WANJIGI: Why Defaulting On Debts Could Be The Best Option For Kenya
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- Опубліковано 15 тра 2023
- Guest: Jimi Wanjigi
Hosts: Eric Latiff, Ndu Okoh & Charles Muga ( CT)
Produced by: Ednah Ombaso
Executive Producers: Joe Munene & Tom Japanni
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Being a Finance graduate, I can Listen to Jimmy all day! He really understands the Markets..
Are you a "Finance graduate", or a graduate in Finance? Big difference.
@@benmusa1988 Msc (Finance) Graduate...Sorry I forgot Msc.
As a layperson, I understand him like ABC. Imagine and I will listen again. I wish Ruto government would swallow their pride and hire a team of financial/company experts and take action.
@@liliankimani9524 Exactly...he understands what he is talking about. Plus he has inside information
A finance graduate who just believes a man without looking at the books is not one I would want to do my finances
This man needs a bigger platform to pass this information to all people around the country. People should stop voting along tribal lines and parties and instead vote for people who understand and have a clear vision of how to liberate this country economically. I am a Kenyan living in Europe and I can tell you, Africa is the future. Kenya is the future. But only if we can elect people who know what is happening, people like Jimmy!
¹1
But defaulting on our debts is the most foolish idea.
The debts we are talking about are not from China alone.
We have internal. How is that wisdom from JW?
Running a country needs someone who is an economist and not a politician. A top tier strategist, with a likeminded team to move the country forward. Weee, May God see us thru
Like Kibaki, right?
@@michaelthevisionary yes. That is why he excelled during his reign
Running a country requires one to be a crafty politician and also be a technocrat who understands matters to do with economy. The two are inseparable!
You need a leader who is an economist with strong political outlay. An economist without political background will not carry the people in projecting his political framework of thinking. And a politician lacking a good understanding if economics will make the wrong decisions, even though he may sway the people to follow him to oblivion.
@@Rafaelnk21 Very well stated.
This guy has changed my mind , his last interview mad me start saving money in dollars
Save it in bricks currency
@@Gacheru1416 Which bricks currency? There is no brics currency yet. Perhaps just building BRICKS, Or may be Chinese Yuan. But the point to be noted is that the Kenya shilling is still depreciating very fast in relation to the dollar. So it makes sense to save/keep your earnings in dollars if the alternative is Kenya shillings.
@@georgeodhiambo598then you'll will cry the ksh has devalued yet everyone is buying the dollar. If there is a high demand for dollars the government can't do a miracle to save it.
who else is here for part two....
ofcos
I am here
Me, myself and I 👌🏽
🖐️
I listened to his speech when bet was interviewed on his plans for the country if he becames president and I was like this is the best candidate but Kenyans go by multitude ,look now what's happening to us by voting story tellers
What a guy Jimmy Wanjigi... I wish someone listened
why doesn’t he have the balls to speak this to the govt of the day. ama amewekwa kwa mfuko
Cartel numero uno from The Eating Chiefs class known as Kenya ina wenyewe!
Jimi u need ur own podcast where u speak alone. Nice conversation.
I agree
Jimmy has a sober mind 👏👏He speaks facts
Yes very factual and very stable personality
Very sober mind here
If only the kawaida mwananchi could access and understand the wealth of information this guy has. He deserved the win.
When Jimi was last here he mentioned that Kenyans are paying back a debt they don’t owe. We need to bookmark that chapter because that needs to be revisited!!! Those of Pandora papers, Cayman Islands, Sychelles and elsewhere need to settle this debt even as “we” leave them alone. Even though Kenyans are at 18% taxation (per Uliam’s interview) it doesn’t mean they need to pay a debt they don’t owe. It means Kenyans are actually a rich lot and the country would be on sound footing we’re it not for this debt and if the country is run properly. If taxation reaches 22-25%, Kenyan roads should have no potholes, all homes should be connected to amenities and Kenyans should be enjoying their country as it should be. So let those with guevos get to that “hidden money”…SIMPLE!!!
Exactly. Unthinkable! It's like in a family. You all agree to take a loan of 5m to build or expand a family business. You get the cash. Then, one of your siblings comes up with a clever way to shore away most of that cash. It then becomes your responsibility to run around trying to get the debt paid.....and, not a word is said about the sibling who brazenly stole the family loan cash! Why exactly aren't we talking about the heist? Why?
