Author Topic: Macharia Gaitho: Treasury has been cooking the books on the state of the economy (Read 5828 times)

Kadudu · « **on:** October 29, 2019, 11:50:16 AM »

The truth about Kenya's GDP and economic state is trickling slowly to the public. The public has been feeling the pain for some years now, but some people have been preaching to them that what they are feeling is not real.

Quote

What they have to admit openly following briefings by the new broom is that the Treasury had been cooking the books.

Our GDP and economic growth projections have been based on falsified numbers, which, in turn, created the rationale for crazy budget proposals and increased borrowing to cover the deficits.

What has been most shocking is that nobody at the Treasury seems to have exact figures for the national debt.

https://www.nation.co.ke/oped/opinion/Let-Uhuru-make-all-loan-deals-public-to-avoid-graft/440808-5328524-yqslsr/index.html

RV Pundit · « **Reply #1 on:** October 29, 2019, 12:26:45 PM »

Sensationalized BS.

Kadudu · « **Reply #2 on:** October 29, 2019, 12:51:53 PM »

Are you serious with your views or are you just a Juilee fanatic? Btw, Uhuru cannot even face "his" people in Central not because of politics, but they too are feeling the pinch in the economy.

Quote from: RV Pundit on October 29, 2019, 12:26:45 PM

Sensationalized BS.

gout · « **Reply #3 on:** October 29, 2019, 01:31:37 PM »

This is Njoroge - the demonitiser bullshitter is also not impressed with his figures.

Quote

https://www.nation.co.ke/business/CBK-faults-economic-structure-as-growth-prospects-fall/996-5328538-g8fn52/index.html

gout · « **Reply #4 on:** October 29, 2019, 01:35:27 PM »

The effect of the thefts and plunder have hit home. All the monies carted away to offshore accounts or lying around in local banks moving around as T Bills. Seems counties have to start firing staff next year. Treasury will also start strugling paying salaries next year - quite good for economic recovery path!

The brutal budget cuts have already paralysed Judiciary tribunals.

RV Pundit · « **Reply #5 on:** October 29, 2019, 01:36:14 PM »

I stopped reading when he skipped the numbers - and run away with innuendos from parliament.

Quote from: Kadudu on October 29, 2019, 12:51:53 PM

Are you serious with your views or are you just a Juilee fanatic? Btw, Uhuru cannot even face "his" people in Central not because of politics, but they too are feeling the pinch in the economy.

RV Pundit · « **Reply #6 on:** October 29, 2019, 01:39:15 PM »

None of that true. Tax amnesty - ask -no -questions - has seen money stashed away returned back home. Gov taxes under jubilee have doubled. Kibaki was collecting 700B as he left. Moi left with 180B. Jubilee right now are collecting 1.6 trillion kshs. We are already seeing a rise of tax collections - as Mburu goes hard on tax cheaters. The estimation is that Uhuru will leave us in 2022 when KRA will be collecting around 30B dollars or Kshs 3 trillion shs in revenues (ordinary+ appropriation in aid)

Debt repayments are just 33% - slightly rise from 30% - treasury borrows 600B to repay 600B - we are debt refinancing - leaving revenues to pay for salaries, pensions, recurrent expenditure and development.

Judiciary had their turf wars with parliament - and got an hair-cut.

Quote from: gout on October 29, 2019, 01:35:27 PM

The effect of the thefts and plunder have hit home. All the monies carted away to offshore accounts or lying around in local banks moving around as T Bills. Seems counties have to start firing staff next year. Treasury will also start strugling paying salaries next year - quite good for economic recovery path!

The brutal budget cuts have already paralysed Judiciary tribunals.

RV Pundit · « **Reply #7 on:** October 29, 2019, 01:44:09 PM »

He has a point - growth has been constrained by tech replacing white collar jobs - and also seem policy experiment of Njomo on rate capping - has basically out-prized some sectors from credit and growth - most notably real estate and construction - which is a major employer.

Repealing the interest rate credit capping - should help - but jobs jobs - will continue to be a major problem.

Quote from: gout on October 29, 2019, 01:31:37 PM

This is Njoroge - the demonitiser bullshitter is also not impressed with his figures.

Quote

https://www.nation.co.ke/business/CBK-faults-economic-structure-as-growth-prospects-fall/996-5328538-g8fn52/index.html

gout · « **Reply #8 on:** October 29, 2019, 02:19:59 PM »

The dams would have boosted agricultural sector jobs and productivity but seems are have stalled after thefts.

The interest rate has killed micro enterprise who used to rush to banks for working capital... likes of Okash, Tala and Okolea are carting away the dollars abroad as banks swim in idle cash or not sure what this mad liquidity means??

Quote

Commercial banks liquidity rose by 10.9 percent to Sh4.6 trillion last year, sending liquidity ratio to three-year high of 50.6 percent as lenders slowed their pace of lending.

