Kenyans on Social Media have successfully forced IMF to use Brookside Dairy as a collateral for the loans they are about to lend Kenya.
Following thousands of appeals on their Social Media page, IMF said that any money they lend to Kenya will be secured using the dairy processing firm owned by the president. Should Kenya default, IMF will take over Brookside Dairy and Kenyans will not have anything to lose.
“We want to ensure that Kenyans make good use of the money they borrow. The only way to ensure this is to attach key assets so that those in leadership minimize looting the money we lend. This will be a standard practice from today forwards.” Said IMF Chief Economist Gita Gopinath.
Brookside Dairy Limited, owned majorly by Uhuru Kenyatta, has several other shareholders who will suffer collateral damage should GoK default on IMF loan repayment.
Kenya’s Loan Problem
Kenya’s loan problem has forced the country to borrow money from any willing lender, including International Shylocks such as Eurobond. Even China also has a running Fuliza loan facility for Kenya. While the loans could help the country develop, most of the money is stolen. Recently, President Uhuru Kenyatta admitted that he does not steal the money alone, hence there are other people involved.
Part of the money goes to pay kickbacks for the loans but IMF said that they kickback they receive will be used to offset the loan interest.
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