Saturday, August 1, 2020

Russia celebrates 75 years of Soviet Victory over Nazi Germany

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Syed Ahmed Uzair

Article Title

Russia celebrates 75 years of Soviet Victory over Nazi Germany

Publisher

Global Views 360

Publication Date

August 1, 2020

URL

2020 Moscow Victory Day Parade

2020 Moscow Victory Day Parade : Source: The Presidential Press and Information Office via Wikimedia

On June 24, 1945, Joseph Stalin, former Soviet Union leader stood on top of Vladimir Lenin's tomb and watched Marshal Georgy Zhukov review the ground armored force that defeated Nazi Germany in the World War-II. That was the first Victory Day Parade to celebrate the most glorious moment in the Soviet history.

Exactly 75 year later, on June 24, 2020, the 75th anniversary of that great victory was celebrated with a lot of fanfare during another grand parade which was reviewed by Russian President Vladimir Putin, war veterans and guests. Leaders form many countries also joined as guests during the event.

2020 Moscow Victory Day Parade : Source: The Presidential Press and Information Office via Wikimedia

Troops from 13 foreign armies including India, China, Kazakhstan, and Mongolia march through the iconic Red Square along with nearly 14,000 members of Russian Armed Forces. About 300 military assets including T34 , legendary tank of Soviet Union era and T-14 Armata, Russian military’s most advanced battle tank were present.

2020 Moscow Victory Day Parade : Source: The Presidential Press and Information Office via Wikimedia

A host of aircrafts including Su-57, the secretive stealth fighter jet which is set to join the Russian air force in future was also on display. Iconic aircrafts like the Tu-95 and the Tu-160 also flew over the Red Square.

2020 Moscow Victory Day Parade : Source: The Presidential Press and Information Office via Wikimedia

While addressing the attendees and the guests at the event, Russian President Vladimir Putin stressed how important the role of the Soviet Union had been in fighting Nazism. "It is impossible even to imagine what would have become of the world if the Red Army had not come to its defense. Its soldiers needed neither the war nor other countries, nor glory, nor honors. They strove to crush the enemy, achieve the victory and return home. And they paid an irretrievable price for the freedom of Europe." The Russian President had earlier urged the West to acknowledge the Soviet Union’s role in the fight against Nazism.

The Soviet-era and the events of WW2 still play a pivotal role in the lives of Russians. As per a poll by the independent Levada Centre in Moscow, 75% Russians believe that the Soviet era was the best time in the country’s history.

Putin harnesses this Soviet-era influence amongst Russians and employs Victory Day celebrations to arouse patriotism and support amongst the Russians. This year due to the outbreak of COVID-19 pandemic, he went to great lengths to ensure smooth organization of the annual parade.

The Western countries remain critical of the event, reminding us of the competing narratives of Russia and the West regarding World War 2 politics.

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February 4, 2021 4:48 PM

Kenyans turning to mobile loans in times of COVID-19

The economic impact of COVID-19 is felt on the personal finance of people across the world who are looking for ways to tide over the situation. In Kenya, people are lapping the short-term credit in the form of digital loans by mobile money operators. The number of people taking digital loans has doubled during the COVId-19 induced lockdown period.

Boston Consulting Group's Consumer Sentiments Survey conducted in April and May 2020 reported that "In May, 29 percent responded that they had taken out a short-term loan, compared to 16 percent in April. Mobile money operators were the most common sources of this credit”

Kenya is a pioneer in using mobile money transfer services as the key tool for providing financial inclusion to its citizens. A simple money transfer service, M-PESA launched in 2007 has transformed the financial service industry in Kenya. Today mobile money operators are providing multiple services like digital loans, marketplace for small businesses and farmers.

Digital loans are easy to process and disbursed but there are concerns of shaming the defaulters and compromising the data security of clients. The Digital Lenders Association of Kenya (DLAK) which is a body representing the digital lenders of Kenya has distanced from two of their members, Okash and Opesa over unethical practices. These mobile apps have shared the details of defaulting customers with the moneylenders and asking them to recover the money.

DLAK also stated that Opesa and Okash are known for attacking a client's data privacy which is against the Kenyan data protection laws and has additionally spoiled the reputation of digital leaders in Kenya.

In April 2020, Central Bank of Kenya barred unregulated digital mobile lenders from forwarding the names of loan defaulters to credit reference bureaus. A huge number of Kenyans have been recorded on Credit Reference Bureaus by digital money lenders for loans as little as $5.

Central Bank of Kenya governor Patrick Njoroge told during a press conference in May 2020 that the central bank in consultation with the mobile money operators and digital lenders is presently working to develop a model where the borrowers are protected from mistreatment of online moneylenders.

The borrowers are looking up to the regulatory authorities and the industry bodies to come up with a mechanism which will protect their interest in times of such a health and economic emergency.

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