How are we as a tax payers expected to repay money that was stolen and ended up in someone’s pocket? Wont pay, cant pay. Mwizi alipe.
Quote:
[SIZE=6]Kenya defaults on Sh19.6bn Arror, Kimwarer dams loan[/SIZE]
Kenya defaulted on the Sh19.6 billion loan for the controversial Arror and Kimwarer dams having failed to make instalment payments to Italian Bank Intesa San Paolo in May.
Treasury documents tabled in Parliament show Kenya was to pay the first instalment for the Sh11 billion lent to the Arror dam on May 18 and initial repayment of the Sh8.63 billion Kimwarer loan on May 9.
The Italian bank says that Kenya has failed to make the payment amid investigations into the billions of shillings that were shared in foreign banks and never wired to Kenya government accounts.
“No payments have been made” a representative of the Italian bank who did not wish to be named said in an email response to the Business Daily queries. Records before Parliament show the Treasury is yet to make payments for loans linked to the two dams.
“Loan of Eur 258,688,881.72 (Sh33bilion) repayable in semiannual instalments commencing 9th May 2021 and ending on 9th November, 2035,” said the Treasury disclosures in reference to the Kimwarer dam debt.
On the Arror dam debt, the Treasury documents said: “Loan of Eur 319,620,697.07 (Sh40.8 billion) repayable in semiannual instalments commencing 18th May 2021 and ending on 18th November, 2035.”
Makes you wonder whether development is worth it. I hope the next president akiingia focus ikuwe tu kumaliza madeni even if it at the expense of development projects.
Kenya defaulted on the loan in May 2021.
Government will have to pay. Isn’t the government signature on the loan applications. Did they raise a flag when funds were not sent as they claim? Any changes to terms were made by authorized officers, namely Rotich and co.