UHURU and RUTO are mortgaging Kenya as RAILA ODINGA celebrates and cheers them – They want to go for another Sh 250 billion Eurobond

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Tuesday October 30,2018 - The Jubilee Government is planning to borrow another Sh250 billion from the international market to help seal the budget deficit despite a warning from the International Monetary Fund (IMF) about the country’s high debt.

In an interview with Bloomberg News on Monday, Treasury Principal Secretary, Kamau Thugge, said the country will issue another $2.5 billion (Sh250 billion) Eurobond and raise another $370 million (Sh37 billion) in syndicated loans to help cover the budget shortfall of Sh622 billion.  

News of a third Eurobond issue comes just eight months after the Government raised Sh202 billion via a sovereign bond which was largely used to retire a syndicated loan of Sh101 billion from a consortium of banks last year.

The bond was issued in February in two equal tranches of 10 and 30 years for an annual interest rate of 7.25 per cent and 8.25 per cent respectively. They are expected to mature in 2028 and 2048.

In 2014, Kenya floated the first Eurobond of Sh280 billion in two tranches of five and 10 years. It is expected to pay the first tranche of Sh97.71 billion before the end of June next year.

However, details of how proceeds of the first controversial Eurobond were used remain scanty. 

The Kenyan DAILY POST
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