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    • Opinion
    • Development Finance

    Opinion: A fair future for Africa starts with true and systemic IMF reform

    Kenya's debt crisis has exposed flaws in a global financial system designed 80 years ago. Reform must prioritize an economy that works for the people and the planet.

    By Jack Odiwa // 02 October 2024

    As U.N. Secretary-General António Guterres said at the Summit of the Future last week, global governance and financial systems “reflect a bygone era,” and they are in urgent need of reform. For those of us living in Kenya, such reform cannot come soon enough.

    Kenya has been in the news for its recent protests, where more than 60 people lost their lives. Although complex, these demonstrations were largely sparked by the International Monetary Fund’s pressure on the Kenyan government to pass a new finance bill that imposed taxes on essential goods such as bread, agricultural inputs, fuel, and sanitary pads.

    These painful austerity measures and regressive taxes were required for Kenya to qualify for a $2.7 billion loan from the IMF. While the general public are struggling to pay for basic items, the government introduced a tax exemption for the importation of aircrafts, including helicopters and spare parts.

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    Read more:

    ► African countries urged to look internally to manage debt

    ► Can African countries overcome the cycle of debt?

    ► Global south now repays more in debt than it gets in grants and loans (Pro)

    • Banking & Finance
    • Funding
    • Economic Development
    • International Monetary Fund (IMF)
    • World Bank Group
    • Kenya
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    The views in this opinion piece do not necessarily reflect Devex's editorial views.

    About the author

    • Jack Odiwa

      Jack Odiwa

      Jack Odiwa is a seasoned policy advocacy and campaigns leader with more than eight years’ experience in Africa. He is currently the Africa advocacy adviser at Christian Aid. He has previously worked in similar regional advocacy roles within INGOs, including Mercy Corps, ActionAid, and Plan International. Jack is also currently a national chairperson of Kenya's Socio-Economic and Financial Inclusion Sector Working Group, which is a platform that convenes diverse stakeholders and policy makers.

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