow two lane roads. Its as if they have not recovered from the 24-year Nyayo error stagnation hangover....sijui watatoa lock ya nyayo na nini..

Meanwhile,as we continue opposing every progressive move GoK is making.... hapo south-Kenya(Tanzania), they are building a 197 Km expresswayfrom Dar to Morogoro.

Mnataka HE Uhuru afanye nini jameni?? akae tu kitako wakati majirani wako teke teke wanataka kutunang'anya biashara ya Uganda? Wacheni jokes

David Mwangi Ndii was also called names when he called out SGR as a white elephant project.He has since been proven right.
After sinking over 500 Billion to the project, SGR already made a loss of 21000000000.

The upgrade of the old railway would only have costed 40 Billions but the fat cats wanted to loot.

https://www.businessdail...firm-debt-rises-2300880

These billions could have upgraded thousands of our roads.
The american government stopped the Nairobi-Mombasa highway after the cost was inflated by 200 Billion.
https://www.the-star.co....ct-cost-inflated-by-67/

The road engineers are now billionaires

https://www.businessdail...1-5bn-in-bribes-2454842

These projects therefore have no value for money are just platforms for stealing public resources.
'Kwa ground mambo ni tofauti sana' Prophet Muigai
Fyatu
#2551 Posted : Monday, October 05, 2020 8:20:27 AM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,781
Location: Nakuru
PeterReborn wrote:

David Mwangi Ndii was also called names when he called out SGR as a white elephant project.He has since been proven right.
After sinking over 500 Billion to the project, SGR already made a loss of 21000000000.

The upgrade of the old railway would only have costed 40 Billions but the fat cats wanted to loot.

https://www.businessdail...firm-debt-rises-2300880

These billions could have upgraded thousands of our roads.
The american government stopped the Nairobi-Mombasa highway after the cost was inflated by 200 Billion.
https://www.the-star.co....ct-cost-inflated-by-67/

The road engineers are now billionaires

https://www.businessdail...1-5bn-in-bribes-2454842

These projects therefore have no value for money are just platforms for stealing public resources.


As far as breakeven/loss making of SGR is concerned, i will cite two famous/major railways in the world.You have probably used their services and can give a testament hapa.

1. The Eurostar

2. The Shinkansen

These two suffered crippling losses and debt in their early days but are now major economic movers.Thus,It is still early days for us to determine whether SGR is a white or a black elephant.

The argument that Kenya could have instead upgraded the century old mubeberu railway line for 40 billion and channel the remaining funds to upgrade other roads is a sad joke. This argument is equivalent to saying lets repaint the existing public primary schools in Nairobi instead of building new ones to cater for growing population because there is no value for money in building new ones.

Unfortunately for David "nay" Ndii et al, SGR was built complete with a brand new NAirobi ICD and the Roads were upgraded/built/are being built etc as well.

This might be painful to watu wa goggles(Ndii and others), but ukweli ni kwamba, H.E. Uhuru na serikali yake ya awamu ya Nne has done well as far as infrastructure (roads, rails, dams and ports) are concerned. I can give many examples of many roads that have been upgraded line in line with the SGR and other major projects such as upgrading Mombasa port and building "brand new" Lamu port.

Well, i don't deny that money has been eaten and continue to be eaten by government officials and politicians and others. Hapo si bishani. I actually condemn corruption with the strongest terms possible.

However, what iam against is fighting all the progressive moves by past,current and future governments just for the sake of it.
Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#2552 Posted : Monday, October 05, 2020 10:40:14 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,319
Location: Nairobi
To avoid along chain of responses, I have excerpted from from #2551 by @Fyatu

"These two (Eurostar and Shinkansen) suffered crippling losses and debt in their early days but are now major economic movers.Thus,It is still early days for us to determine whether SGR is a white or a black elephant."

Both of these projects were financed by their respective governments (the EU being more complex). These countries used their LOCAL currencies to finance these projects. They also used a lot of LOCAL labor, materials and expertise. In other words, what was spent was mostly spent supporting LOCAL (their) firms.

