IMF is not Here for Fun, David Ndii warns
Economist David Ndii tells Kenyans to be ready to brace tough times ahead as IMF is not for fun
Economist David Ndii has warned Kenyans of tough times ahead following the recent loan the country had borrowed from IMF.
Ndii said the loan comes with austerity to keep Kenya's creditworthy so she can continue borrowing and servicing debt.
“Dear young #KOT ( Kenyans on Twitter) The IMF loan Kenya has taken is called a structural adjustment loan (SAPs). It comes with austerity (tax raises, spending cuts, downsizing) to keep Kenya creditworthy so that we continue borrowing and servicing debt. IMF is not here for fun. Ask older people,” stated Ndii.
In an excerpt he shared, building on the steps already taken, IMF aims at:
- Reducing debt vulnerabilities through a multi-year fiscal consolidation effort centered on raising tax revenues and tightly controlling spending.
- Safeguarding resources to protect vulnerable groups.
- Advancing the structural reform and governance agenda by addressing weaknesses in some state-owned enterprises. Strengthening transparency and accountability through the anti-corruption framework.
Earlier on the economist had said the country is broke and the government has filed for bankruptcy protection.
“Kenya is broke. GoK’ has filed for bankruptcy protection. Creditors have appointed IMF receiver-manager. #KOT in denial that teir beloved Jayden has shafted them and they’ve supported him all along are venting on receiver,” he posted.
“Hii mambo haitaki makasiriko,” he added.