Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Kenyan opposition says any new Eurobond could become 'odious debt'

17 October 2016, 17:00

Nairobi - Kenya's main opposition leader Raila Odinga said any new Eurobond issue by Kenya could be classified as "odious debt", saying the government had failed to account fully for the use of funds raised in a previous issue.

Odious debt is a term used for cash borrowed by nations and subsequently not used in beneficial projects.

The government has not said it will issue a new Eurobond after raising $2 billion in 2014, but it has said it was considering a second international debt issue and has not ruled out the Eurobond route.

Odinga, who is set to challenge President Uhuru Kenyatta in an election next August, made his comments about any fresh debt issue in a statement on Sunday, after accusing the government of failure to account for $2 billion borrowed in its debut bond.

The government denied this. When Odinga made accusations of poor accounting last year, officials released what they said were details of the fund-raising and allocations to departments.

The Treasury said in June it would borrow 150 billion shillings ($1.48 billion) from external commercial sources in the fiscal year ending next June, to partly plug a 691 billion shillings hole in the budget.

Treasury did not respond immediately to a request for comment on plans for a new issue and Odinga's comments.

On Friday, S&P raised Kenya's outlook to stable from negative, saying strong growth would offset other risks like the fiscal and external deficits.

S&P has assigned the East African nation a rating of B+.

- Reuters


Read more from our Users

Submitted by
S Mbinya
Natural aphrodisiacs to boost lib...

It is advisable to take them before sex in order to achieve maximum benefit. Read more...

Submitted by
Jayne Zack
Raila has lost his remaining bull...

He added that Jubilee and Cord are like day and night. Read more...

Submitted by
Ben Wangui
Mudavadi of no value to CORD, say...

Leader of Majority in National Assembly, Adan Duale has said that ANC leader Musalia Mudavadi is of no value to CORD. Read more...

Submitted by
George Vodongo
Peter Kenneth will not run for Pr...

He clarified that he will not run for Presidency in 2017 as he supports Uhuru Kenyatta’s re-election bid. Read more...

Submitted by
Ben Wangui
Exams should not have political g...

He also said that school properties must not ‘carry any political portraits’. Read more...

Submitted by
S Mbinya
Matatu crew drugs female passenge...

Hours after the story was circulated on social media Sunday, the crew was traced at Dagoretti and arrested. Read more...