Fresh data from Kenya National Bureau of Statistics (KNBS) show that the liquidity ratio grew from 46.4 percent in December 2017, with lending appetite being constrained by the interest rate cap.

https://www.businessdailyafrica.com/corporate/companies/Rate-cap-pushes-banks-liquidity/4003102-5091798-3vcqac/index.html

gout · « **Reply #9 on:** October 29, 2019, 02:44:53 PM »

The budget cuts are directives from Uhuru. Ukur has slashed what judiciary was given to judiciary by parliament.

Quote

revenue shortfalls

https://nairobinews.nation.co.ke/news/uhuru-barred-from-slashing-judiciary-budgethttps://nairobinews.nation.co.ke/news/uhuru-barred-from-slashing-judiciary-budget

Kadudu · « **Reply #10 on:** October 30, 2019, 11:29:41 AM »

It is only a question of time before Kenya calls for help from the IMF.
Our Treasury officials have been cooking the books. The government does not want to face the truth but admits it secretly.

Quote

Clearly, we have major integrity issues with the quality of statistics on government finances. What has been going on is but a blatant game of deception that starts with the Treasury giving us exaggerated GDP growth numbers, which lead them to produce exaggerated revenue targets, unsustainable budget deficits, and on to spending plans they are incapable of funding.

https://www.nation.co.ke/oped/opinion/Punish-culprits-of-deceit-at-the-Treasury-and-correct-the-books/440808-5329552-f8jfauz/index.html

RV Pundit · « **Reply #11 on:** October 30, 2019, 11:53:39 AM »

Every year we have the same lies by Newspaper who need to sell papers. Kibaki faced all these kind of propaganda from Nations and likes of Mars Group. Kibaki was accused of borrowing in 5yrs more than Moi had borrowed in 25yrs.

This is 2012.

KRA has not met its revenue collection target, in the last financial year, or even in the last 5 years except in the FY 2010-2011 when it collected KES 634.9 billion against a revised target of KES 630.7 billion. It attributed the missing of its targets to rising inflation, the volatile exchange rate and mixed performance of the NSE which were directly and indirectly influenced by the global financial crisis over the past five year

Quote from: Kadudu on October 30, 2019, 11:29:41 AM

It is only a question of time before Kenya calls for help from the IMF.
Our Treasury officials have been cooking the books. The government does not want to face the truth but admits it secretly.

Quote
Clearly, we have major integrity issues with the quality of statistics on government finances. What has been going on is but a blatant game of deception that starts with the Treasury giving us exaggerated GDP growth numbers, which lead them to produce exaggerated revenue targets, unsustainable budget deficits, and on to spending plans they are incapable of funding.

https://www.nation.co.ke/oped/opinion/Punish-culprits-of-deceit-at-the-Treasury-and-correct-the-books/440808-5329552-f8jfauz/index.html

KenyanPlato · « **Reply #12 on:** October 30, 2019, 01:57:36 PM »

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">I DON'T think this statement by <a href="https://twitter.com/njorogep?ref_src=twsrc%5Etfw">@njorogep</a> was correctly digested by Kenyans.<br>?He DISOWNED the economic policy of H.E Uhuru & Treasury<br>?He dismissed the GDP growth as FAKE<br>?He states for the record that JUBILEE has let down Kenyans<br>?Set up his alibi for the coming CRASH <a href="https://t.co/yXUhousVTU">pic.twitter.com/yXUhousVTU</a></p>— Ahmednasir Abdullahi SC (@ahmednasirlaw) <a href="

I DON'T think this statement by @njorogep was correctly digested by Kenyans.
●He DISOWNED the economic policy of H.E Uhuru & Treasury
●He dismissed the GDP growth as FAKE
●He states for the record that JUBILEE has let down Kenyans
●Set up his alibi for the coming CRASH pic.twitter.com/yXUhousVTU
— Ahmednasir Abdullahi SC (@ahmednasirlaw) October 30, 2019

?ref_src=twsrc%5Etfw">October 30, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Kadudu · « **Reply #13 on:** October 30, 2019, 02:19:28 PM »

Pundit will write here CBK Governor Njoroge is one of the naysayers on the economy of Kenya.

We will soon know the truth as this one cannot be hidden forever.

Quote from: KenyanPlato on October 30, 2019, 01:57:36 PM

<blockquote class="twitter-tweet"><p lang="en" dir="ltr">I DON'T think this statement by <a href="https://twitter.com/njorogep?ref_src=twsrc%5Etfw">@njorogep</a> was correctly digested by Kenyans.<br>?He DISOWNED the economic policy of H.E Uhuru & Treasury<br>?He dismissed the GDP growth as FAKE<br>?He states for the record that JUBILEE has let down Kenyans<br>?Set up his alibi for the coming CRASH <a href="https://t.co/yXUhousVTU">pic.twitter.com/yXUhousVTU</a></p>— Ahmednasir Abdullahi SC (@ahmednasirlaw) <a href="
I DON'T think this statement by @njorogep was correctly digested by Kenyans.
●He DISOWNED the economic policy of H.E Uhuru & Treasury
●He dismissed the GDP growth as FAKE
●He states for the record that JUBILEE has let down Kenyans
●Set up his alibi for the coming CRASH pic.twitter.com/yXUhousVTU
— Ahmednasir Abdullahi SC (@ahmednasirlaw) October 30, 2019
?ref_src=twsrc%5Etfw">October 30, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

