VIDEO: Uhuru between a rock and a hard place over external debts - Kenya Satellite News Network
Connect with us

Business

VIDEO: Uhuru between a rock and a hard place over external debts

Published

on

President Uhuru Kenyatta’s low key return to the country on Sunday night after attending this year’s Forum on China-Africa Co-operation (FOCAC) in Beijing is the classic tale of a leader between a rock and a hard place.

The president’s return comes at a time when the political class and the media have already set the agenda; the issue being the rise in fuel prices.

As it stands, all Kenyans’ eyes are trained on him to see what course of action he takes amid public outrage over the matter.

He has two options; to succumb to public pressure and sign the Bill into law or send back the Bill to Parliament with recommendations.

It is a tough balancing act for the president who has in the recent past been meeting world leaders for bilateral talks and drumming up support for his Big Four Agenda.

If he signs the Bill, he risks sending the country into the bad books of the International Monetary Fund (IMF), which has put into question the country’s credit worthiness due to the ballooning public debt which stands at a mind-ruffling Ksh5.1 trillion.

Watch as Citizen TV explains the debts in plain langauge:

In 2015, the government entered an agreement with the International Monetary Fund (IMF) to raise funds internally after the institution raised the red flag over the government’s borrowing appetite and budget deficits. The agreement allowed Kenya access to a standby credit facility which the country can draw in the event of financial distress.

READ ALSO:   VIDEO: Kalonzo shocks Raila after saying Uhuru should rule for two and a half years

That facility is yet to be renewed and the decision depends of generating revenue from internal taxes and repealing the cap on bank interest rates, which MPs also shot down. MPs want the 16% fuel tax VAT put on hold for a further two years.

The other option isn’t pretty either; if he sends it back to Parliament, he will be inviting the public’s fury which until now, has been directed at Treasury Cabinet Secretary Henry Rotich.

The issue has united Kenyans across the political divide, a scenario that down not look pretty for the Jubilee administration.

The government has been under immense pressure to raise revenue to finance the Ksh2.7 trillion budget amid a shortfall of Ksh530 billion in collections by the taxman.

The government is seeking to raise Ksh 71 billion from taxing the petroleum products, attempts which have been termed as insensitive to the common man by politicians and experts.

On September 6, the High Court sitting in Bungoma suspended the tax pending presidential assent or sending back of the bill to parliament. Orders which the government has defied. “We have not been served with the order. If we are served we shall comply but the order is mainly on the National Treasury,” said Energy Regulatory Commission (ERC) Director General Pavel Omieke in a statement on September 10.

READ ALSO:   CABINET: Jobs for the boys? Why does Uhuru need 22 Chief administrative Secretaries as well as Principal Secretaries???

A crisis meeting between Rotich and the parliamentary leadership over the fuel tax on September 6 ended without any resolutions.

Businesstoday.co.ke

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Betty Kyallo posts sexy photo of self, keeps Kenyans guessing her next move

Published

on

Long after Kenyan news outlets announced that former KTN News anchor Betty Kyalo was set to make her debut as an anchor at K24 TV station after ditching the Moi family owned media House along Mombasa Road, she is yet to grace the screen.

On Saturday she took to Twitter with a sexy photo of herself captioned: Weeeuuh it’s been a while… mko poa lakini? Kupitia tu😘😘😘

According to sources, Managers at MediaMax Network were to repackage K24’s English evening news team with Kyalo set to replace Anjlee Gadhvi, who currently hosts the Weekend Edition from Friday.

“Gadvhi might be pushed to Sunday as Betty is expected to take up the 9 pm bulleting on Friday and Saturdays,” opined Kenyans.co.ke, a leading Kenyan online publication.

Gerorge Omwami wrote: I am tired of waiting, but happy to see your beautiful self.

Weeeuuh it’s been a while… mko poa lakini? Kupitia tu😘😘😘 pic.twitter.com/zrS3hhMjoW

— Betty Kyallo (@BettyMKyallo) November 15, 2018

It is not clear when or even whether the controversial beauty will report to the new work station.

News anchor Betty Kyalo

According to sources, Betty was expected to fill the gap left by Richard Kagoe, who joined BBC, and Michelle Morgan, who quit to pursue personal interests.

K24 has been said to be planning an extensive makeover to position itself as one of the leading broadcasters in the region.

READ ALSO:   VIDEO: Uhuru has filled the civil service with Kikuyus, claims Bonie Khalwale

“The Kijabe Street-based TV station has been giving viewers teasers of what to expect with a series of short clips meant to arouse expectations,” wrote Kenyans.co.ke.

