Popular Economist and political commentator David Ndii on Tuesday gave details on the International Monetary Fund (IMF) loan the Kenyan government took.
David Ndii schools Kenyans on the type of IMF loan gov't took
IMF is not here for fun - David Ndii
Kenyans launched a petition to the IMF seeking to have the Sh255 billion loan recalled.
While breaking down the aspects of the loan, Mr Ndii pointed out to Kenyans on Twitter (KOT) some of the conditions which come with the loan.
"Dear young #KOT 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," the Economist outlined.
He further attached an excerpt which went into further conditions which touch on governance.
"It aims to reduce debt vulnerabilities through a multi-year fiscal consolidation effort centered on raising tax revenues, and tightly controlling spending, safeguarding resources to protect vulnerable groups.
"It will also advance the structural reform and governance agenda, including by addressing weaknesses in some state-owned enterprises and strengthening transparency and accountability through the anticorruption framework," the excerpt read.
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