Our EAC budgets are out. Lots of flowery language but the devil in the details. We are broke and have huge deficits. Kenya’s $30b budget is $6b short, meaning we will have to borrow again to add to our already burgeoned $50b debt both internal and external. Basically we are going to have to find the money somewhere because simply speaking every Kenyan owes $1b to the effort. If you are finding it hard to pay that Tala loan and having to borrow from Branch to pay Mshwari ,you know why.
Tanzania our brothers conjured up a $14.5B budget with a short of $5B. More appetite for adding to their $22b outstanding debt while Uganda came up with a $8.5b budget $2.5b short and meaning their $10.5b will definately increase. We may not live long enough to see our countries, like the UAE, Canada, the Nordic countries and the like, free of debt and busy with things living because we are really in a shithole.
Wasee Kumira kumira wako Wapi.wembe ni ule ule.leo watakatwa na wembe food prices and petrol prices
Moi left us with $6b debt and little income, which Kibaki grew to $17b with modest growth, UhuruRuto will have to explain the huge leap especially with the emerging mega-scandals. Given, we have had mega-infrastracture and devolution all in one but we want prudence in the management of our meagre resources or our country remains in threat.
no country grows without borrowing. our rate of borrowing has gone down compared to last year.
You can grow without borrowing, just ask Switzerland, which for the better part of the post WW2 era was the chosen bank country for all the world’s wealth. Just some confidentiality arrangements,neutrality, prudent financing and high integrity was enough for them. If not for our low-score on the integrity charts we could attract some high Net-worth Individuals to adopt this country. Bill Gates $90b worth could pay our debt and finance our budget.
America bailed out Britain after WWII as Britain was facing a recession.
That is the reality that has never dawned on us as Africans. It will not be a TZ CCM, CHADEMA, UG NRM, KENYAN NASA or JUBILEE affair.
Everybody bears the burden of good/bad governance, policies or leadership styles.
Switzerland chose to become the banker for robbers and tax cheats. where is the integrity there. All countries borrow to grow,nobody will do it for free.
Nobody has an issue with borrowing par se. If funds are utilized for the correct purpose, usually maco economic factors, growth is realized. We are talking of borrowing with weak financial follow through leading to loss and misuse. Sort of the Greece way.
Haha ati high integrity, naivety