African Dictator & US Ally William Ruto: Huge Protest(Unprecedented) in Kenya #RejectFinanceBill2024

[bnew]

Jonathan (@JonathanMBR@mstdn.social)

Attached: 1 image Currently there is #RejectFinanceBill2024 counter protests in Eldoret, probably mobilised youths, singing war songs. For starters, Eldoret is the hometown of President Ruto.

mstdn.social

 

[Secure Da Bag]

Shout out to the people of Kenya
Unfortunately, I feel that my people are gonna suffer for it though

 

[papa pimp]

Can someone school me on the Tax concerns? Does Kenya tend to squander Tax money? Kenya seems like one of the few Competent African countries right now, so not sure if this is just folks hating on tax, or Kenya having a record of squandering tax dollars. Modern nations need taxes to expand and fund shyt to make the country competitive for the future.

Basically the gist is this:

Both Chinese and commercial lenders have exerted a constraining influence on Kenya’s overall debt management strategy. Fears that a clause in Kenya’s Eurobonds could see any debt relief interpreted as default – potentially triggering a full loan recall – initially prevented Kenya from accessing the G20 Debt Service Suspension Initiative (DSSI) in 2020. When Kenya eventually joined the DSSI, its full impact was limited to the first half of 2021 as China unilaterally refused any extension beyond that date.

With African countries also effectively shut out from international markets under current global conditions, Kenya is reluctantly reverting to costly syndicated loans to supplement inflows from the IMF and World Bank in bridging the 2024 Eurobond gap, while juggling other schemes to address short-term exchange pressures such as an oil credit agreement.

Compounding China’s inflexibility, Kenya’s much-prized market access has managed to be both an obstacle to relief and often inaccessible when needed.

Although the repayment of the SGR loans has been onerous, there should have been far greater concern about the railway’s inflated construction costs and its consistent failure to generate revenue despite government intervention to mandate cargo traffic.

This is a legacy of poor Kenyan decision-making and a planning process driven more by short-term electioneering than strategic need. Chinese lending was one component of a surge in borrowing under the Kenyatta administration which saw Kenya’s debt-to-GDP ratio rise from 42 to 69 per cent between 2013 and 2020.

Controversies over China should not obscure the ways in which the structures of the global financial system and the dynamics of domestic governance interact to drive debt distress.

Fiscal consolidation aimed at addressing the resulting debt pressure and retaining IMF support has been a defining feature of the Ruto administration’s first nine months in office, with the removal of government subsidies on food and fuel now joined by proposed tax increases.

Such measures are proving deeply unpopular with Kenyan citizens already feeling the strain of high inflation and currency depreciation, and many have sought to highlight a disparity with the government’s unwillingness to reduce its own expenditure and wastage – most notably a bloated appointments system.

I'd also add eurobonds are great in times of prosperity for developing nations but poison pills when you have a pandemic, multiple wars, energy prices skyrocketing, a reeling Chinese economy, and the FED raising interest rates.

Kenyatta spent way too much, Ruto is responding by taxing the citizens way too much. Not sure how Kenya gets right without high taxation or austerity without some sort of loan forgiveness. A cycle that plagues Africa.

 

[bnew]

Spoiler: full text

1/11
Cheat sheet for what’s happening in Kenya

1. Kenya is owning billions

2. Kenya decides to raise taxes to cover debt

3. Protesters who are taxpayers say No. The protesters tell their government to “cut spending instead of raising taxes.”

4. Government and taxpayers disagree

5. Taxpayers protest

6. Their government kills them for protesting

2/11
On #3: Kenyan politicians haven’t even spent up to 20% of what Nigerian politicians muffle daily with taxpayers money yet they keep taxing the people. Nigerian politicians are the luckiest criminals in the world for looting without consequences.

3/11
This is a sad story of Africa leaders, they are good at pushing the heavyweight of sacrifice and suffering to their citizens while they live like kings...

4/11
Evil leaders

5/11
Nigeria is not a country or better put “ UNINHABITED BY HUMANS ”

Look at protests over common tax.
Our labor leaders call off protest when bribed and up till today , no one is talking about the 62k Naira. Government officials lives like kings and insults them & NOTHING HAPPENS

6/11
I would say in times of unrest and disagreement, it's important for governments especially in Africa where protests is difficult to control learn to listen to their citizens and seek peaceful resolutions as fast as possible. Violence only deepens wounds and delays progress towards a better future for all.

