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Kenya Economy Watch
Rank: Elder Joined: 6/23/2009 Posts: 13,556 Location: nairobi
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rwitre wrote:obiero wrote:muandiwambeu wrote:obiero wrote:Thitifini wrote:pops wrote:Why is the executive so silent on these key matters such as VAT on fuel and the debt situation? It's been over a week now. They know we are screwed whichever lane we take.  It will actually be worse if the fuel tax is reversed.. Wacha tupambane na hali For once and after lengthy self introspect I agree with you Gentleman. I am also able to note that it would have been better to to impose that tax in a different category, let say petrol base rate since the Government would have an hand to moderate it appropriately to manage inflation, this taxable base item being a dominant inflationary factor,and also equitable and distributable. Let me leave this here https://www.businessdail...55584-kwm550/index.html
By the way do we still have middle-income country status? Ama ata hiyo imeenda Additional job losses inevitably on the way to add onto the over 20,000 who fell off the salaried income line last year https://www.businessdail...p/539546-4753784-mqdh0s/
COOP 70,000 ABP 15.20; HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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UPDATE 1-Kenya says IMF stand-by deal over, will continue engaging with the fundNAIROBI, Sept 13 (Reuters) - Kenya’s stand-by arrangement with the International Monetary Fund has expired, Finance Minister Henry Rotich said on Thursday but the country will continue to talk to the Fund. Kenya had secured a six-month extension for its stand-by credit arrangement of $989.8 million from the International Monetary Fund in March, which was due to expire in mid-September. “Yes, the program has ended,” Rotich told reporters, when asked about the IMF stand-by arrangement. “We will continue engaging the fund going forward,” he added. The Finance Ministry’s Principal Secretary Kamau Thugge had said earlier on Thursday that not having an IMF precautionary arrangement would not hurt the economy. Kenya had not drawn on the precautionary arrangement last year despite a drought, Thugge said. Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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Rank: Veteran Joined: 8/28/2015 Posts: 1,247
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Ericsson wrote:UPDATE 1-Kenya says IMF stand-by deal over, will continue engaging with the fund
NAIROBI, Sept 13 (Reuters) - Kenya’s stand-by arrangement with the International Monetary Fund has expired, Finance Minister Henry Rotich said on Thursday but the country will continue to talk to the Fund.
Kenya had secured a six-month extension for its stand-by credit arrangement of $989.8 million from the International Monetary Fund in March, which was due to expire in mid-September.
“Yes, the program has ended,” Rotich told reporters, when asked about the IMF stand-by arrangement. “We will continue engaging the fund going forward,” he added.
The Finance Ministry’s Principal Secretary Kamau Thugge had said earlier on Thursday that not having an IMF precautionary arrangement would not hurt the economy.
Kenya had not drawn on the precautionary arrangement last year despite a drought, Thugge said. And the market did too have a say, 27 counters into and majority slipping with significant margins into the red, 8 counters barely afloat into the green, and the rest MIA. You could now as well, review your position accordingly. ,Behold, a sower went forth to sow;....
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Rank: Veteran Joined: 11/14/2006 Posts: 1,311
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Uhuru rejects the finance bill and sends it back to parliament. VAT on fuel to remain
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Rank: Elder Joined: 6/23/2009 Posts: 13,556 Location: nairobi
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Liv wrote:Uhuru rejects the finance bill and sends it back to parliament. VAT on fuel to remain
There was never going to be another option
COOP 70,000 ABP 15.20; HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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obiero wrote:Liv wrote:Uhuru rejects the finance bill and sends it back to parliament. VAT on fuel to remain
There was never going to be another option Yep... possunt quia posse videntur
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Rank: Elder Joined: 6/23/2009 Posts: 13,556 Location: nairobi
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Ericsson wrote:obiero wrote:Ericsson wrote:obiero wrote:Angelica _ann wrote:obiero wrote:Ericsson wrote:https://www.standardmedia.co.ke/business/article/2001295244/looming-economic-meltdown-should-kenya-miss-imf-facility
Kenyans might have to reconsider their opposition to the 16 per cent value-added tax (VAT) on petroleum products as the alternative might be a financial crisis whose effects will be more painful than those of the punitive tax measure being pushed by the IMF. For example, Financial Standard, has learnt that should the Government fall out with the IMF for failing to meet commitments it made to the lender, some of the bondholders of the $2 billion (Sh200 billion) Eurobond Note will be at liberty to immediately recall outstanding interests and principals, throwing the country into a tailspin.
