Eurobond billions: Curious incident of a dog in the night-time

National Treasury Cabinet Secretary Henry Rotich reads his speech during the official opening of public hearings for the financial year 2016/17, on November 18, 2015 at the Kenya Institute of Curriculum Development. The Treasury reports that budget absorption last financial year was rather slow, on both recurrent and development accounts. PHOTO | DIANA NGILA | NATION MEDIA GROUP

What you need to know:

  • We were told that if the judgement debt was not settled, the bond issue would fail, and economic chaos would follow. The President ordered the settlement.
  • And ours was, and still is the single largest issue by a sub-Saharan African country, excluding South Africa.
  • From the proceeds, the government settled a $600 million (Sh53 billion) debt it had borrowed from commercial banks in 2011, leaving $2.15 billion (Sh197 billion) to spend.
  • Cabinet Secretary Henry Rotich recently presented figures to Parliament showing that the entire Sh197 billion was all allocated to ministries for infrastructure projects.

“Is there any other point to which you would wish to draw my attention?”


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