Mudavadi reveals Kenya’s ties to IMF, says Kenya cannot live without loans
Mudavadi reveals Kenya’s ties to IMF: Speaking at citizen TV, Prime cabinet Secretary, Mudavadi outlined that the things they are doing will not be popular, some will be painful at some stage, but their resolve will yield results down the line.
He stated,” The magnitude of what we are going through is very serious. It is not a walk in the park. I want Kenyans to know that Kenya is a shareholder in the IMF, these are institutions that we subscribe to. It is going to be hard but it is absolutely essential that we engage positively with these institutions,”
“People are shouting but just contemplate a Kenya without IMF support at this point in time, just contemplate a Kenya without World Bank support at this point in time. If they think this is bad we would be in fire. The fire looks like when all your aid is cut off, your programs grind to a halt, you cannot pay your debts,” he added.
Mudavadi further pointed out that he warned the last regime that their level of borrowing, will come to hurt Kenyans at some point.
He posed,”I forewarned that the level of borrowing that the government was indulging in was going to haunt us. Hasn’t it come to pass?
“For us to move ahead, we have to engage with the IMF, World Bank and we have to engage with our development partners because there is no way we can raise all that money at the moment from our local resources,” he added.
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