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KSh 1.155 Trillion budget

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hisah		#21 Posted : Wednesday, June 08, 2011 12:05:38 AM
Rank: Chief Joined: 8/4/2010 Posts: 8,977		[quote=QW25071985]Quite shocking !!!!!!!!!!!!!!!!!!!!!!!!! http://www.bloomberg.com...-bank-buys-dollars.html[/quote] And the KES dives past 87.15 all the way to 87.70 http://www.businessdaily.../-/67032kz/-/index.html All time low, no floor here for the KES against the $, euro or British pound. Last psychological barrier is for the dollar rate is 90/- Beyond there, I will shade tears... real ones... $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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hisah		#22 Posted : Thursday, June 09, 2011 6:23:02 AM
Rank: Chief Joined: 8/4/2010 Posts: 8,977		My question still remains how to raise the trillion with a slowing economy and a shilling fast losing value... If CBK cannot stem off inflation and arrest the shilling slide, funding the trillion will be a mine field! Personally I don't understand how the ksh has lost to the sinking dollar. NKT. And when the dollar reverses it global slide, what happens to the rate which could shoot to 100 - 120/$...! What does that do to foreign debt and the national import bill? This is just an 'alice in wonderland' budget. $15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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mukiha		#23 Posted : Thursday, June 09, 2011 9:24:11 AM
Rank: Elder Joined: 6/27/2008 Posts: 4,114		@hisah; would you have preferred a smaller budget than that of last year? I think it is a good idea to have a high target for revenue collection. It will put KRA on their toes. There is still a large number of potential taxpayers who have not been netted and are have a joyride on the rest of us. Nothing is real unless it can be named; nothing has value unless it can be sold; money is worthless unless you spend it.
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Burning Spear		#24 Posted : Thursday, June 09, 2011 9:50:34 AM
Rank: Veteran Joined: 7/22/2008 Posts: 1,139		hisah wrote: My question still remains how to raise the trillion with a slowing economy and a shilling fast losing value... If CBK cannot stem off inflation and arrest the shilling slide, funding the trillion will be a mine field! This is just an 'alice in wonderland' budget. Collections are projected to hit ksh 890billion for the 2011/2012 financial year. The rest will be financed through domestic borrowing,grants from development partners and privatization of some state corporations.eg hotels like Hilton,Intercontinental where the govt holds about 25% in both;National Bank,Consolidated bank and many other state companies. "You're not supposed to be so blind with patriotism that you can't face reality. Wrong is wrong, no matter who says it". Malcolm X
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mkonomtupu		#25 Posted : Thursday, June 09, 2011 9:54:12 AM
Rank: Veteran Joined: 2/10/2010 Posts: 1,001 Location: River Road		I agree with @hisah that budget is too ambitious. The expected growth targets are beyond those of ministry of planning, The ordinary revenues can't even fund recurrent expenditure the development budget will be funded by rolling over debt heck! he even factored donor funding. Anyway i see opportunities going forward in the words of Moi kutoka leo money market
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Robinhood		#26 Posted : Thursday, June 09, 2011 10:42:54 AM
Rank: Elder Joined: 12/11/2008 Posts: 2,306		I have fears that we are creating a US style Ponzi scheme. We live on borrowings today and someone will pay for it tomorrow. Great men are not always wise, neither do the aged understand judgement...
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Genghis Khan		#27 Posted : Thursday, June 09, 2011 1:24:22 PM
Rank: Member Joined: 8/5/2010 Posts: 335 Location: Nairobi		The bigger the budget the better... I believe that domestic debt is better for us than WB / IMF project partnetships full to brim with shenanigans / agenda / conditions... Obviously the real solution lies in cutting recurrent costs... my radical suggestions: DoD budgets cut... Ask KRA commissioners for a new 5year strategy and budgets... kill income leakage... appraise / review / redo their individual performance contracts... StateHse housekeeping cost (car fleet, general admin etc.) is obscene... No more new cars: ministries & parastatals... muthaura's office should centrally manage allocation (and approve all necessary purchases)... Fewer GoK sponsored seminars and trips with high fight costs,accomodation, par diem and other costs... Freeze on hiring till we have a clear & comprehensive understanding of GoK HR requirements post 2012... The list is endless... RE-ALLOCATION OF SAVINGS: Increase water budget, dam / pond reservoirs; boreholes&wells; windmill water systems... its time we stopped talking about drought in the 21stCentury... digging a reservior doesn't need too much money, just machinery and engineer / project manager already on Ministry of Public Works salary, labor can be provided by community with token wages if any... thats the true meaning of Harambee! In the arid areas we can have a river dam or artificial lake / pond every 100kmsq... its possible i've done the math... Subsidize agriculture costs... review export compensation policy... promote value addition... Roads... Rail... Sort out Mombasa port... fast track the BillionUS$ Lamuport project... I wish I was the Honorable Minister for Finance. "I'd rather be lucky than clever... every time!" - ME "The problem is not what we don't know... it's what we know for sure that just ain't!" - MARK TWAIN "Space we can recover... time never!" - NAPOLEON BONAPARTE
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