IMF Help- more money for looting

The IMF has approved a Ksh 78.4 Bn loan for Kenya to fight Covid-19. IMF deputy managing director Tao Zhang said:

Emergency financing under the Rapid Credit Facility (RCF) will deliver liquidity support to help Kenya cover its balance of payments gap this year

Being a Rapid Credit Facility (RCF) The terms are quite favourable:

Financing under the RCF carries a zero interest rate, has a grace period of five and a half years, and a final maturity of 10 years, according to the IMF concessional lending terms

Knowing the pilferage that is the lasting legacy of the Jubilee government, I am not holding my breath that this money will be put to good use.

We can expect the government to devise all manner of ways to loot. Soon we will hear claims that the government is taking care of 15,000 people in quarantine at a cost of Ksh 5000 per person per day. For a 14-day quarantine window, that is Ksh 1.05Bn meaning Ksh 2.1Bn per month.


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