How the IMF Debt Trapped Kenya Causing Nationwide Protests
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- Опубліковано 14 лип 2024
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Chris Jeffries and Mike from Turn Leftist discuss how the International Monetary Fund (IMF) and Western banks have debt-trapped Kenya, leading to widespread protests. The IMF's austerity measures, privatization, and deregulation policies have disproportionately affected the poorest segments of society, causing significant economic hardship and social unrest. Jeffries challenges the common perception that China is the only country engaging in debt trap diplomacy in Africa and defends African leaders who resist Western colonialism. The speaker also discusses the contentious relationship between the IMF and countries like Argentina, Ukraine, and Kenya, and the economic hardships and social unrest caused by the IMF's austerity measures. Jeffries argues that in countries where right-wing ideologies and gun ownership are prevalent, there is a higher likelihood of fascist forces prevailing, and expresses skepticism towards international development initiatives backed by the IMF. Mike also critiques the historical involvement of Western powers in conflicts around the world, arguing that their interventions were not always driven by humanitarian concerns or defensive measures.
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Key Moments
00:00:00 Intro
00:05:00 Western colonialism
00:10:00 Kenya, Argentina, and Ukraine
00:15:00 right-wing ideologies
00:20:00 invasion of Kuwait and World War II
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I remember being young in Jamaica when IMF did this to my country. It caused mass migration out of the country.
@@lisalewis2650 which year the 80’s ?
Which year did this happen?
That is right
It is another way of economical slavery and the socal leaders are involved with this
@@lisalewis2650 that's exactly what's happening in Kenya right now. Passport office has a long queue
IMF is the kiss of death for developing nations.
MI6 and CIA works for IMF & WORLD BANK.
@davidlee9493 Time to stop accepting the "help" of the IMF. Mahatma Gandhi led India to independence from Britain in the 1940s by not exporting raw cotton.
@@davidlee9493 But no one imposes the IMF on anyone - Countries go there because no one else will lend them. If greedy African governments could begin by managing their economies better, by stopping the looting, by living within their means, by thinking of their people, a situation like Kenya would never occur.
Yes, but developing nations can’t develop without capital. Damned if you and damned if you don’t.
@@HellenofTroy897
When the choice is between a coup or financial downfall, which one would you choose? We all know what happened to the last leader who went against the IMF in Africa (Gadaffi)
Kenya having huge infrastructure projects with China was enough for the US to set a honey trap. They want to ultimately destroy that budding relationship.
Agree
Covid was also an excuse for this loan trap. It looked like the country was getting loans they didn't ask for.
@@HomelessRomantic Jamaica has a debt to GDP as high as 135% (conservatively), Kenyan's Debt to GDP is approximately 68% is manageable at Jamaican standard. Jamaican Value Added Tax, General Consumption Tax is 16.5% down by 1% from 17.5%.
Actually China is doing that itself - last year was the lowest investment of China in Africa in 2 decades. There are many reasons for that: 1) China is unlikely to lend more money to African Nations while they are struggling to pay back existing loans. 2) China has defaulted on debt it owes America. 3) China has big financial problems at home and 4) with the realignment of interests with Russia, China can get most of it's critical materials from Russia and doesn't need Africa as much.
@@frankyyaggabot6222 Rubbish
As a Kenyan. Respect for covering this.
Thanks
No more IMF trap for Kenya, Kenyans have refused.
Sisi si wajinga tena
This why Eritrea 🇪🇷 having a very difficult time with the west. In 1993 IMF came to Eritrea and the president refused to accept the loan saying we will use our resources to develop the country they did not like it.
They use money to either blackmail or corner governments. They come in suites and nice jargons to active their goals. When nothing else works, they use assassinations technique or their army
ኦይይይ ብላሽ
If Eritreans are living well then no problem.
