How The IMF and Western Banks Debt Trapped Kenya Sparking Nationwide Protests
The International Monetary Fund’s (IMF) involvement in Kenya’s economic affairs has come under intense scrutiny as the country grapples with a mounting debt crisis and widespread public unrest. Far from being a solution to Kenya’s economic woes, the IMF’s policies appear to be exacerbating the country’s financial struggles and social tensions.
Kenya’s external debt has skyrocketed from $10.2 billion to $34.8 billion between 2013 and 2020, a staggering increase that raises serious questions about the sustainability of the country’s financial obligations. Despite this alarming trend, the IMF has continued to approve loans to Kenya, most recently a $1 billion package, ostensibly to address economic challenges and climate change. This approach of throwing more money at a debt-ridden nation seems counterintuitive at best and predatory at worst.