Why Young Kenyans are Protesting the IMF
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This week, protesters in Kenya poured into the streets across the country to violently protest a controversial finance bill aiming to raise taxes. In this video, we're going to take a look at Kenya's debt crisis, the controversial finance bill, and whether IMF is to blame.
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1 - www.telegraph.co.uk/world-new...
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3 - www.bbc.co.uk/news/world-afri...
4 - www.economist.com/middle-east...
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8 - www.ft.com/content/1c6782fd-b...
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10 - kenyanwallstreet.com/why-is-t...
11 - www.bbc.co.uk/news/articles/c...
12 - / 1805598808035774970
13 - www.ft.com/content/eadf0d8a-7...
One thing this video didn't address, a key driver for the protest is the anger at politicians who are corrupt, openly flaunting their wealth after looting the country and talking down ordinary citizens when they said they can't afford a larger tax burden
sounds like Canada
Politicians in Canada, and most Western countries, are paid a lot to prevent incentivizing corruption.
@@khlapsslightly less corruption is all that did as they have essentially legalized corruption by having the ability to lobby.
Why is the IMF trying to save Kenyans? Let them have China
China Debt are way better and DYE, hair
Great point aren't Kenyan politician's among the highest paid on Africa?
No Kenyan is against paying taxes. We're against mismanagement of the countries resources. Imagine a president taking a $1.5 million private jet to the US l, turns around and tell the nation to live within their means! The audacity!!!
So basically we are the same, because I can guarantee no matter where you live anywhere on Earth regardless of your country’s political situation or wealth a politician will tell you to live within your means..
it should not go unmentioned that Ruto spent $1.5m on a private jet to the USA, while his daughter drives a 2024 model Bentley Bentayga, in the face of 'austerity'.
And also who voted him in power. 😂
Play stupid games, win stupid price.
@@arthurlau98 he won by 200K votes ,most young people didn't vote and that's why they felt like it was their fault for letting such a corrupt coalition get power and are trying to make things right
@@arthurlau98 just to clarify, go look for his videos during campaign period. Kenyans have realised that he was a pretender and a big liar as well as very very very greedy and selfish
@@arthurlau98ruto has completely done a 180 from his campaign promises.
@@arthurlau98he never won, he was rigged in by the US. Maybe they knew he was the perfect puppet as he had a case at ICC, eliminated witnesses, very corrupt etc
I am from Kenya,
More than 20 people died during the protests,
A rumored 100-200+ people were then massacred that night in Githurai, Nairobi
They are lying about the statistics, many many died all with bullet hole
Its very sad here🥲
Next time Bantu people are the majority they should never elect into power a the same people who used to enslave them in Egypt
As a Kenyan, the bill is not the whole story. We are also protesting against the large scale looting by Ruto and his cronies. People are dying in underfunded hospitals and every sector in the economy is getting plundered. Meanwhile, Ruto and his cronies buy luxury watches and cars worth tens of thousands of dollars and diverting public money to their offshore accounts. He has made unconstitutional offices and put his friends to loot Kenyans. It is estimated that more than 40% of public funds are stolen. Without theft, the country's finances would be fixed very quickly. Kenyans are also angry that the army was mobilized unconstitutionally against unarmed Kenyans. The police opened fired and have killed tens and injured hundreds including children and women. A mother closing her vegetable stall for the day was shot and killed. She was not even protesting. Stand with Kenya!
Ruto and his cronies' looting is different from Uhuru's and Kibaki's and their cronies' before him how? And Moi's before that?
Well put
@Muzakman37 no, but our parents were not strong enough to stand up to them.
@@Muzakman37 They where not sending money outside they where not blood thirsty killing people they where buying and creating business in Kenya and these new thieves unfortunately they have met a new generation that says no. They will be removed
I'm a Kenyan(edit: I am in the diaspora. I don't live in the country anymore). This video is true, but there are some innacuracies. Thank you for the video though for shining a light on the video
Firstly, the subsidies were implemented months before the election in August of 2022 by Uhuru. Secondly, a lot of these loans come from Uhuru, such as the one by the IMF and even the Eurobond. Odinga has only been in 4 parties, and has stayed in ODM for 20 years. A lot of parties have stayed together. People are not joining parties now, but they are joining coalitions.
