{UAH} Edmund/Pojim/Pojim: Standard Digital News - Provide answers to Eurobond questions

http://www.standardmedia.co.ke/m/?articleID=2000184798&story_title=provide-answers-to-eurobond-questions

Standard Digital News - Provide answers to Eurobond questions

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Provide answers to Eurobond questions

By The Standard

Updated Tuesday, December 8th 2015 at 10:36 GMT +3

Pertinent questions have been raised on how money realised from the sale of the Eurobond was used. But instead of the Government responding to the concerns objectively and dispensing with the matter speedily, leaders from both sides of the political divide have chosen to engage in public spats that do not answer the questions raised.

It might be early to conclusively say that the money was irregularly used as claimed by the Opposition, which seeks to know the whereabouts of Sh140 billion raised from the Eurobond. Yet the manner in which the Government has chosen to respond to the matter only attracts more curiosity from the public. While Deputy President William Ruto says not a single cent of the money has been misappropriated, Treasury Cabinet Secretary Henry Rotich appeared before the Ethics and Anti-Corruption Commission (EACC) to shed light on the matter, especially after figures released by the Treasury in the 2013-2014 financial year and the actual breakdown showed some discrepancies.

Ministries that received proceeds of the Eurobond are expected to give a full account of their expenditure within the next three weeks, according to Rotich who seeks to allay fears the money might have been lost.

It is interesting that EACC chief executive officer has publicly stated the anti-graft body has been investigating the Eurobond for a year. What prompted those investigations in the first place? Does this lend credence to the Opposition's claim that part of the money might have been misappropriated?

Is there a possibility that contrary to regulations, money from the Eurobond sale was used for recurrent expenditure rather than development expenditure? The Government needs to come clean on this to save the country from prolonged excitement as some politicians whose understanding of the Eurobond is as limited as that of ordinary citizens muddy the waters more, purely for political mileage as opposed to giving plausible answers.

Standard Digital News - Provide answers to Eurobond questions

http://www.standardmedia.co.ke/m/?articleID=2000184798&story_title=provide-answers-to-eurobond-questions

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