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The Role of Western-based Multilateral Lenders in Africa’s Policymaking

iafrica.com 2024/10/5

With the IMF seen as driving Ruto’s fiscal and austerity policies, thousands of young, often jobless protesters poured on to the streets with placards such as “We ain’t IMF bitches” and “Kenya is not IMF’s lab rat.” Nationwide protests raged even after the bill’s withdrawal, as demonstrators demanded Ruto quit and labelled him a “puppet” of the fund. Kenya is not the only African country where citizens are rejecting austerity measures often imposed to appease multilateral lenders that demand fiscal discipline in exchange for cheap loans. Many across Africa believe the belt-tightening regimes do little to reduce inequality and improve livelihoods, leaving leaders such as Ruto in the tight spot of needing to raise taxes and cut spending while knowing that doing so is likely to spark political upheaval. 

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