Kenyans are also aware of the situation our government has put us in. We just want to know where the government is putting the money. There's a lot of corruption, and there is a lot of money spent on renovating houses, increasing mp salaries and a general misuse of public funds as well as creating unconstitutional offices. That's one of the reasons a lot of people are protesting.
Thank you for the video.
EDIT: Slight clarification. People are joining parties who then join coalitions, so switching parties is a thing now, but parties are not the end all, such as in the days of KANU. It's coalitions now. This has been the case since Kibaki became President. Also, when I say Kenyans are aware of the situation, we are saying a lot of us, if we trusted the government, would support some of these taxes. But we know this government is very corrupt, and the taxes are also going to make this situation very worse.
Furthermore, I am in the diaspora, so I just want to mention that. I don't live in the country.
yay very true, we are about to collapse from this day
Why is the IMF trying to save Kenyans? Let them have China
China Debt are way better and DYE, hair
I'm kenyan and live here in Nairobi, Ruaka. You are honestly right. The taxes have failed to earn anybody's validation cause we know just what will happen to the money it raises anyways. That plus on multiple instances the MPs don't even fucking bother to hide their corruption and greed. They hide behind the President and now that they are being confronted they find it easier to belittle and demonise the protesting youth than defend the stupid bill. The deaths pushed the boiling point beyond measure and now the youth are demanding they all resign and fuck off.
so are like politics in kenya based on ethnic lines as they mentioned in video
@@randomhumanofearth7267 to some extent, yes. Parties generally are majority "owned" by different ethnic groups. These parties the form coalitions so that they can win elections either under a coalition or by merging parties together. This ends up pitting a grouping of ethnicities against others. The protests this time have brought together yound people who do not align with ethnic politics which is a first. This is a threat to traditional politics in the country where most are used to ethnic kingpin politics. I look forward to 2027 to see if the youth will still maintain this united front.
“Say you’re eyeing up a move to California to get into tech”
*shows Rishi Sunak*
🤭😂😂😂😂😂😂😂
I don't think he makes for a very good example of a job seeker considering he is richer than the King of the UK.
@@Canyouseemeannahaha it isn't about his wealth, you should research him outside of politics
I CACKLED.
I didn't understand
Genuinely. Has anyone ever said they like the IMF?
The protests are mostly about the corruption in kenya
Idk, the Impossible Missions Force do seem to be central to the plots of all the Mission Impossible movies.
Damned if you do, damned if you don't.
You have to understand Kenya and other African nations haven't been paying any of it loans. This is the first attempt to do so.
Tim cook looking at people getting killed and injured for 3B dollars. And they say life is fair
The imf is right point, if I go to ask money to the bank I have to prove I can pay back, and I must have my finances in order, the imf is a bank not a charity organization, they can protest against the government but if you don't want to accept the imf terms don't take money from them.....
@@HellBot-gi5si what? Kenya and 90% of African countries have never defaulted on their debt. Hatred of people shouldn't force you to be deceitful. Deceit is the tool of the devil. Truth will set you free.
@@antonymwangi4986 What?!? you've got to be kidding me, right!!!! The Chinese are telling us that you not paying your loans. The Russians will not loan you money. The Russians have told us Americans they not going loan money to Africa.
corruption and wastage is the main issue, Kenyans would pay the tax without any issue if they saw where the money was going. For example, Ruto has an office of the spouse and other made up posts which are unconstitutional, then he has the audacity to tell us to tighten our belts..
also Ruto owns 0.5% of the national wealth
To be fair, that much is true for nearly every country.
I recently heard the finance minister of my own nation - who had been working for blackrock and self-identifies as "upper middle class" with three villas, five registered finance firms and and two private planes to his name - tell the unempoyed youth of the country they are lazy and workshy, and that he plans to cut unemployment assistance to force them to work.
Dude has never done anything but take other peoples money on market-walkies in his whole life.
