FRM2011 wrote:
I love the optimism. Was in the village over the weekend. Word is "Ngonja uone vile Uhuru atafunga watu wa corruption"."Alikuwa anaogopa uchaguzi na sasa umekwisha".
I will file the above together with, "Mugabe is not bad, its the people around him".
In the meantime......
James Gichuru
Mwai Kibaki
Arthur Magugu
George Saitoti
Musalia Mudavadi
Simeon Nyachae
Francis Masakhalia
Chris Okemo
Chris Obure
Daudi Mwiraria
Amos Kimunya
John Michuki
Uhuru Kenyatta
Njeru Githae
.................
Total borrowing = Ksh 1.749 tr (49 years)
Henry Rotich
......................
Total Borrowing = Ksh 2.252 tr (4.5 years)
Why drop figures without putting them into context....You can't engage in such borrowing if you have no development spending plan.
In 2001 before Kibaki came into power we were content with a 200b national bugdet. Today's is 10times bigger but while revenue collection has grown exponentially-like with most nations-it hasn't kept pace with the spending.
Granted we may not get value for some of the borrowed money but in the larger scheme of things the borrowed funds (thanks to limited internal resources) are geared to financing our path to middle income status nation.
At just over 50% our debt to GDP ratio pales in comparison to most developed economies with Japan topping a massive 250%. Oil exporting countries are the tiny minority of low borrowers but are hardly better developed. ..actually it's their money that others use.
The biggest challenge today is actually with devolution which stresses revenue sharing and hence expenditure (mostly recurrent and non-productive development) over wealth creation.