Kenya is currently on a cumulative dept of 7.6 Trillion Kenya Shillings. These include approximately 4 trillion worth of domestic debts, 3.6 trillion from foreign lenders with about 746 Billion Kenya Shillings belonging to Chinese commercial bank, Beijing. However, Kenya isn't the only country with debts. In fact Kenya is not in top 50 in the list of countries with the highest depts in the world. Last ranking of Counties with the highest debts done in 2017 ranked Kenya at 85th position. And if you consider countries above Kenya in Africa like Ethiopia, Angola, Egypt and South Africa, you'll realise that we are not that bad in terms of debts. Of course we should always make a big deal of it to keep the government on toes.
We all agree that 7.6 trillion is not less money, and that if our borrowing rate is not checked, we could turn out to be the highest debtors in Africa in just a few year. Currently, every Kenyan owe our lenders 180, 000 Kenya shillings, that is including newly born infants, very bad. Current events in Kenya are however promising. As much as many would complain of misappropriation of these loans, we must also appreciate tangible development projects that we've witnessed so far. And if these projects are well taken care of, the government could raise enough money to repay our nation's debts.
The SGR is one of the projects that plunged Kenyans deeper into the wells of debts. The multimillion projects is now working and all the government needs to ensure is the appropriate management of funds raised from the Standard Guage Railways. Though there have already been complains of misappropriations, the government can still rectify the mess and ensure all SGR revenues get to the right channels.
Secondly is the ongoing Nairobi express way, that would probably be finished by mid 2022. This means after 2022, Kenya could raise money from the road's toll fees, enough to begin repaying our loans, especially to the company that funded the construction. Same could apply with the upcoming, BRT project. With the electric buses expected in Kenya by December, the new transport system could help the government raise good money for loan repayments.
There is a luminous future with Kenya's current national projects and only if they are well managed. They could doubtlessly raise enough money to repay our debts. This would also depend on the incoming government after President Uhuru Kenyatta. In other words, we have enough, with two launching next year, that could raise money to repay our debts if well managed. What do you think?
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