And one for the deputies wife and one for his daughter 😂
@@user-un8tv1pp8mwhich country
@@lilachieAnd office of the wife of the prime cabinet secretary 😂
The main reason for the protests is not just the over taxation... but mainly the utilisation of said taxes, this guy and his cabinet pocket almost all the cash the country collects
Doesn't matter whether you take loans from IMF or China. It's how the loan is spent. And so long as corruption rules, Kenyans will continue to be impoverished.
The reason why it is bad for Kenya to have 70% debt/GDP ratio and it is okay for Italy to have 140% is because lenders have more confidence in developed countries and thus charging smaller interest than for developing countries
Also because unlike in Kenya, Italian politicians actually do their job, for the most part.
they also have confidence in them because they share the same lineage with those countries some of those lenders are from there to begin with. Africans also have confidence giving 2 cattle to a penniless neighbor because they also have trust that he will breed them and have his own and give back 3 cattle. These lenders charge higher interest simply because they can and nothing else and they also try to force African countries not looking for loans to get loans its all documented just a bunch of thu.gs One day africans will get real guns and simply say we will not pay those loans if you want your money get it after that it will be a restructuring of the world and those at front will be at the back and those at the back will be at the front and those people will interestingly be asked to pay interest for their loans they offered.
As Kenyan,I never thought I would see my country on this channel
TLDR Africa soon? There's just so much news to learn from the continent
Optics would be bad. Based on their current output regarding Africa, it would be non-stop negative stories.
Africa is not Global confirmed
@@griegomas
And it will be hard to get accurate data.
make your own channel and tell the news this is the reason a lot of africans dont have jobs create the jobs for your people waiting for an outsider
2:39 love the usage of minecraft food and coal
TLDR does serious journalism
Except when they feel like being silly, and I love that
The IMF/WB need to be shut down.
Applying for loans from the IMF/WB is like having anal sex. If you don't like it, don't do it, but don't the rest of the world what to do.
Why? They haven't done anything wrong. Nobody's forcing these countries to take out loans.
@@Lewa500 The IMF/WB gives out predatory loans to countries that can’t pay them back. They are tools of American imperialism, and should be shut down.
Austerity is necessary in this instance IMO
@@good8072 that may be. But the IMF/WB has no business imposing it.
Hey, I have always trusted this channel and thought y'all did some good research before posting. As a Kenyan, I can tell there are a lot of inaccuracies even of just historical information that is readily available. So that worries about research into information that is not readily available. For example, Kenya was a one Party State only up until 1992.
Africa we are the only ones who can narrate our stories don’t trust or let anyone else do so that’s how we ended up with , His story and we all know the rest.
but youre not addressing the fact that the proposed bill was in favor of the government officials pockets rather than what you guys are talking about "repaying debts"
The question should be why aren’t the whole world protesting the IMF
Love this family of channels, thank you for explanation!
From my understanding they borrowed 2 billion Euro bond back in 2014 Kenya's GDP was 58 billion at that time when they borrowed that money The creditors are calling back that bond since it was good for 10 years since that 10-year period Kenya's GDP is at 104 billion dollars almost double yet they can't seem to find 2 billion dollars to pay the euro bond.
They stole the Eurobonds hence the problem. They borrow and steal. Then tax and steal. Then cry to IMF and blame them. The problem is corrupt politicians.
What is the basis of this conclusion? Kenya has never defaulted on the Euro bond or any debt
it all depends on whether the money the government gets is spent on services or yachts.
@@antonymwangi4986 they haven't defaulted on it but yet they're having trouble paying back the loan again their GDP has risen over to around 104 billion dollars Why are they having a tough time paying back the bond
@@enhancedutility266 GDP is a measurement of a country's total value of services and production; while GDP grows, it doesn't necessarily mean a country's government revenue massively increases or doubles.
How does it make sense to raise 2.7B to balance the budget just to take another IMF loan to fund lavish lifestyle of politicians ?? On top of that the subsidies are not coming back!! He’s doing too much and needs to go
The only investments should be for infrastructure.
The IMF pretends not to know what it is doing.
watch the confession of an economic hitman!!!!