RV Pundit · « **Reply #14 on:** October 30, 2019, 03:58:30 PM »

We have been online without for 15yrs - precisely from 2005 - till now - 15yrs you've been pessimistic and expecting kenyan economy to crash. It won't happen. Kenya economy is set to grow 5.6% - or maybe even 5.8% - now that rains are back. The same way you've been expecting a property crash in Nairobi - not happening - now with rate capping remove - the music is back on.

Economy - generated 43B - more for Gok the last Q - so Mburu off to good start.
https://citizentv.co.ke/business/kra-quarterly-collections-rise-by-ksh-43-2-billion-290790/

Quote from: Kadudu on October 30, 2019, 02:19:28 PM

Pundit will write here CBK Governor Njoroge is one of the naysayers on the economy of Kenya.
We will soon know the truth as this one cannot be hidden forever.

Kadudu · « **Reply #15 on:** October 30, 2019, 05:47:44 PM »

Am sceptical about the aproach to the economy by Jubilee and its cohorts. Property crashing is not easy as most real estate not bought on loans. A slow down like now was inevitable.

Quote from: RV Pundit on October 30, 2019, 03:58:30 PM

We have been online without for 15yrs - precisely from 2005 - till now - 15yrs you've been pessimistic and expecting kenyan economy to crash. It won't happen. Kenya economy is set to grow 5.6% - or maybe even 5.8% - now that rains are back. The same way you've been expecting a property crash in Nairobi - not happening - now with rate capping remove - the music is back on.

audacityofhope · « **Reply #16 on:** October 30, 2019, 07:42:54 PM »

Quote from: RV Pundit on October 29, 2019, 01:36:14 PM

I stopped reading when he skipped the numbers - and run away with innuendos from parliament.
Quote from: Kadudu on October 29, 2019, 12:51:53 PM
Are you serious with your views or are you just a Juilee fanatic? Btw, Uhuru cannot even face "his" people in Central not because of politics, but they too are feeling the pinch in the economy.

RV, here are some numbers you better believe in. Some of these people are probably folks you know and/or friends. It is being called K24/kameme massacre.
KaInsect without jumping all the way to Centro, 160 folks in this company (no prizes for guessing which two people own Mediamax) must rue the day ......

K24 Massacre: 10 TV Editors Among 160 Fired by Mediamax

audacityofhope · « **Reply #17 on:** October 30, 2019, 07:46:45 PM »

The truth will set you free

Quote from: Kadudu on October 30, 2019, 02:19:28 PM

Pundit will write here CBK Governor Njoroge is one of the naysayers on the economy of Kenya.
We will soon know the truth as this one cannot be hidden forever.

Quote from: KenyanPlato on October 30, 2019, 01:57:36 PM
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">I DON'T think this statement by <a href="https://twitter.com/njorogep?ref_src=twsrc%5Etfw">@njorogep</a> was correctly digested by Kenyans.<br>?He DISOWNED the economic policy of H.E Uhuru & Treasury<br>?He dismissed the GDP growth as FAKE<br>?He states for the record that JUBILEE has let down Kenyans<br>?Set up his alibi for the coming CRASH <a href="https://t.co/yXUhousVTU">pic.twitter.com/yXUhousVTU</a></p>— Ahmednasir Abdullahi SC (@ahmednasirlaw) <a href="
I DON'T think this statement by @njorogep was correctly digested by Kenyans.
●He DISOWNED the economic policy of H.E Uhuru & Treasury
●He dismissed the GDP growth as FAKE
●He states for the record that JUBILEE has let down Kenyans
●Set up his alibi for the coming CRASH pic.twitter.com/yXUhousVTU
— Ahmednasir Abdullahi SC (@ahmednasirlaw) October 30, 2019
?ref_src=twsrc%5Etfw">October 30, 2019</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

audacityofhope · « **Reply #18 on:** October 31, 2019, 05:55:11 AM »

Fired Mediamax staff and those who voted 3 times for Uhuruto looking for 5.6% economic growth.

Credit due to whoever meme’d this! pic.twitter.com/UrnexpU1mX
— KipCold Arap Tusgher Ⓥ (@coldtusker) October 25, 2019

K24 Massacre: 10 TV Editors Among 160 Fired by Mediamax

RV Pundit · « **Reply #19 on:** October 31, 2019, 07:39:27 AM »

Business models are changing.Advertising revenues are moving from mass media to social media.You think the money Facebook and Google are making are from where.. they are eating kameme k24 lunch.Mass media has to become nimble to survive as revenue shrinks

News:

Author Topic: Macharia Gaitho: Treasury has been cooking the books on the state of the economy (Read 5828 times)