They are majority Muslims why would they want anything to do with the West?? 🙃
@@1wun1what does that supposed to mean? They t free from the west. That's better
Just returned from Kenya last Tuesday. We noted that many young and middle aged Kenyan men are just sitting around along the roads in almost all the towns and villages we pass by. We asked our Maasai driver who told us that those people are waiting for jobs and most of these jobs are only the day and not long term. Kenyans are English educated and many of them are graduates and are driving Uber Bolt to earn a living. Our driver for our Nairobi day tour, a young lady was very informative and she came from Mombasa to work driving tourists and locals around. She is a graduate and said Kenyan parents saves and forego many things just so that their children gets a better education. The financial bill was very unpopular as it increases tax and removing food subsidies for the children in schools when many children go to school because they get to have a meal and we can understand why the Kenyans demonstrated. I wish the Kenyans a better government and a better life.
I'm Kenyan,old as independent Kenya ,now 61.
We Kenyans and our leaders are to largely blame for not being independent in mind and in doing our things.
I hope you saw the massive unutilised land in Kenya,which should be the food basket for half of the world but nothing happens.
The young men you saw standing on roadsides expect white color jobs,very few want to think for themselves and be creative.
The few farm produces especially the easily perishables hardly reach the end users.There are no proper handling ,storage and processing of those produces.Mangoes,avocados and others decay in large quantities.
Why can't our young men use their education to transform that sector!
We got hardwood but still import chairs from china etc.
Our rivers are dirty and contaminated.What openings can come if the waters were clean and properly maintained!
As long as we remain a consumer population without much engagement on manufacture,we shall lose the battle.
Our founding president Mzee Jomo Kenyatta advised Kenyans "Turudi mashambani" to return to the Farms,but instead we left the farms to towns.
We are now more trapped in the debts ,we may succumb.
The western education may not be working well for independent African countries.
@@justinamusyoka4986 I think we tend to want to stay with the known rather than the unknown and thus stick to the reelection of the same people time and time again. I am your senior by 9 years and have seen a lot of things. Frankly I think the Kenyans will be able to over come the current problem though it may take time. Your people are honest and hardworking and has good values raising your children with education as a source of future improvements and so the government should encourage education to the young ones as a source of development. I noted that your country do not have an entertainment industry and I think it is a good thing because this industry does not encourage education but delusions which is not suitable for a developing country. I wish Kenya and Kenyans a great future ahead and the prosperity of your nation and citizens.
You might have missed the underlying cause for that: In 1880 the population of the land mass that would become Kenya was estimated at about 1 million people with an average life-span of only 25 years. Urbanisation and westernisation transformed Kenya and the population is now 55 million with an average lifespan of 65 years! I think the average age of Kenyans is in the low 20s. Jobs and an economy that provides them has always been the end-goal hampered primarily by corruption and bad management. Having said that Kenya is by far (in my biased opinion) the most promising and blessed country in Africa.
@@frankyyaggabot6222 Agree. I think the priority is for the government to seek more FDIs and jobs creation. Kenya has been blessed with good natural resources like the Massai Mara Park and so many other interesting natural parks which should be developed for the country's economic development. Kenya is more progressive than many other countries prohibiting plastic bags and I support this policy. Tourist money can be big and need not be despised if the industry is properly managed.
@justinamusyoka4986 To develop land or process agricultural produce, you need CAPITAL , the cost of a loan is between 15% to 27% that's credit card rates in the USA
As a Kenyan, I thank you for telling our story
Chinese loans build tangible infrastructure that benefits the country. Western debt builds nothing, goes to complicated hedge fund schemes that the people will never see.
So why then despite Chinese loans only comprising 17% of total national debt is the repayment of those loans the 2nd largest item of expenditure in the government budget. That is the definition of crippling - and your tangible infrastructure benefit (railway) was heavily dependant on its' extended use. Both Tanzania and Uganda pulled out of it because they saw what was happening to Kenya and didn't want to be lumped with crippling debt. Chinese loans occur primarily during the Kenyatta (Uhuru) years - the National Dept at the start of that period of governance was 1.5T KSh and the end of that period it is 9T KSh and Kenya was then in the position of having to (loan to) pay back just interest alone on that debt of 3B KSh per day.
Yes I keep saying the same thing. The Chinese don't just sign deals and hand over the funds to these corrupt African officials. They bring their people to supervise the projects and make sure that the job is complete. The West could care less if the money is stolen because at the end of the day the money will end up in western banks and economies anyway.
@@luismapiko5980 tou cant see western debt but only in debtors account, you can see Chinese infrastructure.. western debts is huge bit China gets the blame
@@frankyyaggabot6222 Still better than taking money from the IMF. Voice of America even reported China has forgiven over $3.4 billion USD in African loans.
