By Marline Atieno
President Ruto of Kenya delivered a compelling address today, denouncing the unjust global financial architecture as unsustainable and calling for urgent reforms to address its systemic inequalities.
He has advocated for changes in the global financial structure to tackle destabilizing debt and climate vulnerabilities in Africa.
The President emphasized the necessity of tackling the current circumstances as African nations grapple with elevated financing interest rates, alongside climate-related shocks and limited government revenues.
As a result, he observed developing nations Africa included, face challenges in funding investments for low-carbon and climate-resilient development.
He elaborated that this financial predicament jeopardizes efforts towards climate action and achieving sustainable development objectives.
President Ruto’s speech underscored the deep-rooted inequities within the global financial system, which have long marginalized African countries and hindered their economic progress.
He highlighted the harmful impact of high financing interest rates and burdensome debt obligations on African nations, inhibiting their ability to invest in critical development projects and combat pressing challenges such as climate change.
“We urgently require a more effective, equitable and responsive international development financial framework. Time is of the essence,” he emphasized.
President Ruto delivered his remarks during the formal inauguration of the 59th Annual Meetings of the African Development Bank Group and the African Development Fund.
This meeting was held at the Kenyatta International Convention Centre in Nairobi.
In attendance were several dignitaries, including Presidents Denis Sassou Nguesso of Congo, Paul Kagame of Rwanda and Emmerson Mnangagwa of Zimbabwe.
Hassan Sheikh Mohamud of Somalia, Mohamed Menfi (President of the Presidential Council of the State of Libya), Vice-President Prosper Bazombanza of Burundi, Prime Ministers Saara Kuugongelwa-Amadhila of Namibia and Ali Lamine Zeine of Niger, among others.
During his address, President Ruto emphasized Africa’s need to mobilize resources for investment in infrastructure and industrialization to foster rapid economic expansion.