IMF’S CROCODILE TEARS OVER KENYA

It’s always nice for arsonists to sympathise with fire victims!

The International Monetary Fund (IMF) feels for suffering Kenyans, according to its spokesperson, Julie Kozack. In an 11 July press briefing posted on X, she discussed the Kenyan police crackdown that killed 39 people during recent youth-led protests against proposed IMF-backed tax hikes and described it as “the tragic events in Kenya”.

Kenyan President William Ruto insisted the increases would raise $2.7 billion in revenues for payments on the $80 billion in international and domestic debts and other expenses.

The IMF had predicted protests against controversial tax hikes featured in the now-shelved finance bill but urged Ruto’s administration to stand firm. Street battles, including protesters storming Parliament buildings, forced Ruto on 26 June to scrap the most controversial levies, such as a 16 per cent consumption tax on bread. Still, Kenyans insisted he rejected the proposed budget entirely, and the demonstrations have now morphed into calls for major political reforms, including Ruto’s resignation.

A @jacobin report says the IMF’s austerity programmes, such as the one hoisted on Kenya, transferred $229 billion in debt payments from so-called ‘sub-Saharan Africa’ to the West from 1980 to 2004. By 2004, Africa had paid the wealthiest countries $15 billion annually in debt servicing. According to the Canadian Centre for Policy Alternatives, that’s more than the continent received in aid, new loans or investment.

Of course, IMF spokesperson Julie Kozack will refrain from mentioning these inconvenient facts.

What are your thoughts? Will Kenya’s youth revolution help end dependency on foreign money lenders? Or is that wishful thinking? Let us know in the comments.

Video credit: @IMFSpokesperson (X)