President William Ruto has advocated for reforms in the global financial architecture to tackle the destabilizing effects of debt and climate vulnerabilities in Africa.
He highlighted the urgency of addressing the current situation, noting that many countries on the continent face challenges such as high financing interest rates, climate shocks, and limited government revenues.
Ruto emphasized that these financial constraints hinder the ability of developing countries, including those in Africa, to invest in low-carbon and climate-resilient development initiatives.
He warned that this financial strain not only jeopardizes climate action efforts but also undermines progress towards 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 made these remarks 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.
He stressed the importance of Africa mobilizing resources to invest in infrastructure and industrialization, which are vital for fostering rapid economic growth on the continent.
“However, we face the rigid barrier of a global financial architecture that is fundamentally misaligned with our aspirations,” he said.
