{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='KENYA: INTERNATIONAL MONETARY FUND CANCEL LOAN' data-url='/boclips/videos/5c54bb27d8eafeecae122e7d' data-video-url='/boclips/videos/5c54bb27d8eafeecae122e7d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nKENYA: INTERNATIONAL MONETARY FUND CANCEL LOAN\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/Nat Kenya will cut spending and take other measures to cover a 141 (m) million US dollar shortfall caused by the International Monetary Fund's suspension of a multimillion dollar loan, the government has said.The IMF wants Kenya...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat \u003cbr/\u003eKenya will cut spending and take other measures to cover a 141 (m) million US dollar shortfall caused by the International Monetary Fund's suspension of a multimillion dollar loan, the government has said.\u003cbr/\u003eThe IMF wants Kenya to do more to combat corruption and strengthen management of its energy sector before releasing additional instalments of a 220 (m) million US dollar low-interest loan to the east African government.\u003cbr/\u003eKenya is planning budget cuts to make up for a 141 (m) million US dollars shortfall following the IMF's suspension on Thursday of a multimillion dollar loan.\u003cbr/\u003eKenya could find itself in an even tighter situation if Western governments that provide aid follow the IMF's cue. \u003cbr/\u003eThe IMF said the country's energy sector is mismanaged and demanded government action to prevent more financial scandals like those of the early 1990s.\u003cbr/\u003eThen, (m) millions of dollars were allegedly embezzled using fictitious diamond and gold\u003cbr/\u003eexports. \u003cbr/\u003eCharges against top government officials were dismissed.\u003cbr/\u003eFinance Minister Musalia Mudavadi, speaking on Friday, did not address the reasons the IMF gave for its action. \u003cbr/\u003eAnd he said the government was moving swiftly to maintain economic stability.\u003cbr/\u003eThe government's taking it very seriously, he insisted.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"It could have serious repercussions, it could dent investor confidence, it could have repercussions for the shilling. It could effect inflation. It's really something that can shake the confidence of an economy.\"\u003cbr/\u003eSUPER CAPTION: Musalia Mudavadi, Kenyan Finance Minister\u003cbr/\u003eOpposition leaders welcomed the IMF's decision.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"So we are happy that finally this is happening. We have said that Moi does not know any other language. He does not understand any other language. And therefore we are very, very happy with this stand.\"\u003cbr/\u003eSUPER CAPTION: Raila Odinga, leader of the National Development Party\u003cbr/\u003eWhile cutting off financial assistance will hurt ordinary Kenyans, that was a price worth paying, they say.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"It is of a concern to all of us that it is going to hurt. This is what has been said in the past with respect to similar situations, like South Africa. It was argued for a long time that sanctions were hurting the poorer people more than the culprits. But there is a price that has to be paid for any freedom. So I think that Kenyans are willing to pay for greater freedom in this country.\"\u003cbr/\u003eSUPER CAPTION: Raila Odinga, leader of the National Development Party\u003cbr/\u003eFares Kwindua, permanent secretary in President Daniel arap Moi's office and secretary to the Cabinet, Thursday complained that the IMF was making more political than economic demands and could have used more diplomatic language.\u003cbr/\u003eSOUNDBITE: (English) \u003cbr/\u003e\"As you go towards fulfilling what you have agreed with these institutions, and you go to negotiate, we found ourselves being told,  ``Yes you have done this but what about this now?' This is something new that neither the government nor the World Bank, IMF, anticipated it would happen. So you have to deal with that.  So a postponement, a\u003cbr/\u003epostponement, a postponement after the other. To be honest with you I didn't expect another outcome of these talks myself. I didn't expect a different outcome.\"\u003cbr/\u003eSUPER CAPTION:  Fares Kwindua, permanent secretary in President Daniel arap Moi's office\u003cbr/\u003eAlthough the US and other donor governments have been pressing Moi to make elections expected in the autumn more democratic, the IMF says the decision was not politically-motivated.\u003cbr/\u003eNairobi, Kenya, 1st August and 31st July 1997\u003cbr/\u003eAugust 1st, 1997:\u003cbr/\u003e1. Wide of Kenyatta Avenue\u003cbr/\u003e2. Long shot street with Kenya Uhuru sign (Kenya Freedom)\u003cbr/\u003e3. Leper begs on street\u003cbr/\u003e4. Medium shot mixed people cross street\u003cbr/\u003e5. Pan Greenland Foreign Exchange bureau interior\u003cbr/\u003e6. Close pan dollar and (Kenyan) pound rates\u003cbr/\u003e7. Medium shot rate board\u003cbr/\u003e8. Wide presser German business delegation \u0026amp; Kenyan Finance Minister\u003cbr/\u003e9. SOUNDBITE: (English) Musalia Mudavadi, Kenyan Finance Minister\u003cbr/\u003e10. Wide of presser by Raila Odinga\u003cbr/\u003e11. SOUNDBITE: (English) Raila Odinga, leader of the National Development Party.\u003cbr/\u003e12. Cutaway Press\u003cbr/\u003e13. Cutaway Sheikh Khalid Balala\u003cbr/\u003e14. SOUNDBITE: (English) Raila Odinga, leader of the National Development Party.\u003cbr/\u003e15. Cutaway\u003cbr/\u003eJuly 31st, 1997:\u003cbr/\u003e16. Wide shot of Kwindua presser\u003cbr/\u003e17. SOUNDBITE: (English) Fares Kwindua, permanent secretary in President Daniel arap Moi's office\u003cbr/\u003e18. 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