7/11
I strongly believe that Ruto of Kenya applied the same strategy that Tinubu deployed in Nigeria .

Nigerians in their docile nature, accepted it. Kenyans in their strong humanity spirit, protested.

8/11
IMF recommended the tax bill to its puppets to service loans Kenyas did not see. IMF provided the riot gears & military equipment to mow down protesters in Kenya streets. IMF has never recommended its loans to be used in Kenyan schools, hospitals & order vital institutions. IMF & wild West must leave Africa for good. Mali, Niger & Burkina Faso are in much better position today since they left.

9/11
Kenyans send the poor to have a conversation with the government.... Used to their opulence and $400k SUVs ... And let's just say some slept having eaten the best meals of their lives

10/11
They get elite force to do the shooting.

11/11
No be you be this?


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Spoiler: larger images

 

[that guy]

To be fair, the way you framed ya previous post does come off a way. I would of simply said Africans are fighting European influences as well as African officials who are either puppets or ethnic group biased.

There is no “up” from the United States so it makes no sense for Black Americans to “flee” to a country in worse condition.. which makes their struggles unique

He also framed it as if black Americans weren’t kidnapped and killed for protesting white supremacy which would be a very uninformed thing to say.

 

[Apollo Creed]

Basically the gist is this:



I'd also add eurobonds are great in times of prosperity for developing nations but poison pills when you have a pandemic, multiple wars, energy prices skyrocketing, a reeling Chinese economy, and the FED raising interest rates.

Kenyatta spent way too much, Ruto is responding by taxing the citizens way too much. Not sure how Kenya gets right without high taxation or austerity without some sort of loan forgiveness. A cycle that plagues Africa.

gotcha. I guess because I don't know what Kenyas books look like I don't want to form an opinion based on assumptions. If Kenya looked at their books and trimmed fat and identified ways to eliminate waste and Tax increase was the next step then I can't be mad, because the concept of "over-taxation" can be subjective especially dealing with common folk. But if this is a case of historical mismanagement and just doing shyt for more money to be able to mismanage then yeah that sucks.

 

[Nkrumah Was Right]

Power to the people

He’s buying time due to the advice of his Western backers.

They will force the bill. After all, his government hasn’t rejected the IMF loan

 

[papa pimp]

gotcha. I guess because I don't know what Kenyas books look like I don't want to form an opinion based on assumptions. If Kenya looked at their books and trimmed fat and identified ways to eliminate waste and Tax increase was the next step then I can't be mad, because the concept of "over-taxation" can be subjective especially dealing with common folk. But if this is a case of historical mismanagement and just doing shyt for more money to be able to mismanage then yeah that sucks.

I think its a bit of both and unfortunately I think the citizens are taking an excessive amount of the responsibility economically. Shooting citizens (including children and old people) should never be on the table.

Until African leaders start pricing in "will the money from this loan generate enough money to pay it back quickly", this will keep happening especially since Black folk are essentially shut out of the financial system.

 

[BaggerofTea]

Power to the people

I respect it, he recognized he lost the mandate of the people here and that he needed to go in a different direction.

it wont make up for the young men who lost their lives but its an important for step

 

[BaggerofTea]

He’s buying time due to the advice of his Western backers.

They will force the bill. After all, his government hasn’t rejected the IMF loan

Good point

 

[2Quik4UHoes]

Smh, whole neighborhood a mess. Julius Nyerere doesn’t get enough credit for the nation building work he did in Tanzania.

 

[Nkrumah Was Right]

Smh, whole neighborhood a mess. Julius Nyerere doesn’t get enough credit for the nation building work he did in Tanzania.

He really doesn’t!

 

[Wiseborn]

appropriate.

 

[Wiseborn]

Smh, whole neighborhood a mess. Julius Nyerere doesn’t get enough credit for the nation building work he did in Tanzania.

To this day a night and day difference between TZ and Kenya.

Don't see massive slums all over much poorer Dar

TZ has way more tribes but less tribalism.

Nyerere tried to get TZ and Kenya to be a single country but Kenyatta was adamant about keeping the ridiculous european borders.

shyt could be so simple but Kenyatta made it hard both father and son.

 

[Wiseborn]

I respect it, he recognized he lost the mandate of the people here and that he needed to go in a different direction.

it wont make up for the young men who lost their lives but its an important for step

He had no choice. The people weren't having it shout out to the heroic people of Kenya.