That's a lie. All you do is add to the country's debt. They have something nice and shiny they cannot pay for. Nothing is added to the economy because repayment of the loan drains any profit. Otherwise if the Chinese infrastructure was so good they would be able to pay their way out of all their debt and that is not the case.
Western debt trap has broken many countries. Kenya is just the latest case in point.
We didn't see it coming,we listened to empty promises till we reached the breaking point.Kenyan 🇰🇪.
Kenya should default on that debt and break all ties to the IMF. IMF is a theft ring.
@@trashtalker9753 IMF is a global thug.
Africa should break all ties with the west!! They are all evil. Russia is a win win, better than America or Europe.
What about the consequences of defaulting on these loans?
@@MsLajecelI'm a Kenyan and the IMF loansharks and gangsters will probably get the West to sanction us if we default, but what we'll do is get the AU to mobilize the entire continent to default on those loans. Kenya has mobilized the continent before over the bogus ICC cases on the current and previous incumbent Presidents between 2008 - 2011, and can do it again. Indeed, the continent is far more militant today than then, and we will win. The West is far weaker today than it was before Independence in the 50s, 60s and 70s, and Africans are much better educated. We shall take on the conniving imperialist globalists and we shall win. We know we can count on the support of the global.majority.
@@MsLajecel Coup of any potential progressive leader coming forward!
Is it apparent that they haven't got the "money" they're busy lending, the money is created upon signing the loan agreement. It's all a massive fraudulent system!
We were not debt trapped, our politicians just took a loan and deposited it into their bank accounts instead of investing it.
They ALL do it, including US politicians. They just have more resources and experience carrying out corruption over here.
Because that's what the usa told them to do. A comprehensive database compiled by researcher Dov Levin at Carnegie Mellon University documented over 80 instances of U.S. interference in foreign elections between 1946 and 2000
@HomelessRomantic
Thts still not an excuse for those politicians. If someone tells u 2 do something dumb & u do it, who should we blame?
Why are you making excuses for corrupt politicians? They take the money for themselves … this is Pathetic
This white guys feel entitled while trump is running all over them. But they can lecture us about our country that they don't know anything about
As a Kenyan in Kenya , I'm listening to this keenly in rage.Thanks for posting this.
Thanks
IMF spread chaos all over the world!!
@@AdamHassan-fj1db the world keeps signing the dotted lines.
" The most evil organizations in the world today are the World Bank and the IMF." Michael Hudson, Professor of Economics at the Uni of Missouri.
i saw that video,it was chilling
@@9064peterpan my Alma Mater!!💪🏾💪🏾
@@salimadiyo9442 do u have the link
In France's case, I don't think it is about Africa owing them because the countries they deal with are required to deposit at least 50%, maybe more, of their revenue with France's Treasury. That money is then loaned back to them with interest. French companies also get first dibs at any contracts, such as mining, with those countries. So France was basically killing African leaders who did not want to continue such a colonial relationship.
This is like ‘enhanced’ colonialism designed to keep bleeding the African economy
Exactly.
RIP Thomas Sankara.
Because some Africa presidents are puppets of the west and they look loyalty to their masters not their citizens
13 African former French colonial countries still paying Colonial tax to France...
A Kenyan here 🙋🏿♂🙋🏿♂, so let me offer some perspective.
The blame is 50/50, yes the IMF loans are predatory but at the same time Kenyan government is at fault.
They borrowed a lot and did absolutely nothing constructive to our economy with it. An example is the fact that Kenya borrowed 2 billion dollars from Eurobond and can't even account where half the money was spent.
That’s what the IMF is hoping for: greed and ignorance by their leaders.
Africa needs help from the OUTSIDE.
China is helping in that case.
This channel informs but until there’s mounting support by USA citizens the country will be continually pounded to death.
In fact, these white countries like the chaos and poverty of Africa. It’s easier to manipulate people. When people have starved for so long, then presented with riches, they don’t ask where it came from.
