Show us Eurobond-funded projects, CORD tells govt

Show us Eurobond-funded projects, CORD tells govt

The Coalition for Reforms and Democracy (CORD) has told the government to show evidence of projects that have been funded by the Eurobond proceeds.

In a statement to media houses on Sunday, the opposition faulted the government for alleged intimidation of its members over its demands for accountability of the Sh140 billion from the proceeds.

“We have noted with concern personal attacks and threats by senior members of the Jubilee Administration in response to our demand for accountability over the use of proceeds of the Eurobond debt procured in June 2014,” read the statement in part.

“Kenyans recall the president ordering payment of a dubious judgment debt obtained by Anglo Leasing ghosts in a foreign court so that this borrowing can proceed.”

The statement signed by CORD principals Raila Odinga and Kalonzo Musyoka, and Siaya Senator James Orengo expressed doubts over the government’s expenditure of the proceeds, noting that as the opposition, they are mandated to hold the government to account.

“The government claims the Eurobond debt financed development projects to the tune of Ksh197 billion yet we have not seen national development projects of this magnitude underway, other than those that we know are financed by other sources.”

“The government has failed to produce a list of projects financed by this money. We have been in government and we know that this information exists, so why is it not showing Kenyans the projects funded by Eurobond money?” they posed.

Making reference to National Treasury CS Henry Rotich’s latest request to ministries to compile projects funded by the Eurobond proceeds, CORD said it is evident that the government has no proof of how the money was used.

“The government is now accusing those asking questions of economic sabotage because the value of the bonds it sold to foreign investors has fallen.”

“The value of the bonds has fallen because the government is unable to provide credible answers to questions that are as much of interest to investors as they are to us, not because questions have been asked.”

They said misuse of borrowed money is detrimental to the economy since the country may default, leading to mistrust from serious investors.

CORD pointed out that the Ministry of Devolution and Planning, which has been embroiled in allegations of fraudulent transactions and the loss of Sh791 million, was allocated Sh45 billion of the Eurobond money, which is the second highest allocation.

“Indeed over 70 percent of the Eurobond money was disbursed to ministries whose cabinet secretaries have been dismissed because of corruption. The people asking questions are not the saboteurs of the economy. The corrupt, incompetent Jubilee Government is the sole saboteur of the economy.”

“Three weeks ago, we urged the president to personally take charge of this matter so that it can be cleared up, lest it damages the country’s financial standing.  He has not done so.”

CORD further accused the government for resorting to intimidate the media and its critics who demand answers to pressing questions of public interest.

“The government is resorting to the cowardly repressive tactics of the past to intimidate the people and the media doing their patriotic and professional duty of demanding answers from the government.

CORD added: “We are not intimidated, and we shall not be cowed. We don’t get scared easily.”

“Mr President, spare us the rhetoric. Spare the country your anger. Answer the questions. Show us the projects your government funded with Eurobond money. Prove to Kenyans that we are wrong by showing the projects.”

The statement comes a day after President Kenyatta and his deputy William Ruto hit out at the opposition for allegedly instituting economy sabotage by making unfounded allegations over the Eurobond issue.

President Kenyatta further told off the media over apparent misreporting saying they should not broadcast information made by political leaders unless they have facts.

CORD leader Raila Odinga has in the past weeks been on the forefront in calling on the government to accountable for Sh140 billion Eurobond proceeds, which he says is “missing”.

Raila was last week summoned to the Ethics and Anti-Corruption Commission regarding his utterances but failed to show up.

EACC has warned that should Raila fail to show up on Monday, he will be prosecuted for obstruction of justice.

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