Many African, Latin American, and Asian countries which belong in the Third World in terms of development depend on bilateral loans from World Bank, International Monetary Fund, and ADB for economic progression.
Kenya is one of such countries which has been borrowing from these money lending bodies for her economic development since independence starting with the KANU government.
From the statement released in June 2020, Kenya's external debts stand at Ksh7.6T which is equivalent to 67% Gross Domestic Product (GDP). This is a great burden to Kenya taxpayers to service the loan. The Jubilee Government under President Uhuru Kenyatta has borrowed the highest as compared to the other three former governments.
On top of the already heavy burden, the IMF announced on Friday its approval on the lending of Ksh257B to the Jubilee Government in her fight against the third wave corona pandemic. The loan was to be issued for three years in phases.
Over the weekend and on Monday, Kenyans on social media have expressed their anger and solidarity against the government borrowing. They further term it as unnecessary borrowing and lack of accountability.
Kenyans have communicated their complaint to the IMF urging the body to stop processing the loan. They say that the loan is a burden to them and their future generations. Also, there is an online form created for Kenyans to sign against the loan.
Are you in an agreement with Jubilee borrowing? Do you think that the money borrowed benefits a common citizen in any way?