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Debt shadow clouds Kenya’s forthcoming presidential polls

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Debt shadow clouds Kenya’s forthcoming presidential polls

Kenya’s financial output has greater than doubled throughout President Uhuru Kenyatta’s 10 years in workplace, however a debt binge that fuelled development and funding might cramp his successor’s means to deal with rising starvation and hovering costs.

Some 22 million voters will choose a brand new president, lawmakers and county officers on August 9. The election is being overshadowed by a drought that has left 4 million folks depending on meals help whereas Russia’s invasion of Ukraine drives up world grain and gas costs.

Kenya’s financial system is now Africa’s sixth greatest, up from thirteenth when Kenyatta took energy in April 2013. Annual development averaging 3.8 p.c over 9 years has boosted gross home product (GDP) to 11 trillion shillings ($92.6bn) from below 5 trillion.

An in depth Western ally, East Africa’s most steady nation additionally hosts the regional headquarters of worldwide corporations like Alphabet Inc and Visa.

Debt ranges have surged, nevertheless, to 9 trillion shillings ($75.7bn), or 67 p.c of GDP, from simply 2 trillion, or 40 p.c of GDP, when Kenyatta was elected.

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“The rise in debt has been alarmingly quick,” stated Robert Shaw, an impartial financial coverage analyst based mostly in Nairobi.

Kenyatta, who’s standing down after serving the constitutional restrict of two phrases, says borrowing, together with $8bn from China, funded much-needed infrastructure and helped spur improvement.

His authorities has modernised Kenya’s crumbling, century-old railway community and constructed extra kilometres of paved roads than the earlier 4 administrations mixed – over 10,000, Kenyatta advised parliament in November.

He additionally stated then that the variety of households linked to the electrical energy grid had tripled to greater than eight million.

In 2018, the Worldwide Financial Fund (IMF) categorized Kenya as at excessive threat of debt misery. That threat stays, the IMF’s Kenya head of mission Mary Goodman advised journalists final week.

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The yield on Kenya’s greenback Eurobond due 2024 hit a document excessive of twenty-two p.c on July 15, as rising United States rates of interest and the Ukraine battle make riskier belongings much less enticing to traders.

However Julius Muia, principal secretary in Kenya’s Ministry of Finance, stated debt is sustainable beneath 70 p.c of GDP, including: “The priority about debt may be very misplaced.”

Tabitha Karanja, an opposition United Democratic Alliance candidate for the Senate, stated the federal government’s give attention to infrastructure had left many susceptible folks behind.

“You may’t construct roads for people who find themselves hungry,” she stated.

Debt dilemma

Kenyatta’s most well-liked successor, veteran opposition chief Raila Odinga, has pledged to renegotiate phrases for the debt to elongate its maturity and unencumber money to fund social interventions and improvement.

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His essential opponent, Kenyatta’s estranged Deputy President William Ruto, says he would cut back borrowing and stimulate small enterprises to assist drive development and generate revenues.

However surging residing prices, which many Kenyans blame on corruption, are uppermost in voters’ minds.

“Dad and mom with kids at school are struggling quite a bit. Meals costs are additionally hurting them,” stated Steve Otiende, a small store proprietor in Nairobi.

The federal government has spent 12.6 billion shillings ($106m) offering meals for hunger-stricken communities, however says it wants extra.

“The persistent drought has left us with a useful resource hole of greater than 15 billion shillings required for interventions,” stated Margaret Kobia, the minister in command of particular programmes.

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Investor confidence may very well be shaken additional by the election: two of the final three presidential polls had been marred by violence, with 1,200 folks killed in post-election clashes in 2007.

“It is vitally a lot unclear if the financial system has the resilience to handle the approaching quarters with out disaster,” stated Matthew Vogel, a London-based fund supervisor at FIM Companions, which specialises in frontier markets.

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2024: Top 10 defining moments in the European Parliament

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2024: Top 10 defining moments in the European Parliament

From crucial votes on nature and migration, to powerful speeches and hard debates: the year saw drama and upheaval in the Eurochamber

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2024 was a year of change for the European Parliament, shaken up by the elections in July.

Beyond the vote, which significantly modified its composition and balance of powers, here are some moments to remember from this year.