I suspect the true issue is less the austerity for the IMF and more that the tax implementations were all absolutely terrible. The Kenyan tax raises were largely regressive taxes and/or anti-productivity. (A heavy tax on vehicle value with no apparent exemption which taxes sports cars, limousines, working trucks, construction vehicles, and tractors the same rate.)
Yeah and the IMF demanded it. They are an imperialist institution.
A recurring tax on a major purchase item of rapidly depreciating value with maximum mobility is the worst idea I've ever heard. Its regressive, causes innumerable perverse incentives, and practical implementation is unbeatable for corruption.
First of all, great video. However, the issue Kenyans have is not with taxes, the issue is that the money raised goes into the pockets of the corrupt politicians
Kenyan Here: The main trigger was the careless spending and waste of public resources, a few months before the protests close allies of Ruto's openly flaunted millions in cash on social media.
Pink water cannons. Are they strawberry flavoured?
No but it probably smells like absolute sewer dogshit
Come join us in the streets,that would answer your question.
They’re to mark who was at the protests so the cops can arrest them later. They’re horrible.
Joking about that is not ok.
We asked for gender reveal water cannons
The pink water makes people “geh”.
Don't fall for the vehicle ownership tax. We (here in México) got that tax as a temporary meassure... in 1968.
Once a tax is created it never goes away.
My Kenyan buddy was saying he wanted the Chinese investment out too
Don't matter if the Chinese come back and rip out the entire SGR and all the bypasses they built in Nairobi, they'll still want paying for services rendered, and will charge for having to come back too. Not to mention issues with broken contracts signed with endless small print. None of this ends cheaply for Kenya.
Why? Isn't China the anti neocolonialism faction that can help you against IMF or something?
Oh, hi, I haven't seen you yet as the host here. I just wanted to say you're doing great!
"Anchorperson" bruh..
Y'know anchorwoman is a word right you could also say host
Ummm... I just wanted to encourage a person who has just started a new job, but what do I know, I just used a non-native language and accidentally selected a logical, but wrong word to do this 🤷♀
Maybe it's not a person. Maybe it's not a new job. Maybe encouraging random people on the internet is a stupid idea, right?
@@pan_salceson Anchor or host will suffice.
She is cute
>70% of all revenues are going to debt NOT 38%
Debt they stole. And even the remaining tax is being looted like crazy. Madness.
@xomifred Taxes don't pay for anything(it's just trash) if you understand how a monetary/financial system works.
Real thieving and what's NOT being discussed is Kenya's appropriations bill.
70% are wages, not debt
79% is debt to gdp ratio while 38 % is interest paid on the loans annually .
@@walexia And how much of those wages are 'ghosts' who just happen to be from the same community of whoever's in power at the time?
Generally a comprehensive & accurate account of events in Kenya. However, the Internet has NEVER been shut down during the course of the protest.
I’ve been waiting for this video you know. As a Kenyan🇰🇪 who watches you frequently(daily) i wanted to see you speak on it and amplify our story❤
Kenyan here: The debt isn't the biggest issue here, it is the theft. The previous regime (where the current president was the deputy) made Kenya among the first African countries to get in on the Chinese loans frenzy. These loans were heavily misused and or stolen, they would over-quote for projects, take out loans at inflated prices, do the projects at a fraction of the costs and pocket the difference.
When Ruto became president in 2022, the Chinese gravy train had ended and it was all about paying them back. So they looked to the west and the IMF who come with a lot of restrictions unlike the Chinese.
There is absolutely no need for the country to be taking loans, only for it to end up with them stealing and spending on fat salaries. Kenyans are now tired of the corruption cycle that has made politics a career path for the old and illiterate to come earn pensions and clean ill-gotten wealth.
That's why Kenyans should've been on the streets over this years ago, this hasn't just started happening, the thieving's been going on for years. Time for a wholesale clearout of this entire generation of the ruling class, they've bled Kenya dry for long enough. Force Kenyatta to sell off Brookside (and everything else) and Ruto and Musyoki to sell off their plush hotels and ranches. That'll raise a good portion to start with.
People are willing to pay taxes if thats what needed to solve the debt issue. The issue is corruption, the looting, setting up unconstitutional positions. The biggest expenditure is salaries and we keep adding unconstitutional positions. We are over represented in parliament, the senate and in the county assemblies. By cutting this numbers for instance the government will save a huge percentage. But no, tax the common person.
