As a third world country we all know that even though we had attained Political Independence some time ago, it goes without saying that as a Nation its difficult to be economically independent I.e; we cannot build and establish a strong economy by ourselves, one that will sustain the People’s needs and still keep the Country going in terms of developmental progress.
what we need and what has been done over the years is establishment of good Bilateral relations with our neighbor countries and even furthered diplomatic ties with overseas country’s, and International Financial Bodies.
This healthy International relations have contributed hugely to us being seen in the Continental map for the Countries with the largest economies in Africa as we currently seat third behind South Africa and Nigeria.
With establishment of Free trade areas among different countries, the policy has come in as a huge consolation to different People in Business, with it allowing Business activities to be carried out among citizens from different walks of life without charge, relieving them from the burden of having to pay taxes, thus enabling this indivuduals to earn a living that sustains them, with Cultural interactions and Tourism being on the rise, we’ve also seen the tourism sector bring in a lot of revenue as a result this coming in terms of Tour charges, accommodations and even sell of artworks to foreigners.
From this harmonious bonds, the country has earned trust from Financially strong States and empowered institutions, who have showed their trust and concern for us through Loan grants offered to the National governments, advances which would enable them finance development Projects and even respond to emergencies that may often hit any developing Country, the benefits and fruits of this loans become clear for everyone to see only if they go into the hands of Capable and competent individuals, People who will use the money for what it was purposed for and not to satisfy their selfish needs.
This Loans are usually expected to be settled after a given period and when they are used in the proper manner, the General Public will always stay calm knowing the taxes they pay to service the Country’s debt would not be in vain, as this projects for which the loans are being paid for are of much more benefit to the Society once Completed.
The opposite happens when these allocations get Misused by Greedy and corrupt Individuals, that is when we’ll have an outcry by the Public demanding transparency and accountability from those involved in the handling of the National debt, this goes without questioning if Citizens would be doing the right thing, this is because at the end they will be the ones whom high taxes would be imposed once Government starts trying to service the growing National debt.
Since His Excellency The Right Honourable Mwai kibaki retired as President of Kenya in 2013 Leaving the National debt at around 738 billion the amount has now rose at an alarming rate under President Uhuru Kenyattas administration and currently lies at 7.06 trillion shillings.
The amount is expected to rise even much higher with word having it that the International Monetary Fund’s Board have approved yet another Loan grant that stands at around 2.34 billion shillings to Kenya, a Loan that the kenyan authorities through Treasury Cabinet secretary Ukur Yatany claim would be used in Covid19 response and vaccine rollout.
This news have not been met well by many angry Kenyans, a number of them showing their concerns in almost all social media platforms where they would protest against the advance, some have even gone to the extent of signing a petition to the institution claiming that the funds will end up being lost in individuals pockets through corruption, leaving them to service a loan that would be unaccounted for and one that would be sinking them deeper into poverty.
Images via twitter