@@clementlumumba4824 You are right, the Kenyan government is also to blame. I was talking to a Kenyan consultant some months ago. She said in the corridors of IMF or World Bank (cant remembet which one), Ethiopians are known to thoroughly read any agreement before signing the dotted line, they go through it with a tooth comb. When it comes to Kenya, they only check the amount and sign the agreement not caring about the terms and conditions.
Exactly we need accountable leaders
Spot on. I believe we wouldn't be on the streets if not for the opulence of the ruling class calling for austerity measures for poor Kenyans.
The most painful and humiliating tax, is inheritance tax. They want us all to lose our ancestral land to IMF and become homeless
That was the the hardest to Swallow
Its good Ibrahim traore is on social media showing how transparency works.
Every single one of Uncle Sam's accusations is a confession. Every. Single. Time.
That's all government for you. You didn't think their role is as servants to the public ,did you?
This is what the news should be talking about.
Almost everyone is Kenya is educated and had a degree yet no where to work at all
Am from Kenya all what you said is true and that is why we went to the streets for demonstration
@@carolryan3116 Demonstration should just be the first step. This should be followed by electing a person who knows about economics like Kibaki. Problem is tribalism makes your generation fall for the propaganda which is used by the older generation to vote for people who know nothing about economy. You should not be careless about the presidency, what's in their heads makes a huge difference to your well being and future. Some of you are intelligent and can advise well. Listen to them.
Magufuli was assassinated because he attempted to love his country more and defy the west.. unlike Ruto of Kenya
They always do that, they are afraid of black leaders who can mobilize and lift there people..
Magufli was a really great leader,. PLO lumbar Thomas Sankara and the many many, many, others.
@@zacharyayaga6661 stop the lie magufuli died of COVID he ignored and denied it's existence
@martinmaina9184 that is what you were told by your media and you took it as the gospel truth because you are gullible and lazy to prod further.
Meanwhile Tz is importing items from Kenya such as network IT, cement and salt which is few shillings. Tz has resources but cannot putting it in production and distribution.
They knew that was the intention of their loan programs and set them. So when China began giving low interest and extended period loans, they immediately termed them "debt-traps," which was what they had been doing all along and continues to do so.
Those are what the US and EU accused China did to developing countries through belt and road initiatives.
The usual, accuse others of doing what we do! It always fools enough people to be a good ploy.
The Chinese aid has benefited the general population. I've seen on my visit to some of those countries.
@@theislander-sj1kqNice and shiny is not a benefit if the country has no way to maintain it.
@@cinattra I wouldn't describe essential infrastructure projects as "nice and shiny" also the companies still operate there so it is being maintained.
@@user-gm3lg8gp3m It's not essential because you say so. They are building airports, ports and bridges that are over sized for the demand. As I said nice and shiny.
Thank God people like you see and understand the imperalist!!
Don’t forget that Kenya is militarily occupied by the US and UK
"So I can trap you better." Said the wolf.
Didn't know that
Sick so sick 🤮 Burkina Faso, Niger 🇳🇪 and Mali 🇲🇱 finally became independent the rest of Africa is still colonised period !!!!!
@@synaestesia-bg3ew Google it.
They should send away the bases in these protests.
IMF and US need this, so their Military industrial complex will keep working.
Uhuru Kenyatta the source of the mess that Kibaki had wiped from Moi. Moi was always in trouble with the white man and IMF. The lectures. Kibaki broke the yoke, Uhuru returned it. I feel sad.
@@wakirealestate8324 I usually see people praising Uhuru forgetting how things sky rocketed in his regime. Uhuru and Ruto are just two sides of a coin
The IMf has debt trapped Ukraine as well!!
while U.S warpigs barking its China trap.
So don't lend them money after they were attacked 🙄
@@tyrismaxeywhy were they attacked? Westerner? Who turned Ukraine into a vessal state?
@user-gm3lg8gp3m look man, if you condone unprovoked attacks on sovereign countries cool, but 99% of the world does not. Take care!
13:47 The biggest undoing of young Kenyans was their nonchalance for politics, but the West's greatest undoing was to push Kenya too hard. They are going to lose most; Kenyans are already speaking of new global alliances without the West. World Bank and IMF have lost favor with Kenyans.
As a Kenyan millennial... Carefully listening 🎧. Thank you.
