Kenya’s debt level reaches record high: Report



International Desk, Barta24.com
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Kenya's debt level has reached record highs despite President William Ruto's vow to tame the country's appetite for loans, according to news reports, Portal Plus reported. As per data, the total public debt of Kenya has risen by a record 10.8 billion US dollars to 70.75 billion US dollars, breaching the debt ceiling amount set in June 2022 by the parliament and exceeding the previous year's debt by more than 18 per cent.

The increase in public debt was attributed to external loan disbursements, exchange rate fluctuations and the uptake of domestic and external debt. As per reports, the loan repayment costs, mainly to China, have shot up as the local currency trades at record lows of around 144 shillings to the dollar. The cost of debt servicing in the fiscal year that ended in June was USD 2.7 billion, of which the highest payment - 107 billion shillings (USD 743 million) - went to China.

Kenya's debt repayment to China continues to rise, as per the citizen website. An increase in debt repayment was due to factors like the maturity of some of the loans taken from China. For example, the Standard Gauge Railway (SGR) was financed by a loan from China Exim Bank that matures in 2027. The government is also repaying loans taken from China to finance other infrastructure projects, such as the Mombasa Port expansion and the Lamu Port and Lamu-Southern Sudan-Ethiopia Transport Corridor (LAPSSET). It must be noted though that Chinese loans account for roughly 64 per cent of Kenya's current stock of bilateral external debt and only 17 per cent of total external public debt. Multilateral borrowing is almost double the bilateral total, with the World Bank being Kenya's largest single external creditor.

"It is too early to say whether China will come to the rescue of Kenya, which is still negotiating with the IMF for a possible bailout." Global credit rating agencies have downgraded the country's ability to repay international lenders from "stable" to "negative", citing tax hikes and social unrest.

Kenyan lawmakers have thus voted to change the debt ceiling from a fixed shilling amount to a proportion of the country's gross domestic product (GDP), although the amendment is yet to be passed by the Senate. However, the increase in debt repayment to China is a worrying development for Kenya. It is a sign that the country is struggling to manage its finances, and it is likely to have a negative impact on the economy. Experts express fear of Kenya going Sri Lanka way and are sceptical about China coming to the rescue of Kenya which it considers a strategically important country, as per Portal Plus. (ANI)

   

20 soldiers were killed in an explosion at an army base in Cambodia



International Desk, Barta24.com
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An ammunition explosion at a military base on Cambodia's western border has killed 20 soldiers. Prime Minister Hun Manet said the explosion happened on Saturday afternoon.

Cambodian Prime Minister Hun Manet said on Facebook that the explosion occurred at a military base in Kampong Speu province in western Cambodia.

He said, we are deeply shocked by this. However, the cause of the explosion is not yet known.

Expressing his condolences to the families of the slain soldiers, he said that the funeral expenses of the deceased would be paid.

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Endangered hippos stranded in dry rivers in Botswana amid severe drought



International Desk, Barta24.com , Dhaka
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African countries are suffering from severe drought. A herd of endangered hippos trapped in the mud of a dry reservoir in the drought-stricken African country of Botswana is at risk of dying.

South Africa has been hit by severe drought due to El Nino weather, AFP reported. Crops in the region are under threat, millions of people are starving. Several countries in the region have recently declared national disasters.

Herds of hippos become trapped in dried-up rivers near the vast wetlands of the Okavango Delta in northern Botswana.

Lesego Moseki, spokesman for the Department of Wildlife and National Parks (DWNP) in Botswana's capital Gaborone, said the river system had dried up and the animals were in a compromised situation.

Botswana is home to the world's largest population of hippos living in the wild. According to the International Union for Conservation of Nature (IUCN), there are approximately 2,000 to 4,000 hippos.

Moseki said hippos in Ngamiland (North West District) depend on water flowing through the Okavango Delta system. They are still investigating how many hippos died in the pools.

Hippos have thick but sensitive skin. They need to bathe regularly in water to avoid sunburn and they usually live in humid areas.

Without water they can become aggressive and approach villages. Local authorities have called for the hippos to be relocated to protected areas to avoid conflict with humans.

El Niño is a naturally occurring climate pattern usually associated with global warming, leading to drought in some parts of the world and heavy rainfall in others.

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India has allowed onion export to 6 countries including Bangladesh



International Desk, Barta24.com, Dhaka
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India has approved the export of 99 thousand 150 tons of onions to 6 countries including Bangladesh. Other countries are - United Arab Emirates, Bhutan, Bahrain, Mauritius and Sri Lanka.

This information was given on the website of the Government of India on Saturday (April 27).

It said onion exports were banned to ensure domestic supply due to lower kharif and rabi seasons in the country in 2023-24 compared to the previous year. This increases the demand in the international market. Indian agency National Cooperation Exports Limited (NCEL) exports onions to these countries. They procure onions from internal sources through e-platform at lowest price (L1). Then, on a 100% advance payment basis, the rates are negotiated and supplied to the agencies or government-designated agencies in the destination countries.

NCEL fixes the prices with the buyers taking into consideration the prices of the countries where onion is bought, international and domestic prices. Now the quotas are allocated according to the demand of the countries where onion export is allowed.

Maharashtra is the largest onion producer in India. They are the largest supplier of onions to NCEL for export.

Earlier, Bangladesh had sent a formal letter to the Indian government to allow the export of certain quantities of onion to reduce the price of onion in the country's market during the holy month of Ramadan.

In addition, the country's government has allowed the export of additional 2000 metric tons of white onion. These onions are mainly exported to Middle East and some European countries. Due to the high production cost of white onion, its price is relatively high.

India is the world's largest onion exporter. The country's government had imposed a ban on onion exports till March 31, 2024 in December last year to maintain supply in the domestic market. Later it was extended indefinitely. The new decision to export onions is good news for India's friendly countries.

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We are ashamed to look at the development of Bangladesh: Pakistan PM



International Desk, Barta24.com, Dhaka
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Pakistani Prime Minister Shahbaz Sharif praised the economic progress of Bangladesh and said that they are ashamed to look at the development of Bangladesh.

According to a report by Pakistan-based media Dawn on Thursday (April 25), Shahbaz Sharif said this in a view exchange meeting with business representatives at the Sindh Chief Minister's residence in Karachi on Wednesday (April 24).

He said that before independence, Bangladesh i.e. East Pakistan at that time was considered a burden to the country. But they have made tremendous progress in the growth of industrialization.

Shahbaz Sharif said, I was very young when...we were told that it was a burden on our shoulders. Today you all know where that burden has reached (in terms of economic growth). And now when we look at them, we feel ashamed.

Currently, Bangladesh is ahead of Pakistan in almost all indicators of the socio-economic sector.

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