Rank: Veteran Joined: 4/23/2014 Posts: 932
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Angelica _ann wrote:HaMaina wrote:thuks wrote:wukan wrote:Uhuru should have listened to the nerds from Risk department. We warned about the "Pharonic" projects and interest rate cap. Now the chicks are coming home to roost Quote:Low revenue collection, a ballooning debt and the economic challenges of Covid-19 have plunged Kenya into a cash crunch, with all indications clear that the government is struggling. On Monday, Interior CS Fred Matiang'a hinted at a looming pay cut for civil servants in a desperate move to ease pressure on recurrent expenditure, weighed down by dwindling domestic revenue collections. In an interview with a local TV station, Matiang'i admitted that although no one loves a pay cut, the government is facing a tough situation. "All of us are going to be called upon to accept these extraordinary measures because we are dealing with extraordinary circumstances. If it comes to that (pay cut) so be it," Matiang'i said. He added that some of the major development projects are going to be affected as the government cuts back on spending. His sentiments were the closest admission by a senior state official of a cash crunch in the Jubilee administration that has turned to borrowing for survival amid low revenue collection. https://www.the-star.co....ress-government-admits/ Afro cinema continues....  Quote:Central Bank data show that public debt reached Sh7.12 trillion as of September – an increase of Sh1.2 trillion over the same period last year. Of these, about Sh835 billion has been borrowed since the virus was first declared in March, going up to Sh909 billion, factoring in principal arrears and accrued interest. Treasury is yet to release more than Sh300 billion to counties as a result of dwindling revenue from taxes. Yatani sought to allay fears the state was doing badly in terms of cash-flow, dismissing those assertions as "speculation". However, the CS conceded that revenue has fallen below target. “Of course, you understand we are in an abnormal situation.” “There is low business performance and revenue is also falling below target [and] we have an option of reducing expenditure. That does not necessarily mean there is stress,” he told the Star. “Our debt level is sustainable; we are meeting our obligations as required; we are running efficiently as a government,” he added. The CS explained, "We may be slightly low on revenue performance but that does not mean the situation is bad.” https://www.the-star.co....ail-out-state-agencies/
Nothing to fear. We are so bullish that we'll borrow to fund a referendum. Kwani iko nini?  But I blame myself, I voted for a joker who's not making me laugh. Liwe funzo kwagu na kwa wengine kama mimi. Wataii wa kuzurura nchi zote na Watu hawaelewi kazi zao hawfai kuongoza. COVID has messed up the economy, and Kenya is not in isolation on this. The recovery will be amazing _ 2021 on-wards. Referendum is just an event, what is 14b anyway for a Country like Kenya? He spent the first 2.5 years of his second term flying around the world to attend parties and weddings and pinting like its christmas , even broke the record for the most traveled president on east Africa. What that was for only he knows. Had he spent that time to cushion the economy against the unknown, just by making sure the economic stability is maintained, this covid issue would not have been felt like its being felt today. A note to him, " You don't have to be on a plane to get high, you can do that in the comfort of your house." “You can get in way more trouble with a good idea than a bad idea, because you forget that the good idea has limits.” - Ben Graham
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