1. Farmers’ protests reach Parliament

The beginning of 2025 was marked by massive protests of farmers across Europe, from Germany and France to Poland and Spain. 

Among their targets were the EU’s commercial deal with Mercosur countries – at that time negotiations were still ongoing – and some European environmental policies affecting the agrifood sector.

On 1 February, a thousand farmers from several countries arrived in Brussels. After a night procession on their tractors, they occupied the square in front of the European Parliament for an entire day, burning hay, spreading manure and damaging the square. 

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2. ‘Stop being boring to defeat Putin’

One of the most powerful and evocative interventions in the European Parliament was Yulia Navalnaya’s in February. She took the floor in the hemicycle in Strasbourg days after her husband, Alexei Navalny, died under suspicious circumstances while imprisoned in Russia.

Navalnaya paid tribute to the opposition leader’s courage and attacked Russia’s president Vladimir Putin, receiving a general standing ovation from MEPs.

“If you really want to defeat Putin, you have to become an innovator. You have to stop being boring,” Navalnaya told MEPs.

“You cannot defeat him by thinking he is a man of principle who has morals and rules. He is not like that. And Alexei realised that a long time ago. You are not dealing with a politician but with a bloody monster.”

3. The final battle on Nature Restoration Law

The Nature Restoration Law, a proposal to gradually rehabilitate the EU’s land and sea areas degraded by climate change and human activity was one of the most contentious issues in the European Parliament in the final part of the legislature.

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European People’s Party (EPP) began a full-throttle campaign to bring down the law, arguing it would imperil food production, increase retail prices and devastate the traditional livelihoods of farmers. 

EPP talking points were backed by right-wing forces, but fully contested by progressive MEPs, environmental organisations, legal scholars and even multinationals, who said restoring nature was indispensable to maintain a prosperous economy and sustainable supply chains.

The EPP even pressed on with a controversial social media push, going as far as claiming the legislation would turn the city of Rovaniemi, where Santa Claus lives, into a forest. 

In February, the Parliament eventually approved a watered-down version of the law with 329 votes in favour and 275 against. It entails the restoration of at least 20% of the EU’s land and sea areas by 2030, and of all ecosystems in need by 2050.

4. The long-sought vote on the major migration policy reform

In April 2024, the European Parliament approved the wide-reaching reform of the European Union’s migration and asylum policy almost four years after the European Commission had proposed it.

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The “Pact on migration and asylum” was supported by the three major Parliament groups: European People’s Party (EPP), Socialists and Democrats (S&D), and Renew Europe, albeit with some dissidents. 

The right-wing parties, the Greens/EFA and the Left group voted against. The latter even protested outside Parliament before the vote, staging a “funeral for the right to asylum” that it claimed the new rules would usher in.

New rules foresee a solidarity mechanism to share the burdens of welcoming asylum seekers, through a redistribution among the member states which can be replaced with financial contributions. But they also entail stricter border controls and faster procedures for examining asylum requests and carrying out the repatriation of migrants. The Pact will be fully in force from mid-2026.

5. The Parliament backs abortion as an EU fundamental right

Even symbolic votes could cause hard clashes in the European Parliament. In April, the Chamber approved a resolution to include the right to abortion in the Charter of Fundamental Rights of the European Union.

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As the topic is very divisive, the Parliament split. The resolution was approved with 336 votes in favour, 163 against, and 39 abstentions. The right-wing groups Identity and Democracy and European Conservatives and Reformists voted against, as did the majority of the centre-right conservative European People’s Party, the largest group of the Parliament.

However, the vote did not have a binding effect. The Charter of Fundamental Rights of the EU requires the unanimous agreement of all member states to be changed. The rules for terminating pregnancy also fall within health legislation, which is the exclusive competence of EU countries.

6. The final rush before the European elections

Members of the European Parliament often run to the last available moment to approve important pieces of legislation. In its last session before the elections, the EP held 89 votes on legislative files, plus seven non-legislative resolutions, marking a record for the entire legislature.

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Among them, there were the right-to-repair directive, a regulation to prohibit products made with forced labour on the Union market, new rules for digital platform workers, a bill on packaging reduction, and the first-ever European law against gender-based violence.

