Kenya set to lose Ksh 82B in Eurobond-style runaway theft Raila

The opposition Coalition for Reforms and Democracy (CORD) leader, Raila Odinga, now alleges that the government has borrowed Ksh 82 billion (USD 800 million) from international financial institutions.

Addressing the media at his Karen, Nairobi residence, Odinga said that the Jubilee administration plans to use the monies to settle other loans but indicated that it was just a ploy by the government to steal from unsuspecting Kenyans.

“As we speak, Jubilee is syndicating 800 million dollars to international bank loans not for development but to plug the holes that their looting has created,” claimed Mr Odinga.

Odinga equated this to the controversial Eurobond scam where he said that Kenya lost over Ksh 200 billion through unscrupulous dealings by a few top ranking officers in the Jubilee government.

He said that corruption has cost the country billions of shillings and has led to collapse of the economy.

“Companies are retrenching daily. The stock market is in free fall. The shilling is being propped up by massive Central Bank of Kenya interventions, to the extent of gagging market analysts from making exchange rate forecasts,’ pointed out Odinga.

“Many government suppliers have not been paid for a year or more and are facing financial ruin as banks recall loans they cannot pay.”

Odinga added: “Only the corrupt are thriving in Kenya. Corruption is the only industry doing well. But the administration feels nothing. The entire Cabinet is being rolled out at the expense of tax payers to rally votes for Jubilee in readiness for more plunder.”

The former Prime Minister accuses the jubilee administration of indifference in addressing graft in the country saying that more money will be stolen during this electioneering period.

“Kenyans have waited in vain for action on thefts of the billions of public money, the banking frauds, the apparent money laundering schemesand the penalization of the thieves that have made life so miserable to so many. It is hope against hope. We know nothing will be done.”

“In these final days, Kenyans can only expect that Jubilee will pull more schemes to steal more money. We can only expect more last minute tenders to put more money into the hands of tenderpreneurs who have been supplying us with air these past four years.”

He accused the Executive Office of the president of abetting graft and making it easy for cartels to loot the public coffers.

“We can only expect that Presidency, which is the patron for the corruption cartels and racketeers in and around the government will smoothen the infrastructure for more corruption.”

“We expect the administration to invent more excuses for engaging in corruption in addition to the one the President invented this week-that it is Raila Odinga stopping him from doing what is right.”

The most painful thing, he said, about this Jubilee corruption is the unfairness of it all to future generations.

“It is satanic that as every Kenyan child is born with a debt of Ksh 90,000, the children of the thieves and the racketeers are being born with a fortune of billions of our own stolen money.”

“It is very cynical that the Biblical concept of the year of Jubilee was that there would be a return of property that had been taken away, that people would be set free from slavery and debt.”

He has now called on Kenyans not to give up but “to reflect very seriously as we head to elections on what change you can expect from Jubilee.”

“Kenyans deserve an administration of the people and for the people, that is close to the people’s burdens and problems, that is courageous and unapologetic in defending the rights and the expectations of the people and that is keen be the people’s shield against abuses of power.”

“This one has failed. Let us count our losses and move forward wiser as we prepare for elections.”

He has also challenged President Uhuru Kenyatta to tell Kenyans the status of the country, how ‘he got us there and where he thinks he is taking us’.