Kenyans up in arms over Ksh.257 billion IMF loan to Gov’t

Kenyans up in arms over Ksh.257 billion IMF loan to Gov't
FILE PHOTO: The IMF headquarters building in Washington, U.S., captured on April 8, 2019. PHOTO / REUTERS / Yuri Gripas

Kenyans are up in arms over continued borrowing by the government.

Two days after the International Monetary Fund (IMF) approved the disbursement of Ksh.257 billion to Kenya as a loan which the government says will be used to bridge the gap in the fight against COVID-19, Kenyans are having none of it.

More than 120,000 Kenyans have since signed an online petition calling for a stop to the loans by IMF to GoK.

To put this into context, according to the Daily Nation, between the period of March and November 2020, Kenya borrowed Ksh.971 billion in the war against COVID-19; this means the country borrowed Ksh.121 billion every month in the 8-month period.

On Friday, IMF approved a further Ksh.257 billion for the same course that then brings the debt levels to about Ksh.1.2 trillion within the year.

The GoK says the debt ship can still be kept afloat and there’s nothing to worry about but Kenyans disagree, here are some of their sentiments online:

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