Kenyans Likely to Lose Billions Through Euro Bond Saga

Kenyans might never know the truth about the whereabouts of the Eurobond billions as politicians turn it into a political showdown.

The mystery surrounding the Eurobond saga has now taken a political angle and those involved are using the situation to cover-up the truth as the two political rivals, Jubilee and CORD take on each other.

There has been allegations that out of more than 250 billion shillings borrowed from the Eurobond, 140 billion cannot be accounted for, allegation that the National Treasury has refuted.

The saga has now been turned into a political showdown between the ruling party Jubilee and the opposition Coalition for Reforms and Democracy.

The opposition is blaming the government, through the National Treasury, for cooking up figures concerning the Eurobond billions in an effort to cheat the public. The government on the other hand has come up guns blazing terming CORD’s allegations as political innuendos that are baseless and with no evidence at all.

Economic analysts have projected that Kenyans are likely to lose billions of money if the Eurobond issue will be politicized as it is at the moment.

According to the analysts, the parties involved are likely to channel efforts in trying to prove each other wrong and in the process avoid to address the real issue.

Just last week, the Ethics and Anti-Corruption Commission tried to serve the leader of the opposition, Raila Odinga, with summoning papers.

The commission wanted Raila to appear before its commissioners in an effort to try and shed light in the spending of the Eurobond billions. Raila has since maintained that he will not appear before the commission.

During the Jamhuri Day celebrations, President Uhuru Kenyatta and his deputy tactfully avoided the whole issue and instead directed their guns towards the opposition blaming it for spreading propaganda concerning the Eurobond.

Many quarters feel that by compelling the CORD leader, Raila Odinga, to appear before the commission is a case of shooting down the messenger.

Kenya borrowed 280 billion from the Eurobond in an attempt to invest into the infrastructure in the country. Out of the cash, more than 50 billion shillings were used to offset a debt that Kenya owed while the remaining cash, cannot exactly be accounted for.

Article by Juma Fred.