The International Monetary Fund (IMF) and the World Bank have forced Kenya to take a Sh75 billion coronavirus debt relief from wealthy nations as a pre-condition for accessing cheap loans. Kenya is now planning to defer around $690 million (Sh75 billion) in debt payments as it seeks further funding from the Bretton Woods institutions for budget support to weather the coronavirus economic hardships.
Treasury Cabinet Secretary Ukur Yatani reckons that Kenya made a U-turn in seeking a suspension of debt payments under a G20 initiative due to pressure from the Bretton Woods institutions . A restrictive clause in the Eurobond terms stopped Kenya from seeking a suspension of debt payments because it could have forced the country to pay the entire Eurobond debt worth $6.1 billion (Sh652.7 billion).
Besides the Eurobond terms, the Treasury was fretful that the relief could hurt the country’s credit rating and be viewed as one that does not meet its international obligations. “They (World Bank and IMF) are trying to introduce this as one of the key prerequisites to accessing resources from the IMF and World Bank,” Mr Yatani told Reuters.
so our ‘experts’ are always at the back of the class when terms and conditions are made…then they come here talking fat engrish,use criminal d minus poris to scare us,haigwesekani
Experts are hired, and most of the times don’t make decisions, they advice, and politicians make decisions, which are mostly based on political and personal interests.
Experts are hired, and most of the times don’t make decisions, they advice, and politicians make decisions, which are mostly based on political and personal interests.
If you read literature, and listen to retired technocrats talk, you realize there’re so many sober minds within G.o.K.
Why there input is sidelined is something else all together.
Uhuru has put all Kenyans including the ones to be born in 2030 into huge debt. I hear some Kikuyu attempting to start talk of him breaching the term limits rule…hao wote ni mashetani. August 2022 is the last month Uhuru to hold a government position. Enough of this elitist
But that is the whole plan of BBI… all other things are just filler material to escort this MAIN agenda! Main BBI AGenda: Allow UK to run for another 2 terms after 2022. And that is why they are pushing it in the midst of Covid crisis. Because time is running out to execute this agenda.
…i don’t see how BBI is linked to the USA & that IMF loan …hapa ni a third world country being exploited by IMF as always with intentions to keep these countries poor…the terms of the loans are the reason the govt refused to take it