Godspeed brother
No African country should deal with IMF and world bank. This is an evil systematic trap. RSA is apparently suffering from what Kenya is revolting against
Sri Lanka is an another country debt trap by the IMF .. 😢
How is Sri Lanka doing at the moment? After what happened there was a bit of a black out.
The issue on the table actually is not debts its lack of accountability...... Kenya has never had problems with debt payments but the citizens are not dumb they want a complete audit of the debt coz politicians have been lying that we have a debt to overtax people.......this is a tactic used in many other countries where citizens are deep asleep
A lot of people are missing this. Kenyans would have ungrudgingly paid the increased taxes if they had been conditioned to accept the taxes as opposed to the Executive bulldozing it and interfering with parliament's impartiality. Parliament became a poodle for the executive instead of checking the excesses of the Cabinet.
so kenya firmly tell the imf. f off. if you want our minerals and riches you now pay double.rise up kenya beat the western bs.
A comprehensive database compiled by researcher Dov Levin at Carnegie Mellon University documented over 80 instances of U.S. interference in foreign elections between 1946 and 2000
Great discovery.. this channel.
Great chat.
Welcome aboard!
What makes people really upset in Kenya is the fact that once the IMF loan is approved it never benefits the people, it enters straight into the Kenyan government leaders offshore accounts and they make the citizens pay for their greediness.
As Kenyan Youth we are determined to undo bad leadership, corruption and IMF interference
Proud to be ERITREA 🇪🇷 🇪🇷 We don’t know IMF or world bank or NGO those three criminals they are not allowed 🚫 in ERITREA 🇪🇷 🇪🇷 Soul even AMERICAN 🇺🇸 embassy is in control 😂😂😂😂😂 🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷🇪🇷
Colonialism led to development of europe using African resources. Africa became politically independent but European canningness by neocolonialism to keep Africa dependent on europe and to continue exploiting them economically
Eritrea has refused IMF or World Bank loans and for that sanctioned after more sanctions imposed on it. Despite that not only did it survived it is developing fast. Thanks to the wise leadership
I am from Eritrea, we are not developing. The leadership is good at preserving the wealth of the country but not smart enough to utilise it.
Eritrea is one of the poorest places on the planet, leaders are thieves and morons taking everything for themselves and leaving nothing for the people
@user-gm3lg8gp3m wow! I'm from Kenya.
I'd say better the half loaf you have than have of your leaders cutting off Bretton Wood institutions and have the country rely on its resources than have a president who auctions you to the IMF and impose bad policies impoverishing the citizens.
TO think they have the audacity to tell CHINA the same
The debt issue iñ Kenya is soo opaque you just get to know how much we owe but not how was procured.The money is not commensurate with development on the ground.The political elite share out the money and we end up paying their sh**t
BRICS BRICS BRICS
Tanzania is still borrowing as if there is no tomorrow. I hope the President of Tanzania will wake up and stop borrowing.
He is told to take the money by his western handlers
@@HomelessRomantic by the she is a woman president
Dr Magufuli died after embarrassing the west, remember the Goat testing Positive during lockdown. Replaced a W/3\F stooge.
Suluhu to continue borrowing as a muslimah is a shame because she knows what Islam says about loans , Islam says if you want to be poor take loans they will take you down. Unlike Ruto who is a fake Christian being fake means he doesn't practice what he says he borrows to pocket and live large with his mpigs
Don’t forget Greece- wrecked it completely- all the young people left and it’s now a land of old people and tourists
They are coming in a way they forcing to tax someones land house hold goods and my question is do they do that in Europe??
They lend Europe at 0 interest rate. Incase you needed to know.
@@user-mb7sh9om6f yesss that much I know but why intimidate other countries for their lands wealth etc it's time they know they are known
@betsyakoko6810 Check what they are doing in Ukraine. Will it ably pay 200bn? It's also about land oofcourse and Lithium. Yet when you have stupid leaders! What Russia is trying to do is to protect Ukraine nut that stupid president of Ukraine. The west is now furious because Russia has gotten hold of the region before them. Lithium is the next big thing next like oil has been given that we are shifting to renewable energy.
agreed. One should read the book Economic Hitman...
