Kenyans take to IMF Facebook page canceling loans to government
Trust Kenyans to harness the power of social media to donate their two cents. This is something we have become used to, and thanks to superior freedom of speech, both online and on other platforms (compared to other African states), Kenyans are among the most louder when it comes to social media use cases.
Now, it is undeniable that the State has not done very well in terms of managing its debts or all the loans it acquires from leading financial institutions in the world. Kenya’s appetite for these loans seems to grow every year, and residents aren’t particularly impressed as they will be the ones providing them – meaning they will need, or already are, coughing up more taxes for the grants. of which they have not seen or felt the use. in the first place.
And that the dailies report dozens of cases of corruption, most of them related to funds received from institutions such as the IMF and the World Bank, to name a few.
It should also be remembered that the country has secured billions of shillings to protect Kenyans from the harsh economic effects of the ongoing coronavirus pandemic. However, according to Kenyans and numerous published reports, the funds have since been embezzled.
Kenyans therefore marched on the IMF’s Facebook page, which announces an online meeting on the World Economic Outlook. It should take place tomorrow (April 6).
Here are some of the exciting comments we picked from the section. Note that the comment goes both ways (for and against the generosity of the IMF in granting our loans).
A Dennis has one big problem in the whole situation:
The real question should be what program does the IMF have so that it lends such huge sums at each term, knowing clearly that this money is wasted and ends up in the pockets of a few. What is your @ international monetary fund program? When these loans that you grant expire, please collect them from the person to whom you granted them …
Onyinkwa Onyakundi says:
Your actions in regards to the huge and numerous loans that you so ardently extend to our thief politicians amount to predatory loans, no different from those in which the Chinese are engaged, with a watchful eye on our national resources in the event of impending default reimbursement. of these unnecessary and expensive loans. We the people of Kenya are watching the second “Scramble for Africa” and we will resist the recolonization of our country!
Victor Bett says:
IMF, you are now becoming an irresponsible lender by working with the best corrupt Kenyan politicians to grant bad loans which are already shocking. We now bear the burden in terms of heavy commodity taxes to reimburse you. Please note that you are threatening our future and that of our children!
However, Collins Wanderi differs greatly:
Ladies and gentlemen, compatriots and women, the International Monetary Fund is not interested in the national microeconomics. They focus on the regional and global economy. They do not participate in the management of the Kenyan economy. Note this, politics is all about influence. Successful politics are power. Power is fundamentally about money, who has what and what goes where. It is the politicians we elect who determine how income received and money borrowed from domestic and international lenders is used. Loans are acceptable if they are used to finance income generating projects. But if they are used to finance recurring expenses like paying politicians or bribing cartels, they are very painful. We need to change the way we vote, otherwise we shouldn’t be asking the IMF to deal with the thieves we elected knowing they are selfish looters. Thank you.
But they don’t:
Collins Wanderi If they were concerned with the “regional” economy, as you say, they should have loaned it to the regional body of the EAC then. When you claim that the IMF is not concerned with the national “microeconomics”, you are either being economical with the truth or you have no idea what you are saying. The national economy is the macroeconomics and, if you knew the history of the IMF, you would know that it affects even the microeconomics of a country. Structural adjustment programs in the 80s and 90s, is this not an implication in the management of the Kenyan economy? Politics is power, whether it succeeds or not, and the IMF plays the power of financial policy to steal our sovereignty through our submissive and incompetent politicians. As Kenyans we now have a voice to cry out even though they will not do anything about it but they will know their measures are extremely unpopular. – Jackson Abuli
The discussion comes and goes like this, and you can find out more here.