The fuel tax must remain Jubilee has destroyed what Kibaki put in place kabisa. very shameful. Yaani all economic news is negative stuff or this is deliberate. In the law capping interest rate thread, we foretold the dilemma ahead caused by the two men. It's not yet even bad at this point. Let the big four agenda start utilizing cash ndio utajua hatujui.. Meanwhile people are buying goats worth 10m? Kukula nyama uki meza mate? Agenda changed,president said his legacy now is fighting corruption. Big 4 arap singh was to reap big through tenders and deals Are you sure that the agenda changed. Did you listen to his speech in DC, and the one in China Wait as you watch the unfolding events Rejected! Watch what? The fuel tax was never going to be dropped. I speak to the president regularly
COOP 70,000 ABP 15.20; HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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http://www.imf.org/exter...,ADVEC,WEOWORLD,KEN,AFQ
Looking at the excel on the imf website. Where’s the beef? Our loan:gdp has followed a similar path since 2002 with a few exceptions
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Rank: Elder Joined: 3/19/2010 Posts: 3,504 Location: Uganda
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Liv wrote:Uhuru rejects the finance bill and sends it back to parliament. VAT on fuel to remain
blueman...link please punda amecheka
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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newfarer wrote:Liv wrote:Uhuru rejects the finance bill and sends it back to parliament. VAT on fuel to remain
blueman...link please Hmmmm so banks resume sub-50 levels?!
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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https://ntv.nation.co.ke...58604-yhjd10/index.html
Mumias Sugar Company's workers go without pay for 12 months Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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https://af.reuters.com/a...kenyaNews/idAFL5N1W01PS
IMFs view on standby facility and Kenya’s economy “It should be stressed that Kenya’s external position remains strong and foreign exchange reserves are at a very comfortable level”
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Rank: Elder Joined: 12/4/2009 Posts: 10,702 Location: NAIROBI
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Horton wrote:https://af.reuters.com/article/kenyaNews/idAFL5N1W01PS
IMFs view on standby facility and Kenya’s economy
“It should be stressed that Kenya’s external position remains strong and foreign exchange reserves are at a very comfortable level” No money has been allocated to development since July. Counties haven't received anything from central government. Debts owed money by GOK are being auctioned left, right,center Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle
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Rank: Elder Joined: 12/7/2012 Posts: 11,908
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Ericsson wrote:Horton wrote:https://af.reuters.com/article/kenyaNews/idAFL5N1W01PS
IMFs view on standby facility and Kenya’s economy
“It should be stressed that Kenya’s external position remains strong and foreign exchange reserves are at a very comfortable level” No money has been allocated to development since July. Counties haven't received anything from central government. Debts owed money by GOK are being auctioned left, right,center IMF just that saying good things coz they know they have cornered Kenya. If we renegade on the things they want, they will shift goal post with crazy negative rating being churned out regularly. Very selfish institutions. In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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Rank: Elder Joined: 10/11/2006 Posts: 2,304
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 Crude Oil should fall to under $50 soon. A move below $75 will be confirmation that the downtrend has started. Don't sweat the VAT tax. Conventional thinkers waste time building shelters when they are unnecessary and then have no shelters when they need them the most. Socionomists do the opposite.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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Angelica _ann wrote:Ericsson wrote:Horton wrote:https://af.reuters.com/article/kenyaNews/idAFL5N1W01PS
IMFs view on standby facility and Kenya’s economy
“It should be stressed that Kenya’s external position remains strong and foreign exchange reserves are at a very comfortable level” No money has been allocated to development since July. Counties haven't received anything from central government. Debts owed money by GOK are being auctioned left, right,center IMF just that saying good things coz they know they have cornered Kenya. If we renegade on the things they want, they will shift goal post with crazy negative rating being churned out regularly. Very selfish institutions. True... possunt quia posse videntur
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Rank: Veteran Joined: 8/30/2007 Posts: 1,558 Location: Nairobi
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Angelica _ann wrote:Ericsson wrote:Horton wrote:https://af.reuters.com/article/kenyaNews/idAFL5N1W01PS
IMFs view on standby facility and Kenya’s economy
“It should be stressed that Kenya’s external position remains strong and foreign exchange reserves are at a very comfortable level” No money has been allocated to development since July. Counties haven't received anything from central government. Debts owed money by GOK are being auctioned left, right,center IMF just that saying good things coz they know they have cornered Kenya. If we renegade on the things they want, they will shift goal post with crazy negative rating being churned out regularly. Very selfish institutions. Meh conspiracy theories 😆
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Rank: Veteran Joined: 9/21/2011 Posts: 2,032
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KulaRaha wrote:limanika wrote:mikanjoroge wrote:limanika wrote:Why does govt make promises to IMF they know to realise same they would have to rely on parliament? Parliament which can decline? Cause when you have thieves in government negotiating on our behalf and money is being dangled, they will agree to any conditions. Damn the consequences. When you make promise you know you don't have 100% capacity to fulfill, that's what we call living a lie. And who, when you haven't paid rent, takes the only cash at hand and goes on holiday? That's what we're doing --- spending 10's of billions tarmacking village cattle tracks just coz people are obsessed with tarmac, yet you will strain to count 10 vehicles down that road in a whole day, building electricity infrastructure in every nook and cranny just to light homes yet people could still survive with kerosene lamps if the pending debts were paid first..the list could go on This, my fren, is the only way to steal...give the people infrastructure they dont need! And, dont give them too much credit. You don't build bypass around chalbi desert just so you can steal. This is what they're doing
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