By Jcob Juma
Sh140 billion Eurobond theft accomplices. These three will be charged for breaching article 206(1)(a) and theft of this loan however long it will take. Crime has no time limitation neither can EACC cover it up!
Treasury yesterday tweeted that domestic interest payment totaled sh139.6 billion up from sh119 billion the previous financial year. The increase in interest rate expense confirms that the gov’t borrowed more money from the domestic market yet they have been denying.
The increase in interest rate expense by sh20 billion also confirms that rate and volume of domestic borrowing increased from sh201b in the financial year 2013/14 to sh251b in 2014/15 FY as per the Quarterly and Economic Review Reports (QEBR). Is National Treasury saying that we borrowed less from domestic markets because of EUROBOND but international costs went up? How?
Domestic debt should be NET. Net of redemptions and rollovers. How can domestic debt and interest rates both go down because of Eurobond but interest expense go up? So how has the EUROBOND helped? I thought if h141b of the sh251b domestic financing was Eurobond, domestic debt was only sh110b? Strange!!! See the tweet from Treasury yesterday.