Kenya: The Standard Gauge Railway Takes Shape

Step by step,there we go kenya,All we have to do is to thank God,we can see our hard work is not in vain
 
we will do the same thing on the Serengeti and none of u fools should make noises! BTW we have such a bridge already for decades nothing to be excited about

 
NairobiWalker said:
What are you waiting for? Btw have you gotten funding for your budget?
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6.5% deficit on self funding while Kenya is >8%! idiot, better worry about Kenya and not Tanzania

Tanzania seeks to cut donor dependency


Tanzania's Minister for Finance and Economic Affairs, Saada Mkuya Salum, presenting the 2015/2016 budget at the parliament building in Dodoma, Tanzania. PHOTO |EDWIN MJWAHUZI | NATION MEDIA GROUP

IN SUMMARY

  • In recent years, the government has faced serious difficulties in implementing its budgets due to aid unpredictability and donors' failure to honour their pledges in time.


TANZANIA'S TSH22.5 TRILLION ($10.9 billion) budget will largely be financed from local sources and commercial loans as the government strives to reduce dependency on foreign aid.

Tabling the 2015/16 budget in Dodoma on Thursday, Finance Minister Saada Mkuya said donor aid will account for only 10 per cent of this year's financing.

The minister outlined new measures and several fiscal reforms to reduce donor funding to 6.5 per cent, which include signing performance contracts with senior managers of the Tanzania Revenue Authority and local government authorities (LGAs) to promote effective revenue collection.

Ms Mkuya said the government will stop doing business with contractors, suppliers and service providers who do not use electronic fiscal devices.

"The electronic system must be used in issuing receipts for charges, fines, fees and all other payments made to the central government, LGAs and government agencies.

These include payments for court fines, traffic fines, national parks entry fees and licence fees for natural resources harvesting," she said.
Ms Mkuya said Tanzania has the potential and capacity to finance its spending without asking for financial support. In recent years, the government has faced serious difficulties in implementing its budgets due to aid unpredictability and donors' failure to honour their pledges in time.

"Through the application of existing and new measures, the government plans to collect Tsh22.49 trillion ($10.88 billion) in 2015/16. Total grants and concessional loans will be Tsh2.32 trillion ($1.12 billion), equivalent to 10 per cent of the total budget," the minister told parliament.

She said that, to finance the fiscal deficit, the government intends to borrow Tsh6.175 trillion ($2.98 billion) from both domestic and external sources.

The government's fiscal policies and targets for 2015/16 include increasing domestic revenue collections to 14.8 per cent of GDP, and tax revenues to 13.1 per cent of the national output. Government spending is targeted at 20.6 per cent of GDP and the budget deficit, including grants, will be 4.2 per cent of GDP.

Support withheld

During 2014/15, aid accounted for 14.8 per cent of the Tsh19.8 trillion ($9.58 billion) budget, but most of it was not provided as major donors withheld budget support due to governance concerns.

Out of the Tsh2.94 trillion ($1.42 billion) aid promised to the government, budget support amounted to Tsh922.2 billion ($446.3 million), but only 44 per cent had been disbursed by April this year. The head of the Budget Support Development Partners' group, EU ambassador Filiberto Sebregondi, told The EastAfrican that their financing this time will be $300 million.

"Our partnership with the government continues, as reflected in this year's budget. It is a responsible budget because it contains measures to address governance issues and sets realistic revenue targets," Mr Sebregondi said.

Apart from budget support, foreign aid is used to finance development projects, which suffered severely in the current financial year. To avoid that, the government will borrow nearly Tsh3 trillion ($1.45 billion) from local and external sources to implement development projects in 2015/16.

http://www.theeastafrican.co.ke/new...endency/-/2558/2750578/-/3vyi09z/-/index.html
 
NairobiWalker said:
lol, sam999 njoo umpe huyu zu.zu somo.
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[h=1]UPDATE 1-Kenya budget deficit climbs, fuelling financing concerns[/h]Thu Jun 11, 2015 5:38pm GMT
(Updates with minister and analyst comments)
By Edmund Blair and Duncan Miriri
NAIROBI, June 11 (Reuters) - Kenya's finance minister forecast on Thursday a 2015/16 budget deficit of 8.7 percent of gross domestic product, up from the 7.8 percent that had been predicted for 2014/15, fuelling analysts' concerns about the financing burden.

Henry Rotich also said in his budget speech that he was scrapping the 5 percent capital gains tax on share sales, a move welcomed by traders. The tax, imposed in January, had driven down business on the stock market at the start of the year.

In his 2 trillion shilling ($20.6 billion) budget for the financial year starting on July 1 he outlined extra cash for security after a spate of Islamist militant attacks that has hammered tourism and more funds for a new railway.

He said the deficit would be 6.5 percent if he excluded spending on the new Mombasa to Nairobi railway.

In December, the Finance Ministry forecast the 2014/15 deficit would be 7.8 percent of GDP.

"A deficit of 8.7 percent is very worrying," said Razia Khan, Africa economist at Standard Chartered Bank, adding even the 6.5 percent figure was a concern.

"This is especially the case as Kenya is growing rapidly now. And it should ideally be showing lower deficits at this point of an upswing in its economic cycle," Khan said.

Rotich told parliament the economy would grow by 6.5 percent to 7 percent in 2015, continuing that path in the medium term.

He also said he would ensure state borrowing did not crowd out private business, saying the government would rely heavily on external concessional financing and would tap international markets as it did with its 2014 Eurobond.

Referring to the oversubscribed Eurobond, he said: "We intend to continue sourcing these type of funds, including from export credit agencies and syndicated loans."

But analysts said conditions had changed since last year, so the government could find raising funds abroad more costly now.

"I'm not so sure the market is as liquid both domestically and internationally as it was last year when you could put your hand up and everyone was ready to write you a cheque," said trader and analyst Aly Satchu Khan. "That remains a concern."

On the financial markets, the minister proposed scrapping a capital gains tax of 5 percent on share sales and introducing a 0.3 percent withholding tax on the transaction value of the shares. Trading volumes plunged with the capital gains tax.

Willie Njoroge, head of Kenya Association of Stockbrokers and Investment Banks, said the capital gains tax was an "administrative nightmare" but the new tax would be easier.

"This will be very reassuring to investors," he said. "We shall register increased volumes in terms of transactions."

($1 = 97.0500 Kenyan shillings) (Editing by James Macharia/Hugh Lawson)
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UPDATE 1-Kenya budget deficit climbs, fuelling financing concerns | Reuters.com
 
lol........I see how crafty the topic is getting changed. Handling reality is an uphill task for the likes of Geza Ulole
 
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Hii ndio faida ya kua na marais wanaojua wanachofanya..
 
Geza Ulole said:
nothing special kipofu kuona mwanga inakuwa shida as if majirani hawana projects kama hizo about to kick off
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.......about to kick of, will get built, plans underway, we can do it too.....*yawn*.....same old shit just a different day.
 
Kwa kuona chukiza wenzie unapenda kweli ww unaziweka kapuni
 
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