*EU matters are more complex.

Financing: The costs of financing these projects - from a government perspective - is much lower given these countries issue bonds in their local currencies and at generally LOW rates.

"The argument that Kenya could have instead upgraded the century old mubeberu railway line for 40 billion and channel the remaining funds to upgrade other roads is a sad joke. This argument is equivalent to saying lets repaint the existing public primary schools in Nairobi instead of building new ones to cater for growing population because there is no value for money in building new ones."

That's a load of nonsense.

We could have upgraded the MGR to a standard the Brazilians have done. It would have increased the capacity of the MGR that would have catered to our existing needs without resorting to forcing importers to use the SGR. Let's call it the EMGR (40bn cost).

The SGR could have been built at a later point in time when we saw the EMGR was reaching its capacity.

"Well, i don't deny that money has been eaten and continue to be eaten by government officials and politicians and others. Hapo si bishani. I actually condemn corruption with the strongest terms possible."
Kuongea ni bure.

The SGR cost $6bn in my estimation including dubious (overpriced) land acquisition costs. Most stations are out of town and hardly used. In Europe (Eurostar) or Japan (Shinkansen), these stations usually terminate in the cities/CBDs.

Forget Nairobi or Mombasa for a moment. Have you seen where most of the stations are along the route?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
VituVingiSana
#2553 Posted : Monday, October 05, 2020 10:56:59 AM
Rank: Chief


Joined: 1/3/2007
Posts: 17,319
Location: Nairobi
The $6bn SGR could have built:

$0.4bn EMGR (Enhanced MGR). Add improvements to other sections, etc for another $100mn

A $3bn [which is inflated but I will use it] Nairobi-Mombasa multiple lane highway that REALLY connects all the towns along the route similar to Expressways in the USA. If not inflated, then Nairobi to Kisumu connecting many more towns!

And we have $2.5bn left over for other projects including a proper tram or intra-city train system for Nairobi and Mombasa. Add Kisumu and Nakuru to that list.

With Lamu, does Kenya really need a new SGR from Mombasa to Naivasha?
Couldn't a SGR from Lamu suffice to move goods to UG?

And the enhancement of the MGR could have used/included LOCAL expertise, labor and materials instead of importing virtually everything from China. What's worse is that the SGR is being run by the Chinese whose interest in sharing the knowledge with us is minimal.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Fyatu
#2554 Posted : Monday, October 05, 2020 1:41:35 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,781
Location: Nakuru
VituVingiSana wrote:
To avoid along chain of responses, I have excerpted from from #2551 by @Fyatu

"These two (Eurostar and Shinkansen) suffered crippling losses and debt in their early days but are now major economic movers.Thus,It is still early days for us to determine whether SGR is a white or a black elephant."

Both of these projects were financed by their respective governments (the EU being more complex). These countries used their LOCAL currencies to finance these projects. They also used a lot of LOCAL labor, materials and expertise. In other words, what was spent was mostly spent supporting LOCAL (their) firms.

*EU matters are more complex.

Financing: The costs of financing these projects - from a government perspective - is much lower given these countries issue bonds in their local currencies and at generally LOW rates.

"The argument that Kenya could have instead upgraded the century old mubeberu railway line for 40 billion and channel the remaining funds to upgrade other roads is a sad joke. This argument is equivalent to saying lets repaint the existing public primary schools in Nairobi instead of building new ones to cater for growing population because there is no value for money in building new ones."

That's a load of nonsense.

We could have upgraded the MGR to a standard the Brazilians have done. It would have increased the capacity of the MGR that would have catered to our existing needs without resorting to forcing importers to use the SGR. Let's call it the EMGR (40bn cost).

The SGR could have been built at a later point in time when we saw the EMGR was reaching its capacity.

"Well, i don't deny that money has been eaten and continue to be eaten by government officials and politicians and others. Hapo si bishani. I actually condemn corruption with the strongest terms possible."
Kuongea ni bure.

The SGR cost $6bn in my estimation including dubious (overpriced) land acquisition costs. Most stations are out of town and hardly used. In Europe (Eurostar) or Japan (Shinkansen), these stations usually terminate in the cities/CBDs.

