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Algerian President Abdelaziz Bouteflika might resign this week : The Standard

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Algerian President Abdelaziz Bouteflika might resign this week, the private Ennahar and El Bilad TV channels said on Sunday, after mass protests and pressure from the army demanding he end his 20-year rule.

The reports come after the army chief of staff, Lieutenant General Ahmed Gaed Salah, renewed a call on Saturday for the Constitutional Council to declare the ailing 82-year-old Bouteflika unfit to rule.
Seeking to defuse the demonstrations, Bouteflika said on March 11 he was dropping plans for a fifth term. But he stopped short of stepping down immediately, to wait for a national conference on political change.
That further enraged protesters, prompting Salah to step in by proposing last week to ask the constitutional council to see whether he is still fit for office.

SEE ALSO :183 injured in Algeria protests: media

Bouteflika, who has rarely been in public since suffering a stroke in 2013, might announce his resignation on Tuesday, Ennahar TV said, citing political sources. El Bilad TV, quoting unnamed sources, said he would quit this week.
State media did not report similar reports, and there was no immediate comment from the presidency.
Ennahar said Bouteflika was preparing his resignation in accordance with article 102 of the constitution, which allows him to quit or face the verdict of the constitutional council whether he is still fit for office.
Late on Sunday, hundreds took to the streets in the capital, Algiers, to demand Bouteflika go, according to residents and pictures posted on social media.
The reports came hours after Bouteflika named a caretaker Cabinet. Political sources said that might be a signal that Bouteflika could resign, as a caretaker president cannot name Cabinets.

SEE ALSO :Algeria’s Bouteflika to leave within one year if re-elected

Incumbent Prime Minister Noureddine Bedoui will head the administration, state news agency APS said, listing 27 ministers.
Central bank Governor Mohamed Loukal was named as finance minister, while the former head of the state power and gas utility Mohamed Arkab will be energy minister, APS said.
Sabri Boukadoum, a former envoy to the United Nations, becomes foreign minister and replaces Ramtane Lamamra, who spent less than a month in the role.
Salah kept his position as deputy defence minister in the reshuffle, according to state media. Bouteflika kept his title as defence minister.
Bouteflika also named the communications minister, Hassane Rabhi, as government spokesman, a rarely filled post in what critics say has been a secretive administration.

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SEE ALSO :Algeria’s ruling party backs protesters -state radio

CHANGE?
Demonstrators have rejected military intervention in civilian matters and want to dismantle the entire ruling elite, which includes veterans from the war of independence against France, army officers, the ruling party and business tycoons.
Tens of thousands have taken to the streets of Algiers for more than a month, complaining of corruption, nepotism and economic mismanagement they say has tarnished Bouteflika’s rule.
But two opposition leaders have supported the army initiative.
“The merit of this approach is that it responds to a pressing popular demand,” Ali Benflis, a former head of the ruling FLN party, said in a party statement. “We are facing a political, constitutional and institutional crisis.”

SEE ALSO :Algeria army chief demands President Bouteflika be declared unfit to rule

Abderazak Makri, head of an Islamist party, said he was against anything that threatened the stability and unity of the country or undermined the military.
Several close allies, including some members of the ruling FLN and union leaders, have abandoned Bouteflika.
The secretary-general of the United Nations said on Sunday he welcomed efforts towards a peaceful and democratic transition in Algeria.
Addressing an Arab League summit in Tunis, Antonio Guterres said any steps should be made in a way “that addresses the concerns of the Algerian people in a timely way”.

Abdelaziz BouteflikaEl Bilad TV



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World Bank pushes G-20 to extend debt relief to 2021

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World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.

“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.

He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.

The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.

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People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.

For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.

Debt burdens, already unsustainable for many countries, are rising to crisis levels.

“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.

ALSO READ:Global Economy Plunges into Worst Recession – World Bank

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Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans

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The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.

“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”

According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.

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Tighter Reins on Platforms for Mobile Loans

The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.

Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.

Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.

SEE ALSO: Central Bank Unveils Measures to Tame Unregulated Digital Lenders

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Scope Markets Kenya customers to have instant access to global financial markets

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NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options. 

This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.

The Scope Markets app offers clients over 500 investment opportunities across global financial markets.

The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.

The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).

The platform also offers an enhanced client interface including catering for those who trade at night.

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The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour;  Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).

The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.

Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”

He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.

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