Huge improvement in reducing you head bopping in delivery, not distracting at all anymore !
If you don't want to implement IMF requirements then do not take loans from them. To take loans you have to be financially stable.
please note there is a lot of corruption IMF pay politicians of even countries with surplus finances to accept loans that is all documented they are just as dirty as any politican you can think of ansd they are tjhe bioggest problem
Let them go bankrupt, it may be painful, but at least that way it's their own choice, not something that is perceived to be pushed by outsiders like the IMF. Then they can blame themselves and their leaders.
Like they say in adverts, borrowing ain't free.
Exactly. Please tell IMF this. Just leave us alone
@@vikik7877 the IMF would very much leave you alone, if you leaders didn't ask for money. The IMF only comes when asked. So get better leaders.
We aren't protesting against the IMF per se as we are wasteful government expenditure, corruption, cronyism, and high cost of living
As a Kenyan, our problem is not the IMF. Kenya's issue is tribal politics. The people who vote along tribal lines are just as much to blame as those politicians who steal money. The IMF has no duty of care to Kenyans, their job is to loan money and they expect it back as they should.
well put, thanks
No country, to include Kenya, has a RIGHT to IMF money. IMF is free to make the conditions to the loans and Kenya is free to accept or reject the loans. Furthermore, IMF simply require that a country balance their budget. They do not state how it is to be done. That is up to the borrowing government.
Frankly, teh problems are usually with the local politicians and corruption, not the IMF. They simply make a convenient scapegoat.
This is an absolute lie and the reason why the Africans will have to fight for their lands/economies.
The IMF did launch a campaign to privatize economies against loans (additional) in many countries of the continent in the 90.
What the population did not know, and which these politicians probably did not know for certain, is that the development of sectors of activity begins firstly through public investment, see Asia for example.
The premature opening of markets and privatizations have ruined their hopes of development. It killed everything before it even started.
There are plenty of examples which show that the IMF is in league with foreign powers to put countries in debt and control their resources:
Confession of an economic hitman!
@@NdjayOnecorruption is by far the biggest problem for these countries. IMF just gives a loan, if you don't wanna pay it, don't take the money.
@@SelfProclaimedEmperor I think you are very naive; the IMF does not work on this basis. There are household laws against pawnbrokers, to prevent them from destroying families by offering absurd loans.
This organization literally destroyed the economies of the countries of the South by granting useless loans, which did not concern the infrastructure which would have made it possible to initially get them out of the cycle of countries locked in low income.
The IMF did not do this, and of course, it demanded that these countries pay their debts by giving Western companies access to their resources at a ridiculous price (
+privatized their market by destroying the public investments necessary to escape poverty...). all loans for a poor country that do not concern infrastructure are bribes to leaders who secretly sell their countries to the highest bidder. a “neutral” organization like the IMF could not make these offers. It is an form of masked aggression. you should read confessions of an economic hitman!!!
it is far far from being simple!!!
If you do it wrong or do not understand what is at stake, you end up caught in a cycle of poverty.
@@SelfProclaimedEmperor We don't even want the money 😂 That's why we will keep shaming IMF until they don't give us money even if the corrupt politicians ask for it. Abeg, we don't want IMF money,we can take care of ourselves.
@@vikik7877 ok, but this will not solve the issue of corruption politicians spending too much money
What kenya needs is to make reforms to cut government spending that goes into the perks and privileges of the elite instead of going for the easier route of levying taxes that further squeeze the middle class
This is pretty much what the protests are about, and not the IMF as this video suggests. A really poorly informed take from this channel
But you're asking Ruto to enforce that, which is beyond a joke if you're a Kenyan. He's one of the biggest thieves of them all.
Those casualty numbers you mentioned are extremely shaky at best. Very wrong of you to state them so confidently. Also, the protests are due to many things, the bill was simply a watershed moment. Now Kenyans want the dictator Ruto ousted permanently.
