Kenyans have urged the International Monetary Fund (IMF) to rescind its decision of extending the country another loan facility.
The IMF announced on Friday its board had approved a new three-year financial arrangement for Kenya aimed at not only helping the country continue responding to the Covid-19 pandemic but also addressing debt vulnerabilities. This led to scores of Kenyans camping on the IMF’s Facebook page with diverse views.
A number of them doubted these monies would be put to good use citing recent corruption reports, while others argued the country was already choking in debt.
Robert Mwangi posed: “What measures have you put in place to ensure the money is strictly used for the intended recipients and purpose? Remember we the poor Kenyans will bear the brunt when the borrowed funds are misappropriated”
“Why does IMF keep advancing money to our government knowing very well it will never be disbursed for Wananchi benefit?” asked Sandrah Kimani.
“Stop giving the Kenyan government loans. The money is just embezzled by a few corrupt individuals hence the burden of repaying the loan is placed on the common citizens. We are currently overburdened with high taxation to repay these loans which only benefit few individuals,” wrote Kelvin Lee.
Regina Matheka added: “We don’t want more loans. Kenyan citizens are already overburdened. Our government is corrupt, the money will go to individuals’ pockets instead of the said beneficiaries. Please IMF listen to us.”
The IMF maintains Kenya’s debt is sustainable but it was at high risk of debt distress, and authorities should focus their near-term agenda on urgent structural policy challenges