Kenya accounted for Eurobond, says IMF

International Monetary Fund (IMF) First Deputy Managing Director David Lipton (left) and Treasury Cabinet Secretary Henry Rotich addressing journalists at Serena Hotel in Nairobi on May 10,2016. Mr Lipton said Kenya has accounted for the Eurobond money. PHOTO | EVANS HABIL | NATION MEDIA GROUP

What you need to know:

  • IMF first deputy managing director David Lipton said the money was moved to the Central Bank’s accounts and then put at the disposal of the government.

  • Opposition leader Raila Odinga has said a big percentage of the money never reached Kenya.

  • The CBK and the National Treasury have insisted that the money was received and spent on various projects.

Kenya accounted for the $2.8 billion (Sh280 billion) Eurobond money in the same manner that other countries do, the International Monetary Fund said on Tuesday.

IMF first deputy managing director David Lipton said the money was moved to the Central Bank’s accounts and then put at the disposal of the government.

“This is same method used by other countries that raise money in that manner,” he said.

The Eurobond saga has become a matter of controversy with the opposition saying the money was misused by key figures in government.

Opposition leader Raila Odinga has said a big percentage of the money never reached Kenya.

However, the CBK and the National Treasury have insisted that the money was received and spent on various projects.

Controller of Budget Agnes Odhiambo, though initially appearing to give contradictory statements on the Eurobond, has also said that no money was lost.

The auditor-general is investigating the issue.

Treasury CS Henry Rotich yesterday said he had given detailed reports and documents regarding proceeds of the Eurobond and had nothing new to add.

Mr Rotich maintained that no money was lost in the process of moving the Eurobond proceeds, and even invited Mr Odinga to inspect the documents in his office.

Mr Odinga rejected the offer but continued to say some people lined their pockets the proceeds.

Mr Lipton and Mr Rotich spoke to journalists at Serena Hotel, Nairobi.

The IMF official has been in Kenya holding meetings with various government officials since Saturday.

He said he had met with President Uhuru Kenyatta, CBK Governor Patrick Njoroge and top national treasury officials.

Welcome!

You're all set to enjoy unlimited Prime content.