This archive report was first published on 8 May 2020.
On May 8, 2020, the International Monetary Fund (IMF) approved a $739 million loan to Kenya to address the impact of the COVID-19 pandemic.
The loan, worth Sh78.4 billion, is expected to help the government provide relief to those affected by the loss of incomes, particularly in areas such as Eastleigh and Mombasa's Old Town, which have been locked down due to rising COVID-19 infection numbers.
According to Gabriel Oguda, writing for the Nation, the IMF's decision is a welcome relief for Kenyans, who have been crossing their fingers for this application to go through, given the government's reputation for repaying international loans.
"We give the IMF an 'A' for altruism - for resisting the urge to behave like other shylocks who are evicting jobless tenants and auctioning their rusty saucepans during these difficult times," Oguda wrote.
However, the author also cautioned that the government must use the loan wisely, accounting for it to the last red cent, and ensuring that it reaches those who need it most, particularly the dirt poor and vulnerable populations.
"This money is for the dirt poor, those who last saw a balanced diet when the Jubilee Party was still intact, and Building Bridges was a terminology only used in civil engineering forums," Oguda wrote.
The author also expressed hope that the loan will give Kenyans the confidence to reinstall mobile loan apps on their phones, and that local lending companies will borrow a leaf from the IMF to reopen the taps of cash they had closed since the coronavirus visited Kenya two months ago.