@@ngurekim6278which media houses are not “connected”? Those should be the ones to educate Kenyans. If the “regular Kenyan mashinani is informed/educated in this, court cases will start and will have good backing.
@@ngurekim6278 The sibling didn't just heist 5m but changed the amount to 25m, heisted it all and now we are up for sale and the guy is quiet 🤐 even sponsoring some riots so that he is protected.
@@silvershsadow2045 Exactly what was/is his end game? Greed just? How does one go to sleep with the knowledge that they've stolen and stashed away trillions in offshore accounts? Why steal from the taxepayers, from dairy farmers and even also divert national loan cash? How much is enough...??😡
@@ngurekim6278 Wanjigi, the Kenyattas, the Mois and all those ex Saints guys in Uhuru's crew made off with tons of taxpayers money during Moi's scandalous regime. Now he's here making like Kenya's Warren Buffet laundering his name talking sh!t. And all the young poorly educated Kenyans are on here singing _vigelegeles_ to the mofu. Pathetic. Channels like this are disingenuous. Why big up the thieves making things worse for us?!?
Fascinating how a person can understand a country's financial troubles and solutions. Yenyewe kuna wananchi na wenyenchi
Jimmy putting up the real opposition!!
Another thing we ignore is devolution. Super expensive to run!
Devolution is just an excuse. The whole of devolved govt take up just over 15% of the national revenue. And it has had a huge positive outcome in the counties some of which were confined to live in stone age by political design or omission. Why is the shilling falling very rapidly against the dollar? In what way has devolution caused that? Loans that were borrowed with wanton abandon and from which some people lined their pockets with billions of shillings were not done at County level. Devolution is a necessary panacea for a country that thinks and acts tribally and therefore regionally.
@@georgeodhiambo598 An excellent point George
No doubt devolved functions work, however was it necessary to have a whole 47 units especially looking at the operating costs associated, and of course some corrupt officials down there.
@@georgeodhiambo598Odhiambo we can still have devolution but do away with the excess fats as Jimmy said. Remember we are a small territory like some states in the USA which are run by one governor and subdivided into municipal counties. In Kenya we need exactly that, municipal counties, with exclusion of irrelevant posts like MPs, Women reps, Senators, name the rest, we only need MCAs for grassroot representation, and have a master oversight body. If u think big, the old provincial administration was a fair game, we only needed restructured oversight and income sharing. Why borrow to spend on salary honestly, borrowing is for development!!!!!!
The very system the writers of the constitution were looking for is that of the USA. And there they have two forms of government Federal and State. The states are self governing and have their own taxes and schools/ colleges State police state judicial systems but all under federal rule. They generate their own revenue and don't wait for a safe of national revenue. There's no reason why there should be revenue sharing countries should be self reliant and only rely on the national government for security/judiciary/ roads and all mega projects for development. Devolve everything else.
The trajectory that Kenya is heading into is shocking, and primarily due to those at the top who are tasked with managing the country's resources. It is such a pity!!!
Its not as easy as it sounds on paper. The people involved have too much power and the processes and inquiries set to tackle the problem take too much time to solve the problem of when by that point money stolen has already changed hands and substantial payoffs have already been made to those tackling those same issues. They have infiltrated every level of government not mentioning also the judiciary.
Mambo bado. They are now eyeing the energy sector. Kenya is finished - its only a matter of time.
@@neshmugambi8752 actually the solutions for kenya are fairly straightforward if it was only about economics. But since it is politicians who run a country, things do get complicated.
@@enterpreneur9738weee we need the taps closed before they get to it!!! Kwani how rich do the rich want to get? We just want decent housing, security and free education. Is that too much to ask?
@@Kittygacha_playz One cannot be better if the other is not streamlined. I get what you are saying. There needs to be a solution that will be long lasting. I get really angry whenever I think about our politicians who are also the elite and wealthy ruling class
Jimmy is very good at explaining to the layman
correct
It’s like he’s balancing my own house hold bills.
Surely does it mean someone is just feeling okay at the top!!!
I have never felt so sick ,this jimmy conversation gives me chills down my system 😢😢😢😢
Same 😢😢
Thank you Jimmy for this candid talk,I watched all this interview with my heart beating so so hard.