Found out about that book recently. Highly recommended 👍
_( Maybe I'm wrong, but that Argentine guy waving the chainsaw during the last election has all the hallmarks of an economic hitman. )_
I read that book it's crazy
Thank you for your broadcast, so on point appreciate you both (NZ)Keep on sharing the truth👍
If these conversations you are having is coming from a sincere and genuine place, then i take my hat off, and salute you.
Great video 📹, keep speaking 🔊 truth, eventually you'll succeed ❤❤❤
It is happening as we speak in Dominica where water bill has raised 300% or more mind you every corner of the island is water.
Ruto was told to be careful but he didn't listen.
In Kenya the issue is not debt necessarily. The issue is borrowed money that gets stolen. Almost half the money borrowed ends up in private pockets and the Kenyan citizens have to pay it back. A large amount of debt never makes it to its intended purpose.
nice try, but you are wrong. who bankrolls the campaigns of the politicians who pocket this money, oh yeah, the west
The majority of people here are playing the blame game instead of accepting that most of the countries they have provided as examples to support their points, were in the same position Kenya finds itself because of the corrupt politicians and not the IMF and the West as they claim. For instance, in Kenya, the auditor general has pointed out that since 2010, the government has borrowed KSH 1.1 trillion, which cannot be accounted for, yet the loans were secured for projects. The problem with us Africans is we do not face our devils (the politicians) but rather blame individuals who have nothing to do with our self-governance.
@@HomelessRomantic You see, still blaming someone else for your choices instead of accepting the reality and start showing this politicians you won't entertain their shenanigans.
Ruto already sold Kenya to the West soon Kenya will be hosting Africa's largest US military base,his greed of flying the flag of hegemony, oppression,injustice murder & thuggery are evident
Allm imf debt trapt loans should be declared iligale and criminals amd never payed by the counteys.
There is no debt trap loans, there are only debts. Infact those loans are a lot cheaper than IMF/WB loans and there is tangible proof of where theat loan went to unlike the western loans that seemingly disappear with nothing to show.
Debt trap is a phrase invented by an indian to disparage China's infrastructure loans to the global south and a new york reporter took it and run away with it. The western media repeated the lie over and over until everybody in the west believes in it like gospel.
African summer. Like the Arab spring
There is God in heaven I know IMF may not recognize Him but may he come through for Kenya. May God help Kenya and other countries that this is happening.
Kenya had exports of $7.6 billion, imports of $18.59 billion, and diaspora remittances of $4.19 billion in 2023. That's a dollar deficit of $6.8 billion which was funded by foreign capital. This will require $13.6 billion or more over the long term since capital ain't free. 😳
China's loans to African countries typically come with fewer conditions compared to those from the International Monetary Fund (IMF). The IMF often requires borrowing nations to implement market liberalization and austerity measures, which can be politically and socially challenging[3]. In contrast, Chinese loans are generally more flexible and focus on infrastructure projects without demanding significant economic policy changes[3][4]. This makes Chinese loans more attractive to some African governments, especially those looking to avoid the stringent conditions imposed by traditional Western lenders[2].
Citations:
[1] en.wikipedia.org/wiki/Debt-trap_diplomacy
[2] www.reddit.com/r/dataisbeautiful/comments/179u0r4/oc_africas_chinese_debt/
[3] www.bbc.com/news/world-africa-45916060
[4] www.realinstitutoelcano.org/en/analyses/increasing-g20-cooperation-on-debt-and-investment-in-africa/
[5] foreignpolicy.com/2022/09/07/zambia-china-debt-imf-economy/
America is like the pot is calling the kettle black when comes to communism 😮
I was explained how this worked back in 2008 when talking to a Zimbabwe supporter of Uncle Bob. Later it explained the collapse of Greece, and now Kenya. This is the reason for the Belt and Road and how come BRICS+ is gaining popularity...
Belt and road initiative has been a failure. BRICS is a failure. Still waiting on those Brics to start hitting my wallet.
Greece collapsed because they took too many loans and spend them on stupid things
now they are just returning what they never had and will do that for decades
Zimbabwe today is building a steel plant, litium refinery
Kenyans didn't wait for that stuff to happen.......they are actually asking for debt audit ....we have a country to protect no more games
Kenya hasn't collapsed. If will though if we continue in the trajectory we're in I.e. borrowing to fund politicians lifestyles of course with IMF support. We're tired.