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7. The ‘Venezuela majority’ in Europe

After the vote, the new European Parliament soon revealed its changed balance of powers, even if in a mostly symbolic vote. In September, the Strasbourg hemicycle voted to recognise Venezuela’s exiled presidential candidate Edmundo González Urrutia as the “legitimate and democratically elected president”.

The resolution, which carried no legal weight, was backed by the centre-right European People’s Party (EPP), the right-wing nationalist European Conservatives and Reformists (ECR) and the newly formed far-right Patriots for Europe, marking the first time in the new legislature that mainstream conservatives joined ranks with the more right-wing groups.

This alliance was renamed the “Venezuela majority”, following the subject of the vote, and resurfaced during the decision to award González and Venezuela’s opposition leader María Corina Machado the Parliament’s Sakharov Prize for Freedom of Thought.

8. Von der Leyen vs Orbán: showdown in the Parliament

The first October plenary session saw a fiery debate pitching European Commission President Ursula von der Leyen against Hungary’s prime minister Viktor Orbán, who took the stage in the European Parliament a few months after a controversial visit to Moscow made while Hungary occupied the rotating presidency of the Council of the EU.

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The war in Ukraine was one of the bones of contention, with the Hungarian leader claiming that the EU had adopted a mistaken policy on the war and the Commission president launching a personal attack on him without mentioning his name: “There are still some who blame this war not on the invader but on the invaded.”

9. The unpopular approval of the European Commission

At the end of November, the European Parliament definitively approved the College of Commissioners led by Ursula von der Leyen. But while the vote on the Commission’s President herself in July was a success for von der Leyen, she could barely celebrate the approval of the College. 

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In November, only 370 MEPs voted in favour, representing 54% of all votes cast and 51% of the total number of members, 719. 

Several defections came from among the centre-right European People’s Party, the centre-left Socialists and Democrats and the liberal Renew Europe, lowering support for the Commission, which was “saved” by the votes of part of the European Conservatives and Reformists and the Greens/EFA group. 

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Indeed, for one reason or another, only one in two lawmakers has endorsed the new College of Commissioners.

10. Weirdness and oddities in the Eurochamber

2024 also witnessed some surreal moments during the debates in the Parliament: a dog barking in the hemicycle, an Irish MEP insulting an Italian football club, and a Slovak MEP releasing a dove as a gesture of peace.

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Beyoncé NFL Halftime Show Will Be Available to Rewatch on Netflix as a Stand-Alone Special

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Beyoncé NFL Halftime Show Will Be Available to Rewatch on Netflix as a Stand-Alone Special

UPDATE, 12/25, 4:30 p.m. PT: Netflix said it will provide on-demand access to the full halftime performance of “Beyoncé Bowl” as a stand-alone special “later this week.” The 20-minute spectacle — her first live TV performance in four years — featured Post Malone, Shaboozey and her daughter Blue Ivy Carter to debut tracks from “Cowboy Carter” for the first time in a live setting.

EARLIER:

Beyoncé will light up the Houston night on Christmas with a halftime performance during the Ravens-Texans game on Netflix. To watch it, you’ll have to tune in live on Dec. 25 — otherwise, you’ll have only a few hours to catch the replay on Netflix.

Queen Bey’s Xmas performance will feature her first live performances of songs from “Cowboy Carter.” She’ll take the stage in her hometown during halftime of the Baltimore Ravens-Houston Texans matchup at NRG Stadium in Houston.

Netflix, as part of its accelerating push into live sports, snagged global rights to the NFL’s two Christmas Day 2024 games: the Kansas City Chiefs at the Pittsburgh Steelers (starting at 1 p.m. ET), followed by the Ravens-Texans game (4:30 p.m. ET).

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Under Netflix’s agreement with the NFL, in the U.S., the two Christmas games expire three hours after the livestream ends (meaning Beyoncé’s performance and the Ravens-Texans game will no longer be available to rewatch on Netflix as of around 11 p.m. ET). Outside the U.S., the games expire on Netflix 24 hours after the livestream ends. The NFL livestreams will include ad breaks, even for Netflix subscribers on no-ads plans.

Few details are available for Beyoncé’s Christmas halftime show, but according to Netflix she is expected to bring along some “special guests” who are featured on “Cowboy Carter.” She’s a veteran of two Super Bowls: Beyoncé was the halftime performer for the 2013 game in New Orleans, which featured a Destiny’s Child reunion; and in 2016, she sang “Formation” when Coldplay was the headliner act.

