Uhuru To Be Sued At East African Court Over Ksh 255.9B IMF Loan

KEY POINTS:

  • President Uhuru Kenyatta's government has been sued at the East African Court of Justice over the acquiring of Ksh255.9 IMF loan.
  • Attorney General Paul Kariuki Kihara and EAC Secretary-General Peter Mathuki have been named as first and second respondents respectively
  • The case was filed by two Kenyan organization at the East African Court.

- Advertisement -

President Uhuru Kenyatta’s government has been sued at the East African Court of Justice over the acquiring of Ksh255.9 IMF loan.

Attorney General Paul Kariuki Kihara and EAC Secretary-General Peter Mathuki have been named as first and second respondents respectively. The case has been filed by two Kenyan organizations at the East African Court.

Recommended Articles :

Recommended Articles :

In an application before the EACJ, the Peasants League Ltd Company (PLLC) and the Kenya Abolition Debt Network (KABN) have sued the government and the East African Community over Kenya’s IMF loan.

They have accused the Uhuru-led government of failing to observe the public debt ceiling as provided for in the EAC Monetary Union in its decision to borrow Ksh255.9 billion from the IMF in April.

Lumumba and Ayieko Advocates who are representing the two organizations are accusing Uhuru’s led government of continuing to go for more loans beyond the set EAC public debt ceiling, in violation of its own national laws, the EAC Treaty, and the Monetary Union Protocol.

In their argument, Kenya has violated Article 9 of the EAC Monetary Union Protocol by failing to adjust its net financing in accordance with the public debt ceiling as specified under the EAC Monetary Union Protocol.

The organizations are demanding that Kenya be compelled to adhere to the EAC Treaty and Monetary Union Protocol in the management of the debt.

“Kenya recently procured a loan of about $2.34 billion (Ksh255.9 billion) from the IMF,” said Dick Omondi Olela, the national convener at the PLLC.

Kenyans in April protested the loan from IMF with some going to the extent of signing an online petition aimed at stopping the Monetary union from dishing more loans to Kenya.

But IMF did not bow to pressure saying that the loan package was aimed at stimulating economic recovery in the country.

RELATED POST: DPP Erects Hurdles For Orengo To Represent Former CS In Graft Case

- Advertisement -
- Advertisement -

Stay Connected

16,985FansLike
2,458FollowersFollow
61,453SubscribersSubscribe

Must Read

- Advertisement -

Related News

- Advertisement -