Many thanks to Jimi Wanjigi has educated us of Govt Fiscal matters and not fall for Kenya Kwanza lies... Even they way the World Economic Bodies view our credit worthiness
Which lies??? Uhuru failed us.
production production production,,,,,,,reminds me of my campus days on production economics,,,,,,jimmy is a good lecturer
Listening to this just makes me afraid of being in Kenya
Jimmy, you need to be my mentor. I'm wowed by you're a genius.
Why are we talking about default when we've already established it's an odious debt? Those who took the debt be held personally responsible for the repayment
Exactly
If you get a loan and secure it with a title deed, then you get your own problems out there do you think the bank will care or take the title deed? It’s a bitter pill to swallow but by the time they get at the hidden money, we’ll already be in the deepest hole. Its better to avoid that hole at all costs then go after the money. 3 years of bankruptcy for Kenya will be better than going the Ghana route. Navigating the tax havens will be an ordeal all by itself.
@@Lukethelion67 what title was used to secure the loans?
@@samogeto our bodies as taxmen n women
The problem is, some of those who participated in taking taking the debt are still in government. Hawawezi kubali maneno ya personal responsibility.
WOW , LISTENING TO Jimmy spitting wisdom, bring him again please.
kindly akuje na anti-depressant and painkillers.
I remember having this conversation with Jimmy early last year. So he listened
With the dollar rising every week, it's a zero sum game. We need to change from income tax to value added tax to be able to collect more revenue.The number of employees is reducing. Everyone is a consumer whether they are employed or unemployed.
It's so crazy how fast the USD is rising 😲
Unfortunately it doesn’t work that way. If you increase the VAT too much then an underground economy starts to grow. Transactions take place outside the scope of an ETR machine and you end up losing all taxable revenue from that transaction. A work around would be to tax inventories and increase excise taxes. But VAT is not the solution.
@@jaywhoisit4863 The same goes for income tax. Many employers do not remit Pay As You Earn and Many Businesses cook their books to Avoid paying Income Tax. It will be easier to follow sales through Audits of company transactions
@@charlespablo1414 there is a reason why not a single country on the earth does it that way! It doesn’t work! Unless you can physically control inventory and have a real-time audit system, then taxing actual sales is a recipe for losing all your tax revenue and not just sales tax.
@@jaywhoisit4863 You are assuming all countries tax their citizens. Just because it has not been done doesn't mean it can't work. You have a narrow perspective.
Jimi should be serving in the public service advising on matters economic!
KK will not stand such an honest man to tell them the truth.. They are allergic to this truth coming out in the air..
@@roselinealuora6400 people like Jimmy are a threat to the political establishment class who do not genuinely earn their money rather, they steal from the national coffers within the comfort of the offices they have been entrusted to hold. So they can't have person like Jimmy in government because he will bankrupt all the thugs therein
Unfortunately thugs and conmen are occupying the seats😢
Jimmy is a very smart businessman. He is a great arator and a master planner
People wowing at facts that riggy g told you day 1 on inauguration, " tighten your seat belts , we are fucked up"
Jimi should be the the CS of finance in Kenya
He should be president
Thank you Jimmy. Your speech has helped me to understand we are in hot water, i hope this government can listen to you. God help us.
Kenya has been mismanaged to a point where only the rich can survive...the rest of us may GOD remember us.
And we can kick them out and drain the swamp yet we raise our hands in defeat. No wonder citizens are opting to go and meet Jesus
Sure
This is where Jimmy is reminding you that YOU are the sovereign and YOU can do something. Nag your MCA to nag the MP to nag the Senator to ask questions in senate and parliament. If you and your neighbor do it, you’ll be heard.
Jimmy for President. I will vote him even if he is not on the ballot in 2027! Trust me!
Is it high time for our Parliamentarians to put a law to hold into account the people who put us (Kenya) into this debt crisis ie. people from Treasury, CBK, those who signed those agreements during borrowing and their cronies. That would be only the solution.
Half of the debt is owed to Kenyans. Kenyans in pension funds. Kenyan companies who invested in kenya. Kenyan savers in saccos. Kenyan bank credit spreads. The list goes on. If you default then the country collapses. No more banks, pensions, corporate savings, health funds, saccos, insurance companies!! Complete economic destruction.
