Nipate
Forum => Kenya Discussion => Topic started by: Nowayhaha on March 10, 2023, 08:04:10 AM
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https://www.kenyans.co.ke/news/86716-govt-clarifies-dollar-shortage-after-suluhus-remarks-broke-borrowing-neighbours
While appearing before parliamentarians, the PS maintained that Kenya had enough reserves, further allaying any fears of depletion.
He also noted that the reserves would last nearly four months, enabling imports to the country, including fuel.
The government would soon receive Ksh128 billion (USD 1 Billion) from the World Bank in the coming weeks to bolster the reserves, according to the PS.
Treasury PS Chris Kiptoo (left) during a familiarization tour of the Pensions Department on January 20, 2023.
Treasury PS Chris Kiptoo (left) during a familiarization tour of the Pensions Department on January 20, 2023.TWITTERPENSIONS DEPARTMENT
"The World Bank will be sitting down very soon to discuss the development value operations where we expect to get 1 billion dollars.
"I want to assure Kenyans that we are not sitting pretty and we are working very hard and all shall be well," he stated.
Nonetheless, he acknowledged that many countries faced dollar shortages due to the conflict between Russia and Ukraine.
On the other hand, he maintained that they were working with CBK to address the dollar circulation between the banks and private citizens.
Given the dollar shortage, Tanzania's President Suluhu claimed that countries in the East African Community (EAC) were borrowing from them.
“We are at a better place compared to our neighbours. Their dollar reserves cannot last a week. Our reserves can push us for four months.
"They are here begging us for guarantees so they can buy fuel," she stated.
Suluhu's comments came days after concerns that Kenya would face another fuel crisis over the dollar shortage.
However, Petroleum Outlets Association of Kenya (POAK) chairman, Martin Chomba, clarified that there was enough fuel to serve the country in the coming weeks.
“There is sufficient fuel at the depots but the major oil companies are not evacuating it because they do not have sufficient dollars,” he stated.
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I opened this thread with great anticipation only to see nothing.
Are you okay Nowayah in your opposition bench?
Explain why you think Ps Chris Kiptoo is lying :)
If you're talking Suluhu - she is likely referring to Burundi.
Burundi have 1 or 2 weeks of forex - just like Ethiopia.
Burundi cant import nothing.
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Magufuli legacy or grain surplus plus gas?
Given the dollar shortage, Tanzania's President Suluhu claimed that countries in the East African Community (EAC) were borrowing from them.
“We are at a better place compared to our neighbours. Their dollar reserves cannot last a week. Our reserves can push us for four months.
"They are here begging us for guarantees so they can buy fuel," she stated.
Suluhu's comments came days after concerns that Kenya would face another fuel crisis over the dollar shortage.
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Country twice size of kenya with more population; but underperforming; despite lots of mineral exports; peace; and name it.
I wont never use TZ as model;
they have 4.5-5 something billion of forex - kenya still has 6.5-6.7 something.
Uganda has 3.5.
Rwanda has 1.5.
Burundi is dead.
Magufuli legacy or grain surplus plus gas?
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In crises it comes to the very basic - food!
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Kenya is bankrupt Uhuru caused this.
Uhuru is a criminal period.
Ruto needs trend carefully otherwise economy will collapse
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Kiptoo is simply lying when he says kenya has enough reserves . The truth is Kenya is depending on loan money from IMF and World bank to boost its reserves .
The best way he would have put it is , Kenya is in a red zone as we await World bank and IMF to provide us with the Loans .
I opened this thread with great anticipation only to see nothing.
Are you okay Nowayah in your opposition bench?
Explain why you think Ps Chris Kiptoo is lying :)
If you're talking Suluhu - she is likely referring to Burundi.
Burundi have 1 or 2 weeks of forex - just like Ethiopia.
Burundi cant import nothing.
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Job of Kenya Treasury is to spread confidence and positive sentiments.
It's not to inspire panic and spread negative sentiments.
Modern economy runs largely on sentiment - for example - romours of bank having issues - can inspire bank run - and before you know huge bank has collapsed.
Therefore reckless talk by drunkards like Moses Kuria or Samia (against whatever country) should be discouraged
You just have issues with Kiptoo because of his name :) or what exactly is the beef here.
Kiptoo is simply lying when he says kenya has enough reserves . The truth is Kenya is depending on loan money from IMF and World bank to boost its reserves .
The best way he would have put it is , Kenya is in a red zone as we await World bank and IMF to provide us with the Loans .