Ruto seeks global finance system reform to address ‘damaging’ debt

President William Ruto has called for reforms of the global financial architecture to address destabilising debt and climate vulnerabilities in Africa.

He said there is need to address the current situation because countries in the continent are struggling with high financing interest rates, while also dealing with climate shocks and constrained government revenues.

Consequently, Ruto noted, developing countries, including in Africa, struggle to invest in low-carbon and climate-resilient development.

He explained that this financial situation puts at risk climate action and sustainable development goals.

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

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 said Africa needs to raise resources to invest in infrastructure and industrialisation to ensure rapid economic growth. 

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