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Kwame Owino @IEAKwame
, 20 tweets, 3 min read Read on Twitter
Folks, I hate to give stick to the Kenya press corps but coverage of incident I which an MP was arrested for Treasury Bill fraud is not being explored.
This implies that someone found unauthorized ways to add to the total public debt.
And with a total debt stock of upwards of $40 billion, I shudder that even if this mischief affects only 1% of the total, then some people have become wealthy through manipulation of debt data.
What it shows is that the public debt register probably has some inflated debt figures and that's a serious economic and political issue.
Folks, this method of stealing from the public is a most evil form of economic gangsterism.
Given this background, @IEAKenya will propose for parliament to demand a forensic and management audit of the debt register.
I see the interpretation that the accused are being persecuted for political stances but that this arrest was made outside @CBKKenya shows that this is not a trivial political dispute
And because the public debt was dematerialized, it's clear that we are dealing with savvy manipulators
What this shows is that our debt figures could be understated or overstates and neither is a good thing.
If we recall that two years ago Kenyans were debating the evidence trail regarding the 2014/15 EuroBond, be very concerned.
has been working to build a public display clock of the public debt but it's clear we must rethink it.
That stated, it means the construction of that public debt clock is when more urgent than we thought.
Correct that to read, "public bonds and bills" , and not " Public debt".
So the coverage of this should lead to questions not just about whether the MP is framed or not but the more serious issue about the integrity of the national accounts on debt.
And since debt payments have first call in national spending, it shows we may be paying debts that are not really accrued
At the institutional level, it's a mighty indictment to parliament that the debt registers for Kenya are not sufficiently transparent while also being secure
I am.also surprised that @CBKKenya has not stated that it has full confidence in the CDS and that the register cannot be corrupted
Considering that debt payments represent the single largest block of expenditures outside wages, the risk here seem not to be adequately covered.
Folks I will be on @ntvkenya later this evening to discuss the implications what my arguments are about the integrity of public records on Kenya's public debt
Forget the word salad above. Just meant that I am discussing the integrity of the public debt records in Kenya in light of the suspicion that some people tried to present false claims for Treasury Bills
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