Don't want IMF loans? The alternative will be more expensive for you, lender tells Kenyans

imf loan

IMF said the loan would help Kenya tackle Covid-19 in the short run and balance its books in the long run. 

Photo credit: AFP

What you need to know:

  • The pandemic has hit Kenya’s revenues and limited access to commercial loan markets, forcing the country to turn to the World Bank and the IMF for direct budgetary financing.
  • Previously Kenya had kept away from direct budget funding from institutions like the IMF and the World Bank during former President Mwai Kibaki’s regime. 

The International Monetary Fund (IMF) has warned Kenyans opposed to its loans that they would face way more expensive commercial lending from other sources without its assistance.

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