Forget Nairobi or Mombasa for a moment. Have you seen where most of the stations are along the route?


I surrender...as you have rightfully put it Kuongea ni bure.
Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#2555 Posted : Monday, October 05, 2020 1:47:05 PM
Rank: Chief


Joined: 1/3/2007
Posts: 17,319
Location: Nairobi
@Fyatu Laughing out loudly Laughing out loudly Laughing out loudly

#TanoTena has effed us. Properly. Twice on Sunday.

Arror-Kimwarer
Gulalu
SGR
KQ

Even the PPPs worry me given the "traffic guarantees" that have been hinted at.
I can't even figure out whether the 180bn toll road will pay off. I hope it does.
The economics of the Westlands-JKIA expressway seems more dubious to me.

Unfortunately, we will have to pay off the loans or guarantees long after the kickbacks have been eaten.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Ericsson
#2556 Posted : Tuesday, October 06, 2020 1:07:18 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,108
Location: NAIROBI
https://www.bloomberg.co...ean-wto-head-contenders

EU decides not to support Amina's bid for WTO post.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
PeterReborn
#2557 Posted : Friday, October 09, 2020 2:08:31 PM
Rank: Veteran


Joined: 1/3/2014
Posts: 1,037
Ericsson wrote:
https://www.bloomberg.com/news/articles/2020-10-05/eu-throws-its-weight-behind-nigerian-korean-wto-head-contenders

EU decides not to support Amina's bid for WTO post.

She should be advised to stop looking for jobs and become an entrepreneur.
'Kwa ground mambo ni tofauti sana' Prophet Muigai
Ericsson
#2558 Posted : Friday, October 09, 2020 2:15:22 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,108
Location: NAIROBI
PeterReborn wrote:
Ericsson wrote:
https://www.bloomberg.com/news/articles/2020-10-05/eu-throws-its-weight-behind-nigerian-korean-wto-head-contenders

EU decides not to support Amina's bid for WTO post.

She should be advised to stop looking for jobs and become an entrepreneur.


It's the president pushing her.
According to Grand mullah, the president wants to do away with her indirectly, that's why she was pushed to vie for AU,WTO
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
Ericsson
#2559 Posted : Tuesday, November 17, 2020 7:17:26 PM
Rank: Elder


Joined: 12/4/2009
Posts: 9,108
Location: NAIROBI
https://kenyanwallstreet...10-by-end-of-september/

Kenya’s total revenue by the end of September 2020 declined to KSh 378.7 Billion from KSh421.2 Billion collected in the same period last year according to a Treasury report. The revenue collection in the first three months of the fiscal year 2020/2021 fell below government’s target of KSh 428.9 billion.

Treasury attributed the weak revenue collection to underperformance in Value Added Tax, Pay As You Earn, Excise Duty, and Import Duty.
Pay As You Earn in the three months to September 2020 dropped by 27% (yoy) to KSh 71.6 billion largely due to the 5% individual tax rate reduction introduced in March, as well as the many job cuts and pay cuts carried out in most Kenyan companies.
Value-Added Taxes (VAT) on Domestic and Imported goods declined by 30.8% and 9.5% respectively in the period under review.

In contrast, revenue from external grants rose sharply to KSh 3.9 billion, a 39.7% increase from KSh2.8 billion received in the same period last year.

Government spending in the three months period amounted to KSh 510.4 billion, of which KSh357.1 went to recurrent expenses such as debt repayment, wages, and pensions while KSh 122 billion went to development expenses.

Kenya’s budget deficit in the three months that ended in September grew to KSh 131.7 billion compared with KSh 123.5 billion during the same period in 2019, a 6.7% (yoy) increase.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
wukan
#2560 Posted : Tuesday, November 17, 2020 7:25:30 PM
Rank: Veteran


Joined: 11/13/2015
Posts: 1,484


Following the Zambian playbook, ill-informed rate cap, vanity projects. Premium tears coming up shortly
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