Protests ignited by recent IMF-backed reforms in Kenya show no signs of abating, with demonstrators calling for President Ruto's resignation amid violent police crackdowns.
Last year, Kenya spent nearly 60% of its revenue on debt servicing alone, highlighting the inadequacy of multilateral lending to break the debt cycle.
The IMF's issuance of $650 billion in Special Drawing Rights was significant, but Kenya's reliance on multilateral lenders has not helped escape indebtedness cycles.
Despite receiving $738 million from the IMF's 2021 SDR issuance for pandemic relief, Kenya's debt problems persist, indicating structural issues beyond immediate financial assistance.
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