Activists Warn Cs Mbadi Over New IMF Loan Plans
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Civil Society Reference Group has now called on the Treasury Cabinet Secretary John Mbadi to stop forthwith his new plans to borrow more money from global monetary lender International Monetary Fund (IMF).
According to CSRG president David Otieno the move is economically Ill-advised and that it will plunge the county into more financial woes.
He avers that the country should capitalize so much on its resources other than over relying on loans.
“It will even be worse because we are in a situation where the country is unable to service its debts so when you are negotiating new terms then is like rescheduling obligations. Issues that must be tackled by the Government includes corruption and reduction of government expenditure then we can have adequate resources to repay those debts and run our country.” Otieno told the media.
He wants Treasury to also move with speed and curb opulence in government expenditure.
Cs Mbadi has stated that Kenya is ready to go for another loan from IMF Bank under new negotiated terms for the Country to stay afloat economically.
“Countries like Burkina Faso and Mali have done so much within a short period of time. I think for a Cabinet Secretary to say that they are going to negotiate with International Monetary Fund is quite unfortunate. Those debts are what we call illegal debts because it is a debt that’s being incurred fully aware that Kenya cannot service the same effectively.” He added.
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