Wednesday, February 7, 2024 - A Saudi Arabia-based economist has exposed how President William Ruto's government is repeating the mistake made by the Jubilee administration, which weakened the Kenyan Shilling.
In a
social media post on Wednesday, Saudi Arabia-based Kenya economist, Mohamed
Welihye, said the clueless Kenya Kwanza Alliance technocrats are hiring Chinese firms to build infrastructure in Kenya, oblivious to the monetary
consequences.
Then, the Chinese bank funds the Chinese firm to construct a project in Kenya.
Using
Chinese money, the company buys materials in China and then ships them to Kenya to
begin the construction.
Mohamed,
who is a monetary advisor to the Kingdom Bank in Saudi Arabia, said that in the end, no money arrives in Kenya yet Kenyan taxpayers are required to pay the loan to the Chinese in U.S. dollars.
He said
that is why many Kenyans see huge infrastructural growth but no ‘Pesa Mfukoni’’
“We never learn. KK admin copying bad habits of Jubilee admin.
"A Chinese bank finances a Chinese company to build stuff in Kenya.
"Chinese bank pays Chinese contractor in China.
"Money never arrives in Kenya. Chinese contractor imports materials from China &
dents our currency, “Mohamed wrote on X
“And then people ask why is the economy growing but we don’t see that translate into pesa mfukoni.
"Then we use our domestic revenues to pay the dollar debt and hit our currency.
"Loss at every level And if only Chinese contractors are allowed to
apply, why advertise in Kenya?” Mohamed added.
The Kenyan DAILY POST.
-overlay.jpg)
0 Comments