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FAO gives coast flood victims farm input, equipment

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Kilifi Governor Amason Kingi (center) accompanied by Food And Agriculture Organization
Kilifi Governor Amason Kingi (center) accompanied by Food And Agriculture Organization (FAO) representative Mr Gabriel Rugalema flagging off trucks carrying satisfied seeds on September 13, 2018. PHOTO | CHARLES LWANGA | NMG 

The Food and Agriculture Organization (FAO) in collaboration with government Thursday distributed seeds and farm inputs to more than 78,000 flood victims in Malindi and Magarini.

FAO representative in Kenya Gabriel Rugalema said the seeds and hoes will help in enhancing food security for flood victims after their homes, crops and livestock were swept away by floods four months ago.

In March, more than 86,000 people in Tana River and Kilifi counties were displaced by floods after River Tana and Sabaki broke their banks following heavy downpour upstream.

Speaking at Kilifi during the distribution activity commissioned by Governor Amason Kingi, Mr Rugalema revealed that FAO donated Sh50.5 million (US$500,000 dollars) to assist three flood hit counties.

“In Turkana, the focus on rehabilitating micro-irrigation scheme, Tana River is on farm input, seeds and livestock drugs particularly to control parasites such as ticks and mosquitoes that spread Rift Valley Fever, while in Kilifi we focus on seeds and farm equipment,” he said.

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FAO is a specialized agency of the United Nations that serves both the developed and developing countries in the fight against hunger.

On his part, Mr Kingi who was accompanied by his county executive members and chief officers said the county government has called upon residents to invest in acreage farming to enhance food security.

“In order to facilitate food security for residents, we embarked on encouraging acreage farming where we provide tractors, seeds and fertilisers then encourage farmers to grow crops in large scale farming,” he said.

Mr Kingi said it is unfortunate that residents living along River Sabaki who were practicing irrigation farming suffered losses due to floods and pledged support them and ensure they regain their initial state.

“We encourage irrigation farming along the river since it is a source of food and income,” he said adding “we are looking for ways to assist farmers whose crops and water pumps were swept away by floods to enhance food security.”

The governor directed the agriculture extension officers to go to the ground to make a follow up in order to assist and advise farmers on best farming methods to ensure high yields.

Ms Luciana Jumwa, the Agriculture County Executive (CEC) urged residents to take advantage of the short rains to grow food crops before the drought begins in December.

“Residents should plants certified seeds of crops like maize and especially vegetable along the river among others which can bring income of even about Sh500,000,” she added.

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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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