With a $16 billion economy, the secret loans amounted to 7.5 per cent of GDP and 12.5 per cent including the Ematum debt. It is alleged that all the proceeds of the Ematum loans went directly from the investment bankers to a Safa-owned company by the name Abu Dhabi Mar. In relative terms, this is the equivalent of Kenya being hit for $7.5 billion, the equivalent of Mombasa-Naivasha SGR and the Eurobond combined. AFRICA RISINGAs the economic hitmen were hard at work, the IMF was co-hosting an Africa Rising conference with the Mozambican government in Maputo. Our $17 billion foreign debt (Sh1.8 trillion at current exchange rate) suddenly balloons to Sh4 trillion without borrowing an additional penny.

Source: Daily Nation January 27, 2017 21:25 UTC