Trust Kenyans to leverage the power of social media to give their two cents. This is something we have come accustomed to, and thanks to superior freedom of speech, both online and on other platforms (relative to other African states), Kenyans are among the most vocal people as far as social media use cases are concerned.
Now, there is no denying that the state has not been doing very well in terms of managing its debts, or the overall loans it acquires from leading financial institutions in the world. Kenya’s appetite for these loans appears to grow every year, and residents are not particularly impressed about it because it is them who will furnish them – meaning they will need, or already are, coughing more taxes for grants whose use they did not see or feel in the first place.
And that the dailies report tens of corruption cases, most of them associated with the funds received from institutions such as the IMF and World Bank, to mention a few.
It is also worth remembering that the country has secured billions of shillings to cushion Kenyans from the harsh economic effects of the ongoing Coronavirus pandemic. However, according to Kenyans and many published reports, the funds have since been misappropriated.
Kenyans have therefore paraded themselves on the IMF Facebook Page, which announces an online meeting about the World Economic Outlook. It is slated to take place tomorrow (April 6).
Here are some of the exciting comments we picked from the section. Note that the commentary cuts through both ways (for and against IMF’s generosity in dishing our loans).
One Dennis has a big problem about the whole situation:
The real question should be what agenda does the IMF have such that it lends such huge amounts each and every single term yet it knows clearly that that money is being wasted and ending up in the pockets of a few. What is your agenda @international monetary fund? When these loans you are dishing out mature, kindly go collect them from the person you gave them to…
Onyinkwa Onyakundi says:
Your actions in regard to the huge and numerous loans that you are so eagerly extending to our thieving politicians amount to predatory lending, no different from what the Chinese are engaged in, with a keen eye on our national resources upon the imminent defaulting in the repayment of these unnecessary and costly loans. We the people of Kenya are watching the second ‘Scramble for Africa’ and shall resist the recolonization of our Country!
Victor Bett says:
IMF you are now becoming an irresponsible lender by working with corrupt top Kenyan politicians in extending bad loans that’s already chocking. We are now carrying the burden in terms of heavy taxations of basic commodities to repay you back. Please note you are threatening our future and those of our children!
However, Collins Wanderi differs sharply:
Ladies and gentlemen, fellow countrymen and women, the International Monetary Fund is not concerned with national microeconomics. They focus on regional and global economics. They are not involved in the management of Kenya’s economy. Note this, politics is about influence. Successful politics is power. Power is fundamentally about money, who has what, and what goes where. It is the politicians we elect who determine how revenue collected and money borrowed from domestic and international lenders is utilized. Loans are okay if used to fund revenue-generating projects. But if used to fund recurrent expenditures like paying politicians or bribing cartels, they are very painful. We need to change how we vote otherwise we shouldn’t be asking IMF to deal with the thieves we elected knowing that they are selfish looters. Thank you.
But they are having none of it:
Collins Wanderi If they were concerned with ‘regional’ economics as you say they should have lent to EAC regional body then. When you claim the IMF is not concerned with national ‘microeconomics’ you are either being economical with the truth or have no idea what you are saying. National economics is macroeconomics.And, hey if you knew the history of IMF you would know they even affect microeconomics of a country. Structural adjustment Programs in 80s and 90s, is not not involvement in managing kenyan economy? Politics is power whether successful or not and IMF are playing the power of financial politics to steal our sovereignty through our docile and incompetent politicians. As Kenyans, we have a voice to now shout, although they will do nothing about it but they will know their measures are hugely unpopular. – Jackson Abuli
The discussion goes back and forth like that, and you can find out more here.