Higher tax rates -> higher prices -> lower sales -> lower tax revenues
It's about time they learned the lesson "THERE IS NO FREE LUNCH"
Lol, no one wants a free lunch expect corrupt politicians. We don't want IMF money, Kenya generates enough revenue to finance its own budget. IMF knows this but still gives us the money. That's why we hate it. How can you give billions to corruption knowingly? It means that you may also be part of it. Hope you understand now.
I wish there was an hour long TLDR video ❤
Who wrote this? Please bring your standards back up. This is a low quality piece, i can't recommend anyone watch it.
I'm trying to understand something. The US raises its debt sealing all the time, who are they borrowing money from that doesn't require them to balance their budget?
Apparently, what is good for the goose isn't necessarily good for the gender.
I'm proud to be part of the protests😌
If the IMF requires a balanced budget then why would it not recommend austerity measures also on the presidency & legislature. Kenya has the highest paid members of parliament compared to the average wage . The finance bill the IMF introduced aimed to give them even higher budgets and salaries in spite widespread corruption. Why would the loan not come with a condition on reducing corruption , more audits to make sure the money is spent well? IMF have never been effective not a single case study of a success case , just more debt and privatization.
What the IMF does is give recommendations. If the government emplements them then loan goes forward. But ultimately the IMF still relies on the government of said country to get it's info regarding the finances.
It seems to me like you are in practice arguing that the IMF take control of Kenya's government.
There are many cases where countries where in fact helped by IMF loans.
@@pintiliecatalin only imperialists defend the IMF , have a good day imperialist.
'The IMF demands that the Turkeys vote to continue with Xmas'
Get real.
@@Muzakman37 it's colonialism with extra steps
@@ukweli1786 No it's not. Colonialism isn't a choice for the colonised. Not one soul is forcing Kenya to knock on the IMF's door with its hand out, Kenya can either pay market rates of borrowing or it can go bankrupt if it wants to, or enforce austerity at home, there are numerous things Kenya *can* choose to do. It's *chosen* to go to the IMF.
I have been watching this channel for a long time and happen to be Kenyan..
I need to add that these protests are really about corruption. Politicians are buying property while asking the citizens to tighten their belts. The debt levels remain intact yet it gets serviced yearly.
Give this beautiful lady her 🌹🌹🌹. What a well researched presentation.
I mean, we are seeing with China's what unconditional loans do. At some stage you do have to make changes to fix the core problem. I dont blame the IMF for saying "hey, you gotta get your shit together if you want a bailout"
I just *love* how the IMF's explanation for why they continue to insist on austerity despite it literally never working is "bankruptcy is even worse than austerity, and we can use that fact to *force* poor nations into accepting austerity in return for loans." Apparently it's never occurred to the IMF that a balanced budget shouldn't necessarily be a nation's top priority.
The minecraft food and coal icons 🤣
It's not the IMF's fault that your budget needs to be fixed. Where were these protesters when the government was recklessly *spending* money? These sorts of requirements are common in business loans a well, like a requirement that your debt-to-revenue ratio not get too high.
Kenya's government is laughably corrupt. I'm sure most Kenyans weren't benefiting from what the government was doing with the money
These protestors have no solutions at all.
Suppose Kenya is unable to pay its bilateral lenders- what is the worst which can happen? Nothing! Nothing at all. No one can kill you for defaulting on loans. Zambia, Ethiopia and Ghana have defaulted yet are still breathing.
As a Kenyan fan I'm glad you are talking about this
I think you are confusing a budget deficit with debt to GDP ratio
So now they don't get the money?
That might be a good thing.
You think IMF loans are free? What a 🤡
@@pkom6418 how would you come to that conclusion? No savings plan - no new money.
.... that savings plan would be the cost.
But that's why no imf money might be a good thing because new interest payments don't help in the long run.
Is that spelled out enough for you?
@@pkom6418 the easy solution is do not look for hand out.
Do not like it, go away.
Actually we have more money without IMF @@CHMichael
@@pkom6418 No. They typically come with strings attached, namely that the country receiving them need to institute Western preferred/friendly economic reforms.
Creditors or predators? Couldn't hear well... Oh, nevermind, it's usually the same thing in international economics...
