Is the IMF responsible for Kenya's tax hike protests?

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Jul 9, 2024

Exploring why Kenyans are protesting against the new Finance Bill linked to the IMF's involvement in Kenya's economic difficulties, debt crisis, and the conditions it sets for struggling nations.

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INSIGHT

Kenya's Debt Mismanagement

Debt can fuel economic growth if used wisely, but Kenya mismanaged funds.
Corruption diverted resources meant for infrastructure, leading to stalled projects and increased borrowing.

INSIGHT

IMF Aid and Conditions

International Monetary Fund (IMF) aid comes with conditions, including reduced spending and tax hikes.
Kenya has raised taxes, cut subsidies, and reduced spending to meet IMF conditions.

INSIGHT

Pandemic, War, and Debt

Kenya's debt worsened after the pandemic, requiring more IMF loans in 2021.
The Russia-Ukraine war further exacerbated Kenya's debt due to the weakening Kenyan shilling.

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