IMF Loans Kenya
The IMF is known to give loans to countries that need help to overcome financial problems. They provide loans to help countries settle their balance of payments also help them out of other financial crises.
As of last week, the IMF has approved a loan to Kenya of $307.5 million. This loan is supposed to help Kenya with its financial crisis during the COVID-19.
Last year they had given Kenya a loan of $739 million to help with the COVID-19 crisis.
Kenyans are annoyed by this move by the IMF. They call it support of the corruption in the country. This is because, for the last few years, Kenyans have watched as the government keeps taking loans that are wasted. Meanwhile, nobody is held accountable.
The loans that were given to Kenya last year, by the European Union, the IMF, and others were supposed to help with the COVID-19 pandemic. However, there are counties still struggling to handle these cases and most of them are overwhelmed. Which raises the question of where did the billions of shillings go to?
Loans are there to assist individuals, businesses, and countries to improve their conditions and thrive. They are to help empower people and build economies.
Loans are not bad, but, the government’s borrowing seems out of hand. Meanwhile, the reasons as to why the loans are taken remain unsolved. As of April 2021, the amount of money given to Kenya since last year comes down to Ksh. 704 Billion.
As Kenyans keep making their voices heard online on this matter, the petition continues to get the IMF to reverse the loan. Whether the petition works or not is entirely another story. But it is a clear message of, “Enough is Enough!”.
Kenyans want to see results and need to see the economy changing and jobs being provided for the youth.
What is your view on this whole issue? Do you think the IMF and other organizations will hear the Kenyan outcry to stop giving the country loans?
If you would like to read on how her excellency President of Tanzania Samia Suluhu, became president read here.