World Global Organization Pressures The IMF To Revise Kenya’s Terms Amidst Unrest
On Tuesday, Human Rights Watch urged the International Monetary Fund (IMF) to revise Kenya’s debt repayment targets.
According to the organization, the current IMF program, which is expected to last until 2026, pushed for significant spending cuts and increased revenue for the Kenyan government.
However, HRW has determined that the budget cuts create systems that promote inequality and may violate human rights.
A historic march for economic justice ignites #Kenya today, driven by economic justice, echoing across the continent.
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Why do human rights matter here? It's about the right to protest – but also about a #HumanRightsEconomyhttps://t.co/VrQAeN7rjW
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“Research has also shown that these measures tend to worsen inequality, and “a large upfront fiscal consolidation can be particularly damaging,” according to the Independent Evaluation Office, an independent IMF entity.
Currently, the IMF has committed Kshs572 billion ($4.4 billion) to Kenya for support from 2024 to 2026.
According to the HRW, the IMF’s approval of the now-shelved Finance Bill 2024, the terms and conditions for the program have led to the adoption of the government’s measures which should be revised.
“The IMF should revisit its targets to ensure that it is not impeding the Kenyan government from meeting its human rights obligations and ensure that any policies enacted to achieve program targets do not exacerbate poverty and inequality or undermine rights,” stated HRW.
HRW also expressed concern about the significant decrease in social spending in areas such as education and health.
“To build trust, the IMF and Kenyan government should work together to conduct and publish human rights impact assessments of both the budget and finance bills and amend them to best fulfill their rights obligations,” Human Rights Watch stated.
This statement comes after the International Monetary Fund (IMF) pledged on June 27 to continue working closely with Kenya following unrest sparked by Kenyans’ dissatisfaction with attempts to pass the Finance Bill 2024.
The IMF also promised to work with the government to chart a course for robust, sustainable, and inclusive growth.
Furthermore, the Bretton Woods Institution expressed its concern and stated that it was closely monitoring the situation in the country.
World Global Organization Pressures The IMF To Revise Kenya’s Terms Amidst Unrest
