IMF’ stand on giving president Ruto loans.
The International monetary fund, IMF’ stand on giving president Ruto loans; It has expresses its willingness to help Kenya if need be.
Speaking to the media on October 14, IMF African department director, Abebe Selassie, stated that the organization, was aimed at helping struggling governments to acquire financing from other financial institutions.
IMF stated,”We have revolving resources that we need to use to help countries, from those with stronger positions to those in weaker positions.”
“The best help we can provide countries like Kenya is providing financing when access to financing elsewhere is more problematic. Should more financing be needed, we, of course, will look at that,” Selassie added.
When asked whether the organization would lend Kenya loans, Selassie expressed the willingness they have to help Kenya, but he revealed that president Ruto has not yet asked for any credit relief.
Selassie stated,”We have not received such a request from the Government of Kenya, and I think it’s really important for me to explain here that the IMF is a kin to a lender of last [resort] to countries.”
The international monetary fund offered credit relief during the former president, Uhuru Kenyatta’s regime.
However, controversies of overburden and backlash on Kenyan Taxpayers was witnessed.
However, in june 2022, IMF approved a loan of 283 billion to revive the Kenyan economy.
President Ruto during the presidential debate, stated that it’s ridiculous to assume Kenya is not capable of paying back its loans. His administration has a plan.
“I believe it is reckless for anybody to say we cannot pay our debts. I believe that we have what it takes to pay our debts.”
“We have a plan as Kenya Kwanza on how to manage debt. We will first slow down on borrowing,” President Ruto added.
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