Because loan money is what the IMF does. Without regard to the outcome. We do not want loans, Kenyans tell IMF
Kenya has a lot of loans, and a lot of those loans come from the IMF.
The east African state is already struggling to pay off debts that are expected to peak next year at 73 per cent of GDP. President Kenyatta has admitted that every day $18 million is lost from state coffers to corruption. [Ref. Samizdata)
So of course the IMF is going to feed the corruption beast some more. It doesn't matter what the people want. (Just shut up and do what we tell you!)
Here is a sample of the comments on loan. Click the link at top for more.
“Stop giving the Kenyan government loans. The money is just embezzled by a few corrupt individuals hence the burden of repaying the loan is placed on the common citizens. We are currently overburdened with high taxation to repay these loans which only benefit few individuals,” wrote Kelvin Lee.
Below is a video of a TED talk from
2021 2012, by Ernesto Sirolli, on the damage done to various countries in Africa by well-meaning, but stupid westerners. The video is about 17 minutes long, but very entertaining.
But before we get to that I would like to recommend a book, also recommended in the video. Dead Aid: Why Aid Is Not Working and How There Is a Better Way for Africa by Dambisa Moyo with an introduction by Niall Ferguson.
In the past fifty years, more than $1 trillion in development-related aid has been transferred from rich countries to Africa. Has this assistance improved the lives of Africans? No. In fact, across the continent, the recipients of this aid are not better off as a result of it, but worse—much worse. (Ref. Goodreads)
Of course what the IMF does is worse than aid. Aid is a gift. The IMF saddles populations with debt, and makes things that much worse.
Enjoy the video. (If you go to full screen mode, the escape key will minimze the video player.)