Ballooning Debts
Earlier this year, the Kenyan president moved an IMF-backed bill to raise taxes on consumer goods that caused so much uproar that it was ultimately cancelled. Last year, more than half of its revenue went into debt servicing, with a huge total debt of $80 billion. In addition to this, Down to Earth Magazine reported that 60% of the African low-income countries were in debt distress, which had exacerbated various problems there in the form of inequality, poverty, etc., fueled by the IMF’s predatory lending practices.