K24 studio

The move is aimed at updating studio equipment, redesigning the television studios as well as possibly introducing brand new anchors and presenters to give the channel a fresh appeal.

Top NTV Journalist Dennis Okari is officially taken!

According to a Heads Up source, the born again journalist tied the knot at a secret traditional wedding held in Ukambani.

Betty Kyallo’s ex husband Dennis Okari (Right) got married to his girlfriend (left) in October 2018. FILE PHOTO

The father of one has been dating his new wife for a while now, though he kept it on the low to avoid another bad omen after his highly publicized first marriage to a fellow TV anchor Betty Kyallo hit a dead end just weeks after their honeymoon.

The red and white themed traditional wedding was held on October 27.

Continue Reading

Africa

How Nairobi dust and old car tested Michele Obama’s love for her husband

Published

on

This year, First lady Michelle Obama was enjoying Beyonce and Jay Z’ performance in France while her husband Barack Obama visited his home and family in Kenya, Bondo.

The former American First lady Michelle Obama has now opened up on a possible reason why she did not accompany her husband Barrack Obama during his two recent visits to Kenya saying that her first visit in the country was just more than frustrating.

In her memoir titled “Becoming”, Michelle shared that on her first trip to Kenya in 1992 was full of misfortunes and even wore the wrong shoes. Obama’s sister, Auma, also had an old car that left her frustrated.

“Auma’s sky-blue VW was so old that it often needed to be pushed in order to get the engine into gear. I’d ill-advisedly bought new white sneakers to wear on the trip, and within a day, after all the pushing we did, they’d turned reddish brown, stained with the cinnamon-hued dust of Nairobi,” she shared. 

The 54-year-old who was born the US in 1964 added that the trip was also tiring and although she witnessed some beautiful scenaries, she was really frustrated.

“For every bit of awe we felt in Kenya, we were also tired, which led to quibbling, which led finally, for whatever reason, to rage. “I’m so angry at Barack,” I wrote in my journal. “I don’t think we have anything in common.” My thoughts trailed off there. As a measure of my frustration, I drew a long emphatic gash across the rest of the page,” the memoir went on.” she said. 

ghafla

READ ALSO:   VIDEO: Mbona mnanilaumu mkishindwa kwa mchujo, Uhuru Kenyatta wonders aloud
Continue Reading

Africa

Kenyans in US get discounts on fare, three luggage on KQ direct flight

Published

on

Kenya Airways has turned to the more than 100,000 Kenyans living in the US with generous discounts in a bid to shore up passenger numbers three weeks since it launched direct flights to New York.

National carrier, which has been grappling with low passenger numbers, says Kenyans who book tickets directly will enjoy a 10 per cent discount on fares and three of their luggage.

“The special rate for the Kenyan diaspora is only available for bookings made directly on our website,” Stephen Ngamau, KQ’s area manager for the Americas, says in a notice on display at the Kenyan Embassy in Washington DC.

“We encourage guests to enrol onto our database for more updates and offers… We look forward to having the Kenyan diaspora aboard Kenya Airways soon.” The fares on the New York route range between Sh79,000 and Sh105,000 depending on the booking period.

Kenya estimates the number of its citizens studying or working in the US at 130,000 even though other sources claim the figure could be as high as 300,000. The group has been very active in the country’s economic affairs with the Central Bank of Kenya (CBK) data showing that North America accounted for 50.8 per cent of the Sh197.1 billion that citizens living abroad sent home last year.

READ ALSO:   VIDEO: Uhuru meets British PM Theresa May in London

The trend has continued this year with CBK data showing that Kenyans living in North America sent home Sh72.1 billion in the first six months of this year, representing a 69.3 per cent growth over the Sh42.5 billion received in a similar period last year.

Kenya launched its daily non-stop flights to the US on October 28 in what government officials said would stimulate tourism, trade and investments from the world’s largest economy.

The national carrier is cutting back on flights citing low demand. It has rescheduled flights covering November to March and cancelled 10 flights between last Monday and December 5.

Business Daily

Continue Reading
poapay3

Like us on Facebook, stay informed

NEWS TRENDING RIGHT NOW

2018 Calendar

September 2018
M T W T F S S
« Aug   Oct »
 12
3456789
10111213141516
17181920212223
24252627282930
satellite-communication1.jpg

Trending

error: Content is protected !!