Why are Kenyans against the IMF Loan?
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- April 6, 2021
Kenyans on social media are angry and protesting over the KShs 255 billion loan, which was approved last week Friday by the International Monetary Fund, IMF.
They don’t understand why the IMF is giving the state another loan, yet they know how the country is burdened by many other debts.
Read also: IMF loan to help reboot Kenya’s economy
Kenyans are the most sane minded and powerful when it comes to handling situations on social media.
The Kenyan government has not been good when it comes to managing debts, so they say.
According to the 2021 budget policy statement Kenya’s public debt as of June 2020 stood at KShs 7.6 Trillion.
The more reason why Kenyans are signing a petition currently circulating online to stop the IMF from loaning Kenya another debt, they are not benefiting from and paying for what they are not using.
This is the country’s second loan program from the IMF in under one year having received KShs 80.6 billion in May last year to mitigate the effects of the COVID-19 pandemic.
The government says that they will use the new loan to curb the effects of the COVID-19 pandemic and reducing debt vulnerabilities.
IMF will offer the loan in instalments for three years.
With anger at IMF and the government, Kenyans have now resorted to highlight many instances when the government has used the funds inappropriately, and not reaching Kenyans.
President Uhuru Kenyatta is on record saying that his government loses over KShs 2 billion daily, and in return this has rose corruption level in the country, with cases being reported daily with the funds received from IMF, the World Bank and many others.
Kenyans are going through hard economic times right now, with very high cost of living.
The question to ask is, how is the debt programs benefiting Kenyans, and yet years go, people still cry of unemployment, and poverty, others not getting quality health and education?
The more reason Kenyans are asking these tough accountability questions, and urging the IMF to rethink this loan program.