Trapping everyone. It is getting old.
My jaw is on the floor regarding university fees. I completed my undergraduate program in 2018 and my tuition was about Ksh. 37,000 per year. I saw my alma mater's fee structure for 2024 for the same exact program and it's Ksh. 126,000 per year.
You missed the most significant part. Kenya took on debt which leaders pocketed instead of using the money for investment purposes.
It is like approving loan to a fast food employee knowing full well that they won’t be able to pay back the loan.
The money from IMF are in Swiss banks ,mostly .
Kenya must be free from IMF slavery 😢😢😢😢😢, it's so sad.
Thank you for this info.
I should of known this was the case.
This playbook is so old.
I'm Brazilian, and I visited Argentine in 2022 ... Nowadays the poverty more than doubled as a result of the abrupt cuts of government investment in the country.
The country is so expansive now, even for Brazilians, it has become expensive to visit, I cant imagine for Argentinians.
This is the IMF deal with Milei: urgent cuts, no matter what.
I mean, It was obvious Argentine government had to prioritize and cut money expending, but the way it is being done is CRIMINAL.
You guys from USA and Europe, look for local News channels, the western mainstream media is not showing the Famine the lower class in Argentina is sinking into, not only hunger, but lots of people can't afford to continue medical treatment as health subsidies were abruptly cut.
One of the BIGGEST joys of Brazilians is that we paid EVERYTHING we owe to these exploiters, and one of the things that could ruin a politician's career in the last decades.. is to propose, even remotely, to take 1 dollar loan from IMF 😂
How do your population got educated about IMF loans? Do politicians talk about it publicly?
@dltn42 would you go to a bank and borrow at 4% for investment, then squander the funds, then blame the bank when the bank comes asking for its money back in a new staggered repayment plan past the initial due date?
Isnt it normal? That's what the west always do to poor countries.
Thanks for taking the time to educate people on this .
IMF serves the interest of US not African nations. Time has come for Africa to realize and withdraw borrowing from IMF and World Bank. Tanzania did it, and is developing. Kenya has remained a colony of the British. Since independence, the British have an army Base in Kenya, watching over their investments, interests and controlling the Kenyan government that cannot take decision without consulting the colonialists. Kenya is not surely independent mm
Tanzania just borrowed from IMF in June 2024 $700, how about that foe independence!!!!!
$700million
Woow thank you for being honest
good to see foreigners this educated about our African affairs, there's a lot of false propaganda about Africa in the western world.
What is not mentioned in this podcast is African leaders stealing from the national treasury. The loans Africa borrows ends up in the pockets of politicians. With this kind of indiscipline, how will African countries be able to pay back?
So those who did agree to take the debt ...... should have known what would happen, actually Kenya can be self sufficiant ,if we start looking at what the people are capable of and let them grow and that can benefit everyone directly and indirectly
The last PLA had been at work to crackdown was 40 years ago at Tianmen squere and most of them were killed by cia's mobs and funded protesters. Most the time PLA are working at helping people, organising foods and cleaning stuff at the nature catastrophy areas or regions.
Thank you so much for having honor and decency of standing by the truth.From a Kenyan Youth, I respect you Thank you for handling the beast
My pleasure friend
Here from Kenya, great dissection of the issue affecting us here. We will not relent. You have a new subscriber now.
Thanks for the sub! Email us and come on the show! Would love to get your opinions
I am happy , how you are putting this to the light.
Thanks
They also give terms like Kenya has been told to accept 300,000 refugees if they cant pay debts
Wow
We thank you from Kenya#rutomustgo 🇰🇪🇰🇪🇰🇪🇰🇪
@@danielmicheni6769 ,we have to support him and assure him protection.
Great Coverage ! Real Truthfull news! Thank You.
Our pleasure!
You got it right the money lent to Kenya sadly ends in the pockets of some few sycophants and the majority ate given hard task of paying higher taxes
Thanks!
Lend printed money. There is s big difference.