(Love the subtle reference to Rishi looking for a new job)
Kenya doesn't have a revenue problem kenya has an expenditure problem
Always blames the one that lines your pockets!
Its always a treat having Nadja tell us the news
Borrowed money and doesn't want pay it back 😢
Someone has to pay for the piper and politiciations and leaders of that particular nation should be in the first line fior misspent loans and debt recovery, period. Someone living on borrowed money lives on borrowed time.
These young democracies suffer because the politicians argue that if they have power the government will for you, and their opponents say the exact same thing. What they need is a politician who says he'll get the government out of your life. Stop spending money you don't have. Stop taxing everyone to death. Shrink the government, and apply a flat and equal tax.
You forgot to mention the cruelty and numbers of people Killed by Ruto
So the previous Kenyan governments did an awful job regarding the economy and the one everyone seems to blame is the IMF who are lending money to fix said economy?
I'm not saying that those specific measures are the best ones but to me it seems that mismanagement of government budget is the previous administration fault and they should be held accountible to prevent such mismanagement in the future. HOLD POLITICIANS ACCOUNTIBLE FOR THEIR FAILURES
This is true. But also the IMF do have a long and well documented history of bankrupting developing countries with economically toxic austerity policies to the point they are forced to sell off their natural resources at rock bottom prices to western corporations. If someone is terrible with money to the point they get into tons of debt then year that’s their fault. But when a loan shark rips them off with loans that only push them further into the hole the loan shark is also to blame
The IMF and World Bank lend at rates far lower than any private creditor
@@WhichDoctor1the imf is a bank..... Their job is to make sure they get their money back point, your job is to grow up and invest efficiently and don't ask for money you cannot pay back. If you arrive at a point we're you have to ask for debt to go on then maybe you already have big problems that need fixing....
@@WhichDoctor1 Now tell us which of these well documented countries choose to fix their own shit like systemic corruption rather than sell off their natural resources.
@@WhichDoctor1IMF doesn't just lend randomly, they are a lender of last resort, only countries who have fucked up and can no longer normally have to resort to the IMF because that's literally the purpose of the IMF, to be a bailout lender.
Let me clarify that the old Kanu party of the moi regime died a long time ago. Its former members moved on to form new political parties and coalitions. Coalitions examples are Jubilee, Azimio la umoja and Kenya Kwanza which is the current party in power.
Extortionate loans??? How can you claim that when you don't even give us the interest rate? If 38% of my income goes to paying off credit cards that means I have taken out too much debt, not that I am being extorted.
the guy that cant eat bread or own a car aint taking no debts lol. he doesnt care about your card.
@@nvmtt1403 The government that guy elects and is responsible for overseeing is taking out debt on his behalf, so ya, he is taking out debt. You don't get both a vote, and the ability to say the government's actions are not your responsibility.
@@mwfp1987 then the govt can vote for itself if they want. they are not getting it anymore. you cant buy vote with debt.
@@nvmtt1403 The guy that can't eat bread helped elect the leader who is stealing from him because they come from the same tribe.
@@mwfp1987what if that guy is taking the loan money and using it to buy fancy cars while you struggle to buy bread, then tells you that you need to pay for the loan?
I am kenyan born and bred and still living in my motherland. This video does try to summarise the situation but it doesn't address the fact that most of our debt ( which is expensive debt especiallyfrom the west) was forced on us by corrupt regimes who maintained their hold on power by instigating tribalism... this new generation Gen Z and millennials are well educated and don't buy into tribal politics. For the first time ( since independence) we are and will continue to hold the leadership accountable NO MATTER WHAT!! WE ARE KENYANS ONE NATION ONE TRIBE
Too many countries just go hat in hand to the IMF and take it from the back, not understanding certain countries have successfully pushed back and negotiated better terms.
Why is it you have not talked about corruption,, when loans are taken the money is stolen, that should have been the highlight
I think more parties would give cover for such measures
The IMF keeps giving Kenya loans but the money never gets to the designated projects and purposes. The president and his cronies pocket it all. Then Kenyans are left paying for debts they never approved or even benefitted from.
1:57 correction on multipartyism.
