Charles Ouma

Kenyans living in the United States of America (USA) have taken protests to the International Monetary Fund (IMF) headquarters in Washington DC.

Waving the Kenyan flag, scores of Kenyans camped at the IMF headquarters on Saturday, July 20, 2024, in a bid to pile pressure on the body.

Kenyans have in recent days faulted IMF for giving loans to the government with little or no accountability structures to ensure that the funds are used properly.

Consequently, a significant chunk ends up stolen by government officials and unscrupulous individuals via corruption.

With nothing to show for it, taxpayers then end up paying for loans whose benefits they cannot tell.

<h2>Rapper Nonini's update on protests by Kenyans in Washington</h2>

Legendary Kenyan rapper Hubert Mbuku Nakitare AKA Nonini who is currently based in the US is among those who turned up for the protests.

READ: <a href="https://www.pulselive.co.ke/news/local/raila-changes-tune-on-dialogue-with-demands-to-ruto-in-terse-statement/mslxe8g">Kenyans react as Raila changes tune on dialogue with demands to Ruto in terse statement</a>

A video shared by Nonini shows the protesters chanting anti IMF slogans and protest songs.

“Comrades eeeh, comrades aaaah. Kenya Viva Kenya. When we lose our fear they lose their power. IMF chini..IMF down. Wakwende ama wasikwende. Waanguke nayo ama? A protester could be heard stating, with many voices responding.

The protesters made it clear that their mission is to urge IMF not to loan Kenya any money, alleging that previous loans have either been lost through corruption or used carelessly with little to show for the same.

“We are here today to pass a very important message to the IMF, that we are tired of your exploitation, that we are tired of your manipulation, and that you should leave Kenya now. For many years we have asked the IMF to stop loaning Kenya money,” a protester with a microphone in the video is heard saying.

<div class="embed"><blockquote class="twitter-tweet">Kenyans today protesting outside the offices of IMF international monetary fund Headquarters in Washington DC! Mambo ni Vulai LIVE 🔥🔥🔥💯 <a href="https://t.co/ciPILckca3">pic.twitter.com/ciPILckca3</a>&mdash; Nonini 🇰🇪🇺🇲 (@Noninimgenge2ru) <a href="https://twitter.com/Noninimgenge2ru/status/1814835657665036537?ref_src=twsrc%5Etfw">July 21, 2024</a></blockquote>
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“Kenyans today protesting outside the offices of IMF international monetary fund Headquarters in Washington DC! Mambo ni Vulai LIVE,” Nonini stated, making it clear the protests were live as at the time he was sharing the video.

READ: <a href="https://www.pulselive.co.ke/news/local/aisha-jumwa-heckled-after-hinting-at-possible-reappointment-to-cabinet-by-ruto-video/72fnvsc">Aisha Jumwa heckled after hinting at possible reappointment to cabinet by Ruto [Video]</a>

Government spending, loans and corruption have been a key part of discussions that sparked nationwide protests as Kenyans rejected more taxes imposed by the government.

Kenyans in U.S camp at IMF Headquarters in Washington, stage protests

The protesters made it clear that their mission is to urge IMF not to loan Kenya any money, alleging that previous loans have either been lost through corruption or used carelessly with little to show for the same.

Ima Elijah

The International Monentary Fund, IMF, has released a new report which states that Nigeria and 72 other countries are at risk of debt distress or already in debt distress.

The report which was titled “Restructuring debt of poorer nations requires more efficient coordination,” explained that countries with low income earners face less debt challenges compared to 25 years ago.

This change in debt challenges is due to the Heavily Indebted Poor Countries initiative,which slashed unmanageable debt burdens across sub-Saharan Africa and other regions.

The report reads in part: “About 60 percent of DSSI countries are at high risk of debt distress or already in debt distress—when a country has started or is about to start, a debt restructuring, or when a country is accumulating arrears.”

Spurred by low-interest rates, high investment needs, limited progress in raising additional domestic revenue, and stretched systems for managing public finances, the debt ratios of DSSI countries have increased, partly reversing a decline seen in the early 2000s.

“Now, the economic shocks from COVID-19 and the war in Ukraine are adding to the debt challenges faced by low-income countries, even as central banks start to raise interest rates.”

“Around 20 others exhibit significant breaches of applicable high-risk thresholds, half of which also have low reserves, rising gross financing needs, or a combination of the two in 2022.

“On the domestic side, difficult trade-offs will exist between the need to restructure sovereign debt owed to domestic banks, in some cases, and the impact of such restructurings on financial sector stability and the capacity of domestic banks to finance growth,” the report read further.

The report stated further that China is presently the largest bilateral creditor in more than half of DSSI countries.

This therefore translates to the fact that China will play a pivotal role in most DSSI countries’ debt restructurings that would involve official bilateral creditors.

The economic shocks from COVID-19 and the war in Ukraine are adding to the debt.

IMF: Nigerians, others at risk of high debt distress

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