Warue
JF-Expert Member
- Aug 9, 2012
- 423
- 809
Dear JF netizens,
It’s May 13, 2020, and the Covid-19 struggle is still in its planning stages, the war seems to be in its early stages, yet governments worldwide are unwrapping up back to President Magufuli’s style of work as usual. This is a clear indication that Covid-19 is here to stay, calm decisions might result in a lasting solution. Forced and Controlled mindsets might cause us more harm than good.
Yes, Covid-19 is spreading very fast and has claimed many lives worldwide but does the numbers is Africa guarantees the inconceivable lockdowns to their populations? So far, although “the Bill-gates” projected May to be the month of collecting Covid-19 bodies’ off-the–streets in Africa, the wish seems to be falling apart and the dreamers have started making new dreams to meet their ill motives. I wish to assure them that they will vaccinate all except President Magufuli and me.
All governments are in a struggle. Some dynasties will use the struggle to loot their governments in the name of strategic measures against Covid-19. Yesterday, we saw an online meeting of East Africa leaders which included all but President Magufuli and the outgoing President Nkurunzinza of Burundi.
Well, how could President Magufuli attend a meeting of those who borrowed money from the World Bank? Who knows, maybe they wanted to justify the expenditures of the money they borrowed to please their master. It doesn’t make sense, borrowing more than $7billions for Covid-19 with less than 30 deaths while floods claiming 400 lives has never been an issue in the same country year in year out. The Covid-19 pandemic has shown the zero honesty of the African presidents and their level of self-control.
By the time President Magufuli was calling for African presidents come together and ask the Worldbank to waive some of the debts and monthly repayments, none responded. They went into silent modes knowing that they had applied for the fund. Surely, how could they miss this point? The Tanzanian president was believing in building internal capacity instead of escalating debts at the expense of his people. They are quickly calling for a meeting soon after swelling their pockets. People need to rise up against this crop of leaders else a generation of debt-payers will be with us for the next 100 years.
In an article published yesterday by “Bloomberg” “Kenya’s Risk of Distressed Debt Is Growing (Bloomberg - Are you a robot?), IMF has raised a serious concern about Kenya’s loan status. Here is an excerpt from the article:
- Kenya’s gross public debt increased to about 61.7% of gross domestic product at end-2019, from 50.2% at the end of 2015, the IMF estimates.
- The debt is almost evenly split between external and domestic. While the foreign component is mainly concessional, Kenya has been increasing commercial loans.
- Existing Eurobonds of $6.1 billion accounted for 60% of commercial debt at the end of 2019. The state took on a $250 million 10-year syndicated loan in January 2019 and a nine-year $1.25 billion syndicated loan in the following month for refinancing purposes.