When you fail to hold your leaders accountable, especially due to tribal politics, this is what you get and deserve.
@@upstar21t corruption is absolutely part of the bigger picture. Ruto seems to be aiming his guns on that area as well. If he can increase the tax base, remove subsidies, and cut graft, then I honestly believe we have a fighting chance of being a developed economy in 15 years.
It is public debt that is under discussion. Not private debt as you have listed
@@georgeodhiambo598 he specifically mentions defaulting on domestic debt. That is exactly what we are talking about. 50 percent of Kenya’s public debt is internal. Who do you think the primary lenders of domestic debt are? It’s you the citizen through your pension fund, Sacco and commercial bank!! Say goodbye to all those if idiots like this Jimi get their way.
@@georgeodhiambo598 and where do you think local debt that government floats as bonds and treasuries come from ?
we should have voted in this man to be our president.
True.
I can't comment except that Kenyans should actually dwell on where the money that was borrowed is. As you have well said Jimi, the money never went to the projects.
So where is it? Get it and save us from this mess for heaven's sake.
By removing subsidies funded by loans you dont save anything [ you dont save money you dont have / you were to borrow]
You've got to love when Jimmy is on the show
I wish we voted for this man.
If only wishes were 🐴
The last time he was in this studio he said that a default will mean each Kenyan forfeiting 30% of their savings
This spine chilling statement should worry us. You just never know when the government will strike!
I have never listened (with an open mind) to Jimmy before. This guy is visionary but politics has blinded us all along. Leaders must know what they're doing and this guy is definitely one.
A very informative discussion indeed, Jimi. I don't think that there would be any problem with "restructuring" under "Chapter 11", as it is often called. Corporations do it all the time, under the bankruptcy laws and survive, instead of filing for "Chapter 7" and are "liquidated." However, Kenya cannot be "liquidated," of course, but can instead get that "breathing room" you have mentioned, increasing production and in turn boosting her revenue. Uganda and Ethiopia are now reaping over US$1.00 billion a year from their raw coffee bean exports, so can Kenya. Ghana having done some "restructuring," has a very high inflation rate, but it is not going to last forever, once it has put her house in order. If Ghana can do it, so can Kenya.
A smart leader will take in jimmy to save the situation with no regrets
Thank you Jimmy... Very informative!!
Thus spoke Zarathustra, aka JiWa!
This is the very man in whose own house the UhuRuto Error was born. He was the doula aka "midwife" of the evil child called Jubilee who died on the alter of The Handshake in 2018. On the 4th year of his death, the child resurrected and renamed Kenya Kwanza. The midwife who birthed the evil child is now is suffering from buyer's remorse. Cry Not, Beloved Kenyans, for JiWa. He is a prince from the ruling class of The Eating Chiefs alias Kenya ina wenyewe. In any case; Jimmy knows zimwi likujuwalo, halikuli likakuisha!
Well said
Jimmie is a well informed analyst.
But there is no Jeremiah 1:28,
I went checking
You're such brilliant guy,,,I love your understanding on economics
Distress and thinning like all of us..Jimmy wanjigi(2023)
100 Shillings per kilo for coffee?
Basic, finished coffee products in Australia retail for between 2000 and 5000 Shillings per kilo...upwards for so called "premium" products.
_Wrench control_ of this resource from the global buyers and you'll crush debt!
Wow just wow..wuehh!!
Addition to the key things IMF seeks to correct: 1) Debt to GDP ratio. For Eurozone the requirement is
Jimmy is well informed.
This numbers really point out a different perspective n the reality of how things are
I don’t think anyone is ready for the effects
The ailing economy of Kenya needs Dr. Jimmy.
I’m not an economist but something in my head is telling me we are in between a hard surface and a rock..I do understand about stock abit it seems the stocks are becoming valueless like a melting ice cream the cookie is crumbling 😢
The local and international private sector is showing little faith in our economy. Stocks, government bonds, credit rating, wahhhh
As a Finance student i oppose debt default option because it has a far fetching consequences in the world market considering the international lenders won't be ready to take risk anymore and this will definitely ruin our financial reputation, chase away international investors and I'm sure we can't survive on our own.It's like being diagnosed with stage one cancer ignoring it because it's on it's early stages later to come and die at the end of the day just due to ignorance.It's a rule of nature for those who face their problems timely and head on to survive rather than postponement.This would ruin everything in all spheres of our economy.
