{"id":34869,"date":"2016-01-21T09:39:45","date_gmt":"2016-01-21T06:39:45","guid":{"rendered":"https:\/\/www.capitalfm.co.ke\/business\/?p=34869"},"modified":"2016-01-21T12:40:27","modified_gmt":"2016-01-21T09:40:27","slug":"34869","status":"publish","type":"post","link":"https:\/\/www.capitalfm.co.ke\/business\/2016\/01\/34869\/","title":{"rendered":"The real Eurobond story, according to PS Thugge"},"content":{"rendered":"
\"Thugge<\/a>

Thugge considers the turn of events unfortunate especially because the facts have been swept aside, putting his career and reputation at risk. \/FILE<\/p><\/div>\n

NAIROBI, Kenya, Jan 21 – Dr Kamau Thugge’s career didn’t peak at the Treasury. In fact, he has had a long spanning career in finance, having worked at reputable organisations such as the International Monetary Fund.<\/strong><\/p>\n

The Principal Secretary’s position at Treasury was therefore not his first position dealing with ‘big money’.<\/p>\n

Thugge\u00a0considers the turn of events unfortunate since the facts have been swept aside, putting his career and reputation at risk.<\/p>\n

“When I go out in public and meet people, sometimes I ask myself… ‘does this person believe the Eurobond lies?’ Does he think I’m capable of such malice?’ It also makes me wonder about the thoughts of my children and wife,” Thugge says in an interview with Capital FM Business.<\/p>\n

The tall, middle built man has grey hair – to probably show his experience in the world of finance. He also has a huge office to show for it; it is meticulously arranged with tonnes of folders, books and files depicting how well versed he is with his work.<\/p>\n

Thugge has been relatively media-shy since he took office, but since his name came up in opposition leader Raila Odinga’s list as ‘a person of interest’ in the alleged Eurobond theft, the PS has tried to put his best foot forward and explain what happened.<\/p>\n

“Will you consider suing Mister Odinga?” I ask him to break the ice.<\/p>\n

“That is too much work and I do not intend to politicise it, but I am looking into it, so I cannot say whether I will or I won’t with certainty,” he says.<\/p>\n

He settles comfortably into one of the visitors’ seats beside me, ready to explain the tale of Eurobond as below:<\/p>\n

The Eurobond was floated with the grand intention of supporting government projects especially those in infrastructure. According to Thugge, the bond was intended to achieve macro-economic stability and to also diversify sources for funding government projects.<\/p>\n

Upon agreement with Parliament, the government managed to float the bond which was in turn oversubscribed.<\/p>\n

“We managed to raise US$2 billion, which was equivalent to Sh174 billion as the shilling was then trading at Sh87 against the US dollar. However, there were commissions and legal fees to pay, so the amount was deducted and we arrived to US$1.999 billion,” Thugge explained.<\/p>\n

The first issue of contention,\u00a0however, rose over questions on why the government banked the money abroad in commercial banks instead of keeping it at the Central Bank of Kenya.<\/p>\n

“Central Bank could not have banked the Eurobond money because according to international law, when a bond is issued in the international market, Central Bank is required to open a foreign designated currency bank account to facilitate receipt of proceeds of the sovereign bond.”<\/p>\n

<\/p>\n

Hence, the Central Bank of Kenya opened an account at JP Morgan Chase Bank, New York, which received the net proceeds of the sovereign bond and the money from commercial financing from the country.<\/p>\n

It also opened an account at Citibank, New York, which received a total of Sh73.8 billion in tap sales which were net proceeds.<\/p>\n

“After the very positive response we got from the first issue of the Eurobond, we went back to look for additional funding. At the time, it came with lower interest rates and we saw it as an opportunity to take advantage of.”<\/p>\n

The two issues therefore, totalled to Sh250 billion including money paid in deductions of commissions and account settlements among other charges.<\/p>\n

The two accounts could not, however, release any monies without authority.<\/p>\n

The Treasury and Central Bank operated the accounts acting as the government’s fiscal agent.<\/p>\n

“Treasury then designated two signatories to the account which were Accountant General and Deputy Accountant General,” Thugge said.<\/p>\n

The Projects<\/strong><\/p>\n

According to Dr Thugge, the proceeds of the sovereign bond were spent in nine ministries, departments and agencies including the Ministry of Transport and Infrastructure which received Sh14.9 billion in the financial year 2013\/2014 and the Ministry of Environment, Water and Natural Resources which received Sh3.8 billion. That financial year, proceeds from the sovereign bond accounted to Sh25 billion.<\/p>\n

The following financial year, 2014\/2015, recipients of the Eurobond money included Ministry of Energy and Petroleum which received 18.1 billion and the State of Department of Infrastructure which received Sh49.3 billion. In that financial year, proceeds from the Eurobond totalled to Sh171.9 billion.<\/p>\n

In total, Sh196.9 billion was used to finance development projects in the two financial years.<\/p>\n

Additionally, upon receipt of the money, the government committed Sh53.2 billion to the syndicated loan repayment.<\/p>\n

“As you can now understand, it was impossible to have stolen the Eurobond proceeds,” he says.<\/p>\n

The financial expert then shed light on the magnitude of impact the Eurobond proceeds had on the country. According to Thugge, the proceeds helped the country attain lower interest rates; it contributed to the build-up of Kenya’s international reserves and brought stability to the Shilling among others.<\/p>\n

“The Shilling performed better than when compared to other currencies. As such, it only depreciated less than many other currencies (by 22.1pc) during a period which witnessed an appreciation on the US
\n<\/p>\n

Dollar, these include currencies such as Euro which fell by 22.6pc, Canadian Dollar which dropped by 24.4pc and South African Rand which fell by 29.8pc among others,” Thugge said.<\/p>\n

“What then, has being implicated in the saga meant to your career? Has it hurt it?” I ask him.<\/p>\n

“It has planted doubt in a credible portfolio I built with many years among Kenyans. It put my reputation on the line, simply because someone was hoping to gain political mileage,” Thugge says.<\/p>\n

It also made him realise the harsh truth of holding a position as his. According to Thugge, the biggest realization has been that big jobs, such as his, come with big challenges.<\/p>\n

“I’ve also seen how much damage lack of proper information and understanding by some can do to the lives of others who do not deserve it,” he says.<\/p>\n

Does he regret anything about the Eurobond and would he do anything differently? “No,” he says, “I’m proud of the work we commissioned and the long-term impact it will have on our economy\u00a0and the citizens.”<\/p>\n","protected":false},"excerpt":{"rendered":"

NAIROBI, Kenya, Jan 21 – Dr Kamau Thugge’s career didn’t peak at the Treasury. In fact, he has had a long spanning career in finance, having worked at reputable organisations such as the International Monetary Fund. The Principal Secretary’s position at Treasury was therefore not his first position dealing with ‘big money’. Thugge\u00a0considers the turn […]<\/p>\n","protected":false},"author":13754,"featured_media":34870,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,1,687],"tags":[],"coauthors":[811],"class_list":["post-34869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-kenya","category-top-stories"],"yoast_head":"\nThe real Eurobond story, according to PS Thugge - Capital Business<\/title>\n<meta name=\"description\" content=\"NAIROBI, Kenya, Jan 21 - Dr Kamau Thugge's career didn't peak at the Treasury. 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