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Bad News After Economists Disclose What Kenyans Should Expect Under President Uhuru

According to economists, Kenyans' life will be even more difficult soon after the Jubilee government sought to access the International Monetary Fund (IMF) which will be offered on strict terms to regulate the economy.

Economists say Kenyans should start preparing for more tariffs, thousands of government workers and public corporations being laid off and rising commodity prices.

The move comes a decade after Retired President Mwai Kibaki slammed the IMF's statement about economic management when he reduced arbitrary borrowing from foreign countries, as well as better economic management.

IMF stricter conditions will be a major blow to the millions of Kenyans who are already burdened by high prices of essential commodities such as food, fuel, petrol, electricity and fares due to excessive tariffs.

Last month the government brushed off Kenyans' cries after raising petrol prices to Sh122 per liter, government spokesman Cyrus Oguna said it was important to raise taxes to fund government activities and development.

Electricity has also become more expensive due to Kenya Power charging higher fees to pay power generation companies, which according to the contract must be paid even if no electricity Kenya Power has purchased from them.

This has caused the price of electricity to remain high despite the huge investment in energy production in the country.

Kenyans also continue to be squeezed, where last week, the Central Bank (CBK) allowed banks and savings and credit institutions (Sacco) to start charging fees for mobile financial transactions in excess of Sh100.

Things have become even more difficult as a result of the Covid-19 measures that have been announced without any government program to provide relief to the unemployed such as matatu and bus operators, tour operators, airline operators and owners and restaurant staff and mabaa.

In addition to Covid, there has been a bad commercial situation in the country especially for small businesses, where many have been closed and some have been deprived of their assets for failing to repay loans.

After the IMF last week lent Kenya Sh257 billion, the agency will now have a say in the management of the economy in the interests of the common man.

Content created and supplied by: L-News254 (via Opera News )

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