Wednesday, April 3, 2024 – President William Ruto’s Economic Adviser has moved to address the controversy surrounding Ksh631 billion loans that the president took.
Taking to his X account, Ndii
issued a breakdown of how Ruto spent the money secured from investors and
the World Bank in the last three months.
Ndii was compelled to clarify
the issue following allegations that the government secured Ksh631 billion in
loans over the last three months.
The head of state was put on the
spot for securing Ksh233 billion through the Eurobond and securing another
Ksh240 billion through issuing Infrastructure Bonds.
Kenyans on social media were
concerned with the reliance on debt to finance budgetary requirements, a
deviation from the campaign message presented by the ruling government.
Concerns were also raised
following the government's move to borrow Ksh158 billion from the World Bank -
an amount due for disbursement by April 30.
However, according to Ndii,
Ksh230 billion received through the issuance of the new Eurobond went into
buying back part of the Ksh310 billion Eurobond maturing in June.
In February this year, the
government secured the Ksh230 billion funds which went directly into repaying
the 2014 loan, with Kenya now left with the task of repaying the remaining
Ksh80 billion to complete the repayment.
Ksh65 billion was used in
repaying part of the loan that was secured to help in the construction of the
Standard Guage Railways (SGR) with another Ksh65 billion pending repayment in
July this year.
Ruto's economic advisor further
claimed the remaining amount was used to retire the Ksh70 billion infrastructure
bond issued by the government to fund infrastructure projects in the country.
The Kenyan DAILY POST
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