Jimmy is a politician who will invoke politics depending on where his heart is, the matter of debts should be discussed by economists and accountants who are neutral in politics. Otherwise telling the country to default is asking the country to commit economic suicide.
Brother do we have a way out ?
precisely
Not really. Even the US is talking about defaulting. Iceland defaulted after the 2007 crash till they were in a position to pay. It isnt economical suicide
Give facts figures and timeframe Jimi. We are already placing hopes in your advice. Joseph dream interpretation would have been USELESS had he not given a SOLUTION.
Yeah....budget cuts,blood tax etc
Thanks jimmy
This conversation gives me chills
Thanks for the highlights
Bring Jimmy back- we need to finish the Novel
No country has succeeded in production w/o first addressing the ‘’cost of energy’’ and having reliable energy (nuclear power plants)
We should petition for Mr. Jimi to be CS National Treasury
kenyans we cannot achieve nothing... we are jokers
CS But Strings Are Being Pulled Everywhere At The End He Will Be Usesless
Jimmy should be the finance minister! The people who borrowed should pay not us
Why didn't William Ruto hire jimmy to be his economic advisor or include him in his economic advisory council. I don't think even David NDIl understands the Kenyan economy the way jimmy does.
Agricultural production, small farmers and large scale farmers, efficiently done.
Jimmy needs to be on national television to talk on this,i now know the problems of this country
Jimmi is so informed. Refreshing as hell.
May ask for someone ready to take a house on mortgage is timing right now please advise.
For Kenya and Kenyans!
I have learnt a lot
Jimi for president!
Insightful...
The centre cannot hold, things fall apart
Kenyans needs to vote Hon Jimmy for president
🤣🤣🤣 on CT's remarks on International auctioneers. But seriously, if such thing was to happen, the same people who looted the Government will actually come back, through proxies, as International auctioneers to wipe out the remaining coins.
Great analysis . Kenyans now know what's happening
He is a very intelligent man.
Kenyans ought to put down their political mouths down and open their ears to this . Its about to go down........houston
I am a keen follower of your program,for us to go Jimmy's way ,we first must address our politics a keen to the BBI way so that we don't have social upheavals like what Pakistan is experiencing now
Part 3 please.. Production!
Thanks Jimmy 😮😮😮
Jimmy, I thought that you can a close alias to Ruto, why won't give him a call and sit on a round table for such discussions.?? During campaigns you did back him 🤔
Is Wanjige preparing us for a default?
Wallahi gachietha cannot understand a thing. The holder of phd in botany will ignore all this..hii economy imeenda
this ...Jimmy guy is brilliant....💙💙
He is not. He is a fool. Do you understand the meaning of a recession? Obama took over the US presidency during a recession. Was it his fault? Blame Kenyatta for the recession in Kenya, he had been president for the past two terms. Just like Obama, Ruto is trying to fix the problems, and that will take some time.
How do we know what Jimmy is telling us is true or has some lies? Why not panellist this programme with another expert to check on Jimmy?
You are obviously a UDA cult follower
Hii kizungu ni mingi.. switch to Swahili please. Or mix kidogo.
And yet HE AVOIDED THE ISSUE OF HOW KENYA GOT TO THIS POINT! Unless you learn from the past you are bound to repeat the same mistakes!!!! Accountability in government. 30 years from now we will still default a second time
Jimmy wanjigi for president
Haki yetu is we default like Ghana and reschedule payments from 2030
Jimmy should be a lecturer!
So many words to explain " debt restructuring"
It's ALARMING that the situations' actually worse than the early 90s.
i think jimi doesn’t understand the consequences that comes with debt defaults….shillings loosing its value means no creditor will accept payments in our depreciated currency and even worse it will be even more harder to negotiate payments…not everything is black and white imf can brush off the negotiations and we will be heading the venezuella way…ghana isnt world debt fomular
Jimi Wanjigi has vision
Where were you last year
Jimmy should be the president or atleast the finance CS
When is Jimmy coming back..
Jimmy wanjigi is wise guy ,any way am not good economist ,but i feel our government is not getting the right advice on this matter, unless,we provide a prudent solutions