On Christmas Day, Netflix’s pregame coverage will kick off at 11 a.m. ET, from NFL Network’s studios in L.A. and Acrisure Stadium in Pittsburgh. The streamer has tapped Mariah Carey to deliver a recorded performance of her record-breaking holiday hit “All I Want for Christmas Is You” before both of the day’s two games.

If you missed the window for Netflix’s NFL livestreams, you still have the chance to catch the reruns. As it stands right now, NFL Network is scheduled to re-air Ravens-Texans on Wednesday, Dec. 25, at 11:30 p.m. ET and Thursday, Dec. 26, at 5 a.m. ET. The channel will re-air Chiefs-Steelers on Dec. 25 at 8:30 p.m. ET and Dec. 26 at 2 a.m. ET. There is the possibility for additional re-airs but portions of the NFL Network’s programming schedule are still being determined. In addition, replays of both games will be available with NFL+ Premium ($14.99/month) in the U.S. and via DAZN internationally.

Note also that the two Netflix Christmas Day games will air on broadcast TV in the competing teams’ local markets and will be available live on U.S. mobile devices with an NFL+ subscription.

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Zelenskyy lambastes Putin over Christmas strikes: 'What could be more inhumane?'

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Zelenskyy lambastes Putin over Christmas strikes: 'What could be more inhumane?'

Ukrainian President Volodymyr Zelenskyy excoriated Russian President Vladimir Putin on Wednesday for launching attacks against energy infrastructure on Christmas Day.

Zelenskyy suggested the attacks were “inhumane,” but said they would not ruin Christmas.

“Today, Putin deliberately chose Christmas for an attack. What could be more inhumane? Over 70 missiles, including ballistic ones, and more than a hundred attack drones. The targets are our energy infrastructure. They continue to fight for a blackout in Ukraine,” he declared in a post on X.

The Russian Defence Ministry acknowledged a “massive strike” on its part, saying it hit energy facilities that supported Ukraine’s “military-industrial complex,” Reuters reported.

“The aim of the strike was achieved. All facilities have been hit,” the ministry said.

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RUSSIA BATTERS UKRAINE POWER GRID AMID RISING CONCERN PUTIN COULD ORDER BALLISTIC MISSILE ATTACK THIS WEEKEND

Ukrainian President Volodymyr Zelenskyy talks with the media during the European Council Meeting in Brussels on Thursday. (Pier Marco Tacca/Getty Images)

Strikes against Ukrainian fuel and energy sources involved 78 air, ground and sea-launched missiles, in addition to 106 Shaheds and other kinds of drones, Ukraine’s air force claimed, according to The Associated Press.

“Unfortunately, there have been hits. As of now, there are power outages in several regions. Power engineers are working to restore power supply as soon as possible,” Zelenskyy noted. 

Still, the Ukrainian leader declared that “Russian evil will not break Ukraine and will not spoil Christmas.”

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US CITIZEN IMPRISONED IN RUSSIA GIVEN NEW 15-YEAR SENTENCE IN WAKE OF ESPIONAGE CONVICTION

Russian President Vladimir Putin

Russian President Vladimir Putin holds his annual end-of-year press conference in Moscow on Thursday. (Alexander Nemenov/AFP via Getty Images)

The U.S. has provided billions of dollars’ worth of aid to help Ukraine fight the Russian onslaught that erupted in 2022, but Americans and their congressional representatives have been divided regarding whether the U.S. should continue supplying aid to Ukraine.

President-elect Trump, who will take office on Jan. 20, has called for a cease-fire and negotiations.

TRUMP MEETS WITH MACRON, ZELENSKYY AHEAD OF NOTRE DAME REOPENING CEREMONY IN PARIS

President-elect Trump

President-elect Trump looks on during Turning Point USA’s AmericaFest at the Phoenix Convention Center in Phoenix on Sunday.  (Rebecca Noble/Getty Images)

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In a post on Truth Social this month, Trump declared that “Zelenskyy and Ukraine would like to make a deal and stop the madness. They have ridiculously lost 400,000 soldiers, and many more civilians. There should be an immediate ceasefire and negotiations should begin.”

The Associated Press and Reuters contributed to this report.

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