I quoting verbatim what Economist reported on Uhuru failed tour to China.
https://www.economist.com/middle-east-and-africa/2019/06/29/china-is-thinking-twice-about-lending-to-africaChina will continue to lend because they have so much money - and if they keep all that money in China it will overheat their own economy.
They will continue to lend to US, EU and Africa. If they keep trillion of money they are earning from trading - their economy will inflate - too much money chasing after few goods - poverty will rise - and chinese people will suffer.
Chinese have some of world most brilliant and disciplined leaders.
Meritocracy .. that is debatable but the high ranking CCP cadre is talented.. About questions that they asked Uhuru, that is BS. Xi came in with a Reform agenda. One of the reforms he wanted was economic. He targeted Wastage. He saw those grandiose ideas such SILK road and the infrastructure investments in Africa as some of what he needed to reform.
Simpy Xi administration crackeddown on Reckless lending. The lending was to be both Internal (Peer to Peer Lending was going crazy in mainland china) and External. So now the Chinese lenders are tasked in doing all the have to do to get their money back and close these risky accounts
I do not see China revising her policy on this. It has nothing to do with Uhuru leadership or misleadership.
So Kenya now had no choice but to go back to IMF and International markers. What we know is that IMF just gave Kenya credit facility that I believe is meant to help kenya meet her debit obligations and not default.
The conditions are what is Killing Kenyan businesses from over taxattion.. Ruto may have to make a decision and default on some of these loans to get out of the debt trap we are in. Seems Museveni has gone senile and is also caught up in the same mess. I think Museveni needs to be removed from Power. He is senile and his reaction to Covid is doing a lot of harm to his country than is necessary
With COVID Super Mutation being blamed on Africa it is going to be a Wasted decade for East Africa economies. US and West are all looking inwards. they are paying lip service to investing in Kenya and EA. Mangufuli left a big shit in TZ and Madam is trying everything she can to reintegrate but no one is buying
My prediction is that we are fucked for at least 10 to 20 years. In Kenya i expect Institutions to start going bankrupt one by one. Our Universities are bankrupt, Counties are barely making it.. Next it will healthcare and then we will be back to default settings
Topic: Uganda loses airport to China over debt (Read 1964 times)