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Finshots Daily
Is the IMF responsible for Kenya's tax hike protests?
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.
08:30
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Quick takeaways
- IMF imposes conditions like tax hikes on countries facing economic challenges.
- IMF's structure favors richer nations, leading to perceptions of unfair treatment in aid distribution.
Deep dives
Kenya's Economic Growth and Debt Mismanagement
Kenya embarked on ambitious projects to boost its economy by investing in infrastructure and industry, leading to significant economic growth. However, mismanagement of funds, corruption, and diversion of resources for corrupt purposes derailed progress. Despite efforts to address debt issues by raising taxes and cutting subsidies, the pandemic worsened economic challenges, necessitating additional funds from the IMF.
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