If it looks, quacks and walks like a duck, it is the lies about Eurobond

What you need to know:

  • The balance of $395.4 million (Sh35 billion) was transferred to the Exchequer account, leaving just under $1 billion (Sh88.5 billion) in the offshore account. How then does the government close the month of June with deposits of Sh140.5 billion Eurobond proceeds?
  • We have recently seen Treasury figures showing that of the Sh35 billion transferred to the Exchequer on July 3, only Sh25 billion is reflected in the FY 2013/14 disbursements to ministries.
  • This account shows the government borrowed Sh201.7 billion in FY 2013/14, net of government deposits of Sh28.4 billion, comprising of Sh9.9 billion in the Central Bank and Sh18.4 billion in commercial banks.

In the aftermath of the infamous “mlolongo” elections of 1988 in which candidates with shorter queues would be declared winners, Mwai Kibaki famously quipped that even rigging required some intelligence.

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