Uhuru now calls for debt forgiveness days after #StopLoaningKenya protests

File image of President Uhuru Kenyatta

Days after Kenyans took to social media in protest after the International Monetary Fund (IMF) granted Kenya a Ksh255 Billion loan, President Uhuru Kenyatta has now called for debt forgiveness.

Kenyans held that the IMF was entrapping Kenya with debts through loans that end up being lost through corruption, justifying their stand with President Uhuru Kenyatta’s own admission that 2 Billion shillings is lost to corruption on a daily basis.

At a meeting with member countries of the Organization of African, Caribbean, and Pacific States (OACPS) today, the head of state called for debt forgiveness as a means to cushion countries that are severely affected financially.

The head of state who also serves as the President-in-Office of the Summit of OACPS Heads of State and Government maintained that various debt relief mechanisms are welcomed and reiterated the need for a multi-pronged approach to mobilize for resources.

“We welcome debt relief measures, which have created the needed fiscal space to reduce the negative effects of the pandemic.

“However, we seek a continuation of the debt suspension initiative; and debt cancellation, for the most severely affected countries. The prolonged pandemic requires continuous mitigation measures,” said the head of state.

He also outlined his vision for the body and called for more trade and investment deals among member countries with a cumulative population of more than 1 billion.

IMF offices

“Covid-19 pandemic has ravaged our health and economic systems. Livelihoods have been destroyed rendering hundreds of millions of our people into unemployment and poverty.

“We should aim for a transition that supports structural transformation to foster industrialization, diversification of our economies, and an increase in value addition of our primary products.

“A key lesson is that we need to synergize our energies and use creativity and innovation to recover together and build back better,” noted President Kenyatta.

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