Auditor General Revives Eurobond Saga-Successfully

    By Nita Karume,
    January 27, 2018,
    The Attorney General Edward Ouko has said that the receipts and spending are yet to be established. According to a report on the National Exchequer Account, Mr. Ouko revealed that investigations into the same in terms of issuing, accounting, and utilization of funds are still ongoing as of June last year.
    Furthermore, as if the new Uhuru Cabinet has not added Ksh. 1Bn to the common taxpayer, apparently the government will next month conduct a roadshow targeting investors from both the US and Europe to market the planned US $1.5Bn Eurobond. Yes we Kenyans and our debts, It also remains unclear what the Eurobond is supposed to achieve.
    For those to whom it is yet to be clarified, a Eurobond is an international bond issued outside the country in whose currency its value is stated. A bond is a debt investment, that’s the important bit. So basically the investor loans money to the Kenyan government, which has borrowed the amount, in this case, the Ksh. 225Bn- at, fixed interest rates.
    Generally, the more the government borrows the more taxes we have to pay in order to balance the cheques- or attempt to. So far, all there is an additional tax margin year in year out.

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