Outraged Kenyans have in the past two days been appealing to the International Monetary Fund (IMF) not to approve any new loans to President Uhuru Kenyatta’s government.
A section of angry Kenyans have been flooding social media since Sunday protesting the decision by IMF to give Jubilee government new loans without accounting for previous ones, coming anger is boiling in Kenya over over-taxation and fresh Covid-19 restrictions.
They are especially chagrinned that the Bretton Woods institution headquartered in Washington DC last week approved a fresh Sh257 billion loan for Kenya amid concerns that the amount would be lost to graft.
The IMF Executive Board has approved a three-year financing package of US$2.34 billion to support Kenya's pandemic response and economic reform program. More here: https://t.co/zsMzCe2szY #IMFAfrica pic.twitter.com/iwa37ncaEK— IMF (@IMFNews) April 2, 2021
The current Managing Director (MD) and Chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the position since October 1, 2019 with Gita Gopinath as its Chief Economist since October 1, 2018.
The Kenyans have started signing an online petition to stop IMF from releasing the cash to Uhuru’s administration, accusing the international lender of abetting corruption in Kenya.
Kenya's total public debt stood at Sh7.2 trillion by the end of November 2020 and it is expected to rise to Sh8.7 trillion by December if government continues to borrow Sh120 billion monthly, according to a report by nation.africa.
IMF said the loan will be used by Kenya to support pandemic response, help reduce debt vulnerabilities, address weakness in state-owned enterprises and back anti-graft framework.
PETITION TO THE IMF TO CANCEL THE KSHS. 255 BILLION LOAN TO KENYA— Droid ???? (@droid254) April 5, 2021
However, Kenyans online argued that previous loans have not been accounted for given healthcare continues to suffer and no relief has been coming the way of the millions who lost their livelihoods to the pandemic.