1991 - President Moi in December 1991 at a KANU delegates meeting at Kasarani Stadium, repealed Section 2A of the constitution, thereby making Kenya a multi-party state. The change enabled the introduction of term limits to the Presidency.
2002- A ‘rainbow coalition’ led by Mwai Kibaki defeats the KANU candidate Uhuru Kenyatta.
This controversial tax bill can incite social unrest in Kenya, a country mired in poverty and corruption.
The IMF, USA, NATO and Europe is to blame for meddling in Africa.
IMF is devil on earth
Ok go ahead and take a loan from China,, good luck
For what? For giving people life saving loans?
It is not IMF's fault y vote for corrupt people.
@@jeckjeck3119it is the IMF’s fault for spiking their interest rates in the ‘80s and destroying every developing nation’s currencies in the process. Most of the world has been a financial sandpit for decades after. Had they not done that, there would be reliable international banking orgs outside of the Trilateral Commission’s reach- they could not have that,
Don’t know what the IMF is but in my experience three letter acronyms are rarely a good thing
We need more than this in Ghana and Nigeria our taxes are increasing everyday
the protest didnt quickly turn violent
It's been interesting to hear over the last decade or so the increasing tendency, even among educated British, to replace the soft th sound with an f, so "free" instead of "three," for example.
It seems like the shift is becoming more widespread and I'm wondering if it'll become standard.
What about the 6Bil owed to China Hello Why is that debt not part of this story ??
Exactly.
5:06 I don't think those are the "sanetary towels" mentioned.
I really don't understand how TLDR keeps making basic mistakes that can be avoided by a 10 second internet search.
Wouldn't we all protest our repo-man
The problem wasn't taxes per se it was government spending
The president recently chartered a flight for 2 mn usd for his state visit to the US, on the day he left ,Iceland's president arrived in Malawi onboard the Kenya Airways, the Kenya national carrier, clearly it is upto standards and add that to the fact that even neighbouring countries presidents use their national carrier for state visits not hiring private jets.
And this is just a tip of the iceberg, the amount of reckless spending in the government is out of control
2 million for a flight to US? I mean, is that a security thing, or just a luxury thing?
@jeckjeck3119 luxury thing, the 2 million usd was just the cost of hiring the plane
@@Avaricumstudios
Jesus.
I see why people are upset.
I like this new host 👌🏻
Winning just over 50% is really bad for any country, Ruta is not popular, I wonder why whatever he tries to do fails, I am so sorry for Kenya, cause if not careful the country could slide backward economically and Tanzania is likely to surpass it in near future if this continues.
Love the minecraft graphics lmao
30+ dead 40 missing as of yesterday's News
Proper austerity would begin with severely sliming down a bloated gov't with insane offices & non-fubctional positions - that are overpaid as well.
If the IMF knew its shit, those would be the first to go & never include punitive taxes that'll stifle growth, investment & development 🙄.
While it's understanding loans should come with conditions, IMF conditions are usually counter-productive. In this case, rises in cost of living will suppress the economy not allow it to grow, which defeats the purpose of borrowiing.
Unfortunately unconditional loans aren't the awnser most of the time, the IMF needs to require SOMETHING before they give out a loan. China gave (economic) unconditional loans for a while, but that didn't work out at all.
@@thundereagle4130 You're not wrong (moral hazard and all that), but this probably means we need to rethink the global approach to loans and debt. Just giving money doesn't work, but neither does treating a country like a private equity firm taking over Toys R us.
@@getnohappy I don't think there is any. Theoretically things would improve if producers would pay a fair price for resources, but that would mean prices of the end-product would be 2x or 3x times higher. In a fair world it is impossible for a smartphone to cost $200.So I fear unless we are able to mine in space and production processes are fully automatic, there will always be poor countries.
The IMF might be compromised as per say
This is evidence that people need to do more research when they are trying to talking about a situation in a country.From the beginning when i saw the political i knew it was unnecessary because this has nothing to do with political parties
Did you just use minecraft item icons to describe foodstuffs??
How is no one talking about this presenter ???
She is just so pretty wow
Kanu also doesn't dominate kenyan politics. gosh did you even consult a single Kenyan 😭😭 .