Loan borrowing by the Kenyan government has become a norm, and it seems the already bitter Kenyans have no say.
Again, Kenyan government has raised $2.1 billion Sh210 (billion) in the new Eurobond part of which will be used to refinance the $750 million (Sh75 billion) of the first Euro-bond issued in 2014 which is due on June 24.
This new borrowing will be repaid in two tranches of 7-year and 12-year tenors, in an issue that was oversubscribed 4.5 times stretching further the country’s public debt to at least Sh5.5 trillion.
In the international Debt Capital Markets, this is the third time Kenya has appeared. The first was in June 2014, when it launched the debut bond of Sh200 billion and tapped for a further $750 million, while the second was in February 2018 when a dual-tranche of Sh200 billion was issued.
Kenyans went on social media to express their anger over the continued loan borrowing by the government.
Siku moja tutaamka tupate wameshauza Kenya 🇰🇪
— Mathias (@ndeta_) May 16, 2019
Here are some of the reactions;
No wonder even the Chinese have had enough. They have realized we have lost it
— David Njoroge (@njoroge_dm) May 16, 2019
Broken news, borrowing from John to repay Peter,
— Nahashon Muigai (@jobransupplies) May 16, 2019
Mediocre professionals are running our economy
— mwangi wanjiru (@kriswanjiru) May 16, 2019
I hope they will sell uhuru&moi family property to repay this one
— Wilson Wilson. (@davis_mathers) May 16, 2019
Leteeni wazito .. church harambees won’t fund themselves.. pic.twitter.com/TwPfk8j7db
— 🥶 (@Kin_Kenny) May 16, 2019
Yaani tunaFuliza kulipa Eurobond ingine?😂😂
— Leting (@MrLeting) May 16, 2019
If in less than 30 days, kra officials could steal shs.100 billion, why do they keep borrowing?
— Munanie (@munxie21) May 16, 2019