PRESIDENT OF TANZANIA J P MAGUFULI
Basically rich always have to keep the poor poorer so they can get rich
Wooooow you guys, as an African a South African you have brought me into tears, you have spoken hard core truth about why we are in cycles of poverty. I appreciate that young white guys like yourself are so enclined and knowledgeable about African problems. You have a new fan, have you ever done a show on inequality, poverty and racism in SouthAfrica. Excellent content 👏🏾 👍🏿 🙏🏾
Wow, great comment
does someone have a link to the story about when the EU destroyed the kenyan chicken industry by forcing them to buy european chicken despite them already producing enough poultry? I read about it destroying their economy somewhere a long time ago but when i look it up now im only getting articles written in the last month.
Really? And now I here that Kenya is going to be getting American chicken legs and necks, the parts of chicken that Americans don't eat.
@@ubaachieng4668 😂🤣😂
@@ubaachieng4668 as a Kenyan I think that's an overstament😂
I was born in Kenya and I live in U.S.A.The problem in Africa countries is expensive culture and blaming others for their failures.Those keep blaming whites remain poor
@@jamesmwaura7583what do mean overstatement? Is it a lie? I can't remember where I heard it but I don't think we should be getting any chicken from anywhere because chicken rearing is one of the few business opportunities for our unemployed youth.
Good doing
It’s never too late. Thank God we are among few who have found out and dared to oppose a wrong. In the future we should have an economist who knows how world politics is all about and understand how to build without dumping the whole country to the wolves. Love 🇰🇪 my country
Young people all over the world doesn't want separation they want to run this world according to fairness and understanding imagibe the world of no discrimination.
Confessions of an economic hitman
You fail to mention how the country got into debt. Did imf approach them or did the leadership of the country approach imf?
A comprehensive database compiled by researcher Dov Levin at Carnegie Mellon University documented over 80 instances of U.S. interference in foreign elections between 1946 and 2000
You are talking facts
Eritrea is the best ran country in Africa, WHY it dose not accept loans from IMF the punishment against them is SANCTIONS this is the WEST debt trap. Long live Eritrea for smart leadership 🎉🎉🎉
I’m 52 hoping to end the rat race by 60 with above $1M. I know money is a liability to be exchanged for assets with real value like real estate (properties for rent) stocks (dividends) bonds (interest) But, what is it with bitcoin? I hear a lot about it and I'd love to diversify my portfolio.
bitcoin does not pay any yield but will reward you with growth that you can't find in any other asset class
The key is diversification. Personally, I delegate my investing to an advisor, cos my job doesn't permit the time to perform market analysis myself. Thankfully, my once ago stagnant portfolio has now 5X in barely 4 years, summing up almost 7 figure as of today.
i'm blown away! more info please? i am a young adult living in Miami where i've encountered several millionaires, and my goal is to become one... they all seem to be involved in either real estate, stocks, or crypto
I searched for her complete name on the internet and located her page. I then sent an email and scheduled a meeting to converse with her; now, I'm awaiting her response.
Evelyn Infurna Services has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
Lesson of the video: don’t borrow money you don’t have.
Saying "don't borrow money you don't have" is an oversimplification of the complex dynamics surrounding IMF lending practices. Here's why:
1. Last resort lender: The IMF acts as a lender of last resort for countries in financial distress. These nations often have no other options for obtaining loans, making the "don't borrow" advice impractical.
2. Structural issues: Countries seeking IMF assistance typically face deep-rooted economic problems. The loans are meant to address structural failures that led to the crisis, not just provide temporary relief.
3. Conditionality: IMF loans come with strict conditions, including structural adjustment programs. These often require significant economic reforms, which can be politically and socially challenging to implement.
4. Sovereignty concerns: Critics argue that IMF conditions can infringe on a country's economic sovereignty, forcing them to adopt policies that may not be in their best long-term interests.
5. Debt cycle: Some argue that IMF loans and conditions can trap countries in a cycle of debt and dependency, as the required reforms may not always lead to sustainable economic growth.
6. Changing creditor landscape: The rise of alternative lenders, like China, has complicated the global lending environment, making it harder for countries to avoid potentially predatory loans.
7. Complex financial instruments: Modern debt instruments are increasingly complex, making it difficult for countries to fully understand the implications of their borrowing.
Nigeria is facing this right now ,they have used austerity measure to trigger deadly imflation in nigeria