Kenyans React After Meg Whitman Said IMF Pulled Down Ksh 131B Funding to Kenya: “We Don’t Need You and Your Money”
On Tuesday, Meg Whitman, the U.S. Ambassador to Kenya, revealed that the International Monetary Fund (IMF) halted the Ksh131 billion disbursement to Kenya after President William Ruto withdrew the Finance Bill.
During an interview on Citizen TV, Whitman explained that the IMF’s planned loan approval for June 12 was canceled because the Kenyan government breached the Fund’s agreement by withdrawing the legislation.
Despite this setback, Whitman indicated that there remains a chance for Kenya to secure the loan following a forthcoming meeting at the end of August.
Whitman emphasized the importance of this disbursement due to Kenya’s pressing debt issues.
“The IMF had intended to approve the disbursement around June 12, but the withdrawal of the Finance Bill prevented them from proceeding,” noted Whitman.
She added, “It is crucial that the disbursement is made because Kenya is in a very challenging financial situation.”
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Addressing the situation, Whitman urged President Ruto’s administration to implement measures to tackle the nation’s fiscal difficulties.
Whitman highlighted that the proportion of Kenya’s budget allocated to interest and principal payments had significantly increased, and the IMF’s proposed measures were well-suited to address the crisis.
“Every African country, including Kenya, faces tough conditions due to the accumulation of debt when interest rates were low. Kenya’s top priority should be to avoid default, which is a prudent strategy,” Whitman remarked.
Kenya was poised to receive the Ksh131 billion in June after reaching a staff-level agreement with the IMF following the seventh review of the program.
This substantial loan was anticipated to be the largest disbursement from the multilateral lender since 2021. To date, Kenya has received Ksh 341 billion from the IMF under the extended fund facility agreement.
The IMF’s disbursement was intended to help Kenya manage its fiscal constraints and reduce the country’s Ksh500 billion budget deficit.
How did Kenyans react to Whitman’s statement?
@messedup_yes:
“Where did Meg Whitman get the audacity to come talk about our issues as Kenyans on national TV? We don’t want loans.”
Fredy Maina:
“IMF member states are European nations, the USA, Israel and Japan. All these nations want to keep loaning Africa. They love it when we are from debt to debt.”
@mnubi_:
“We don’t need you and your money.”
Nurse Karen:
“Why is the West Controlling us?”
Stella Wavish:
“The problem is not IMF but the wanton corruption done with those funds when they reach Kenya. We can’t keep bearing that burden.”
Kiprono Eliud:
“Ladies and gentlemen, Kenya has been receiving all kinds of aid from these developed countries for over 60 years now. World Bank and IMF have been disbursing these loans for decades and these loans have never helped us. The money gets stolen and we end up paying for debts we never.”
RK:
“Kenya has no difficult situation…we don’t want loans unless they fund specific projects, not hot air projects. The contractors should be paid after work is finished.”
Kenyans React After Meg Whitman Said IMF Pulled Down Ksh 131B Funding to Kenya: “We Don’t Need You and Your Money”
