Thousands of Kenyans sign online petition against IMF loans to Kenya

A few days after the International Monetary Fund (IMF) approved the disbursement of Ksh.257 billion to Kenya as a loan which the government says will be used in the fight against COVID-19, Kenyans have mounted protests against the move.

Over 120,000 Kenyans have so far signed an online petition calling on the international body to cancel the disbursement of the funds to the Kenyan government saying continued borrowing by the government is overburdening them.

According to local media, Kenya has over the last year borrowed Kshs. 971 billion which it says was targeted at fighting the coronavirus pandemic and on Friday, the IMF approved the latest loan bringing the total international debt by Kenya to Kshs. 1.2 trillion.

However, the government argues that the debt levels are manageable and that the country’s economy is stable.