President William Ruto’s Drive for Global Financial Architecture Reform Continues

President Ruto was speaking during the official opening of the 59th Annual Meetings of the African Development Bank Group and the African Development Fund at the Kenyatta International Convention Centre in Nairobi.
President Ruto was speaking during the official opening of the 59th Annual Meetings of the African Development Bank Group and the African Development Fund at the Kenyatta International Convention Centre in Nairobi.

President William Ruto has advocated for changes to the global financial system to tackle the issues of destabilizing debt and climate vulnerabilities affecting Africa.

He emphasized the importance of addressing the present circumstances, as nations across the continent are grappling with elevated financing interest rates, climate-related disruptions, and limited government revenues.

He pointed out that developing countries, particularly those in Africa, face challenges in funding low-carbon and climate-resilient development.

This financial difficulty threatens climate initiatives and the achievement of sustainable development goals.

“A better, more responsive, and fairer international development financial architecture is urgently needed. Time is of the essence,” he said.

President Ruto delivered a speech at the official opening of the 59th Annual Meetings of the African Development Bank Group and the African Development Fund, held at the Kenyatta International Convention Centre in Nairobi.

The event was attended by several distinguished guests, including Presidents Denis Sassou Nguesso of Congo, Paul Kagame of Rwanda, Emmerson Mnangagwa of Zimbabwe, Hassan Sheikh Mohamud of Somalia, and Mohamed Menfi, President of the Presidential Council of Libya. Burundi’s Vice-President Prosper Bazombanza, and Prime Ministers Saara Kuugongelwa-Amadhila of Namibia and Ali Lamine Zeine of Niger were also present.

Additionally, African Development Bank President Akinwumi Adesina and African Union Commission Chairperson Moussa Faki Mahamat were in attendance, among others.

In his remarks, President Ruto emphasized the importance of mobilizing resources for investment in infrastructure and industrialization to accelerate economic growth across Africa.

“However, we face the rigid barrier of a global financial architecture that is fundamentally misaligned with our aspirations,” he said.

He emphasized that overhauling the global financial system is essential to provide Africa with a fair opportunity to convert its significant potential into tangible opportunities, address various challenges, and achieve inclusive and sustainable development.

President Ruto criticized the international financial system’s tendency to classify Africa as a high-risk borrower, despite its substantial human, mineral, and agricultural resources.

“We are told it is safe to mine in spaces where there is conflict, but it is risky to lend to African economies. What a contradiction?” he said.

He urged African countries to collaborate in removing obstacles to intra-African trade through the African Continental Free Trade Area Agreement.

“We are struggling to look for markets everywhere except in our continent. We must first sell in the market that we have,” he said.

Meanwhile, President Ruto advocated for reforms within the African Union to enhance its effectiveness.

He emphasized that the African Union Commission should be empowered to “prosecute African economic diplomacy effectively”.

Additionally, he asserted that the African Union needs to take responsibility for the continent’s peace, security, and stability, and lead efforts to resolve conflicts within Africa.

SOURCE: NEWS AGENCIES

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