• We are Migrating!

    Register today to join the discussion on Kenya's leading discussion forum.

Displeased Kenyans Storm IMF’s Facebook Page After Approving Sh255 Billion Loan to Kenya

Kenyans are up in arms after the International Monetary Fund (IMF) approved a Sh255 billion loan to Kenya to help support the country’s COVID-19 response.
The Washington-based international lender on Saturday announced that its executive board approved the 38-month program under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF).

“The three-year financing package will support the next phase of the authorities’ COVID-19 response and their plan to reduce debt vulnerabilities while safeguarding resources to protect vulnerable groups,” IMF said in a statement.

But Kenyans on social media stormed IMF’s Facebook page to express their displeasure, accusing the lender of contributing to the country’s ballooning public debt.
Kenyans are unhappy with President Kenyatta administration’s insatiable appetite for foreign loans amid concerns that the country’s debt could be reach unsustainable levels.

The 2021 Budget Policy Statement indicates that Kenya’s public debt stood at Sh7. 06 trillion as of June 2020, equivalent to 65 percent of the GDP.
Here is what Kenyans said on IMF’s Facebook page.

Benedict Yala posted: “IMF is an enemy of Kenyans, they keep sending loans unnecessary loans to our useless government.”

Zachary Kittony wrote: “Stop dishing loans to Kenyan government, we the citizens are already overburdened. The said loan will end up in the pockets of a few gluttonous politicians.”

Mwihaki Mwangi said: “Stop lending money to Kenyan government. It ends up in few corrupt pockets. No change in living standards to the common citizens. We are becoming poorer and poorer. Heavy taxes levied on our meager salaries. Reverse the loans. We don't need it.”

Patrick De Kilonzi Sr. said: “IMF is frustrating us Kenyans! You are making lives for us unbearable with the loans you're giving to government.”

Erick Mwanzia KE quipped: “You are sinking our beloved Country Kenya to debts, Those loans you approve every time are pocketed by individuals, again we as the common citizens suffer because the government has to overtax us to pay your loans.”


1617601454564.png
 
Top