Kenyans demand more transparency on use of IMF loans for Covid-19

On April 2, the IMF approved $2.34 billion in aid for the country. This is an envelope intended to enable Nairobi to fight the pandemic and avoid the risk of over-indebtedness. But since the announcement on April 2, criticism has been pouring in on social networks.
On social networks, the hashtag #stoploaningkenya has made the buzz in recent days. Critics are directly challenging the IMF. They are also relaying a petition calling for the suspension of its new funding, which follows a $739 million aid package already allocated in May 2020. This online petition has been signed by over 220,000 people.
The text denounces a lack of transparency on the part of the Kenyan authorities in the use of international loans. Several corruption scandals have broken out in recent months. A case of embezzlement involving 70 million dollars has been brought against Kemsa. The medical equipment procurement agency was implicated in spending on the fight against Covid-19.
The petition also includes a statement made by President Kenyatta in January. At the time, the head of state said that about $18 million of public money was being “stolen” every day in the country.
In response, the signatories are calling for mechanisms to monitor public spending in Kenya before any new loans are made. But the IMF stresses the need to support Kenya in the sustainability of its debt. To cope with the pandemic, the country borrowed heavily. As a result, its debt has increased by more than 11 billion dollars in one year.

About Khalid Al Mouahidi 4424 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network