Kenya Fails to Pass Anti-Corruption Legislation; Recession Likely to Worsen
In August, Kenya’s legislature was 15 votes short of passing anti-corruption legislation that the International Monetary Fund had set as a requirement for the restoration of foreign aid to Kenya. As a result of the failure of the new law, Kenya’s economic recession is likely to grow much deeper.
Kenya consistently ranks in the top 10 most corrupt nations in the world in surveys by Transparency International, and in 1997 the IMF suspended loans to Kenya. It briefly resumed such loans in 2000 after Kenyan president Daniel arap Moi agreed to introduce anti-corruption legislation, but suspended the loans again when the legislation stalled.
Kenya was already facing its worst recession since gaining its independence in the 1960s. In 2000 the economy declined by 0.3 percent. With the failure of the anti-corruption legislation, the law can’t be reintroduced for at least 6 months, and the IMF is unlikely to resume loans to Kenya.
As Kenyan businessman Chris Kirubui told the BBC, “Kenyans will continue to get poorer and the economy will disappear.”
Sources:
Kenya economy ‘will disappear’. The BBC, August 14, 2001.
MPs block Kenya anti-corruption plan. The BBC, August 14, 2001.
The Kenya Fails to Pass Anti-Corruption Legislation; Recession Likely to Worsen by Brian Carnell, unless otherwise expressly stated, is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 3.0 License.
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July 27th, 2009 at 6:49 am
the Economic Recession has been pretty hard on us. some of my friends lost their job because of the massive job cuts. i just hope that our economy becomes better in the following years.
August 15th, 2009 at 4:25 am
i am hoping that the global economy would recover from this economic recession. life has been very hard with these massive job cuts.
September 6th, 2009 at 3:35 am
Economic recession created huge unemployment rates around the world. I think the world economy is already on the road to recovery.
November 2nd, 2009 at 1:12 am
the Economic recession made a lot of jobless people in my own country. We could only hope that our economy becomes strong again.
December 8th, 2009 at 2:12 am
Our country was also hit hard by the Economic Recession. At least we are seeing some signs of economic recovery now. I hope that we could recover soon from this recession.
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