Economy
Over 100 Lives Lost in Tragic Flooding Catastrophe in the Congo
The devastating aftermath of relentless overnight downpours in South Kivu province, located in eastern Congo, has led to the tragic loss of over a hundred lives due to severe flooding and landslides.
This heart-wrenching news was revealed by a local official on Friday, unveiling the gravity of the situation. Thomas Bakenge, a regional government representative, bore witness to the recovery efforts in the afflicted region of Kalehe, describing the extent of the destruction as unfathomable. Entire houses were mercilessly swept away, leaving behind a landscape of desolation. However, lifeless bodies continue to be retrieved from the shores of the neighboring Lake Kivu, serving as a grim reminder of the catastrophe.
As torrential rains engulfed the area, two rivers burst their banks, triggering a series of devastating landslides that ravaged numerous homes. Delphin Birimbi, a community leader, reported the widespread destruction caused by these natural calamities. Amidst the chaos, residents of the village of Nyamukubi, knee-deep in mud, estimated that more than three-quarters of their homes had been mercilessly carried away by the relentless floods. The deluge spared no mercy, swallowing up not just residences, but also educational institutions and a vital healthcare center.
Thomas Bakenge, the aforementioned official, urgently called upon the international community for immediate assistance, painting a bleak picture of the aftermath. The sheer devastation left nothing in its wake, and the desperate plea for help echoed through the desolated landscape. Rescue teams worked tirelessly, combing through the debris in a race against time, hoping to uncover survivors buried beneath the rubble of what were once cherished homes.
In an official statement released on Friday, the provincial government of South Kivu expressed its heartfelt condolences to the affected families and pledged to dispatch a delegation to the disaster-stricken area. This gesture aimed to provide solace and support during this time of immense grief and suffering.
The heavy rains that have plagued East Africa have brought about untold misery to thousands of individuals. Uganda and Kenya, neighboring countries, have also endured the brunt of the relentless downpours, exacerbating the region’s woes. Meanwhile, in nearby Rwanda, which shares a border with Congo, the tragic consequences of flooding and landslides have resulted in the loss of 129 precious lives earlier this week, compounding the widespread devastation and sorrow.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
