Monday, June 22, 2020

Trump’s “Israel-Palestine Peace Deal”: Cheered by Israelis and Jeered by Palestinian Authority

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Nikhita Gautam

Article Title

Trump’s “Israel-Palestine Peace Deal”: Cheered by Israelis and Jeered by Palestinian Authority

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Global Views 360

Publication Date

June 22, 2020

URL

President Trump Unveils a Plan for a Comprehensive Peace Agreement Between Israel and the Palestinians

President Trump Unveils a Plan for a Comprehensive Peace Agreement Between Israel and the Palestinians | Source White House via Wikimedia

In January 2020, President of the United States, Mr. Trump, elaborated on a plan that, according to him, would bring peace to the Middle East with respect to the ongoing Palestinian crisis. The plan was welcomed by Israel but rejected by the Palestinians as they perceive it to favour Israel at the cost of Palestinian interests. It gave Israel the right over Jerusalem and the settlements in the West Bank as well as Jordan Valley. The settlements in the West Bank came as a consequence of the 1967 Mideast war, in which Israel had captured it but never formally claimed it due to international opposition. 

According to the plan, the proposed Palestinian state would not have a standing military and would be required to live up to benchmarks set up by the Israelis. The new state of Palestine will be established on the land which is non-contiguous and Israel would retain the security responsibility of the West Bank. The new Palestine therefore will become unviable as a functioning state.  

The president of the Palestinian authority, Mahmood Abbas, denounced the plan immediately and called it a conspiracy deal which is unworthy of serious contemplation. “We say a thousand times over:”, he said ”no,no,no,” after which the Palestinian leadership has not been on speaking terms with the Trump administration. Mr. Abbas played no substantive role in the plan-making process.

In January, Israel was planning to vote on the unilateral annexation of the West Bank after their Knesset elections, which is the national legislature of Israel. Benjamin Netanyahu, the Israeli prime minister who promised the annexation if he was elected, was re-elected in the March elections. "Today, I announce my intention, after the establishment of a new government, to apply Israeli sovereignty to the Jordan Valley and the northern Dead Sea," said Mr. Netanyahu in September as a part of his election campaign.

The annexation, in the opinion of the Prime Minister of Palestine, would destroy the progress made in the Oslo accords, which were agreements between the two states signed in 1993. On 20th of May, the Prime Minister vowed to annex parts of the occupied West Bank and that he’d act in July, to which the Palestinian authority dissolved all treaties, understandings and agreements with Israel and the United States, which include the Oslo accords.

In the beginning of June, the Palestinian Prime Minster announced that the state would declare independence for Palestine if Israel follows through on the threat. The announcement detailed that the authority would declare an independent state along the 1967 partitions with Jerusalem as its capital. The authority would also manifest as a state on the ground, which means there would be a founding council and a constitutional declaration. 

All eyes are now on the action of Israeli government and reaction of Palestinian Authority in this  long drawn saga.

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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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