President Ruto Calls for Inclusive International Financial Architecture

May 20, 2024

President William Ruto urged for reforms of international financing institutions, pushing for a more inclusive approach.

Emphasizing the need to democratize the boards of multilateral development banks, the President stressed the importance of ensuring all members have an equal say in managing these institutions.

President Ruto criticized the current financial system as unfair, highlighting its neglect of the interests of developing countries.

He argued that these reforms would empower underserved countries to advocate for mutually beneficial outcomes, such as allocating additional resources for concessional loans.

“Concessional loans offer numerous benefits: they are long-term and can easily be leveraged by the private sector to enhance those resources,” he explained.

These measures, he asserted, would help lift many countries out of debt distress, providing them with opportunities to pursue their development goals.

The President made these remarks during the Presidential Conversation Session at the Africa CEO Forum 2024 in Kigali, Rwanda.

President Ruto underscored the necessity of allocating resources tailored to address the challenges posed by climate change to advance global climate action objectives.

He lamented the unfortunate reality of having to redirect funds originally designated for social amenities towards climate-related initiatives.

Stressing the importance of prioritizing value addition, the President emphasized the need to halt the export of raw materials from the continent to enhance exports as a percentage of GDP.

Furthermore, he highlighted the importance of combating corruption to ensure resources are utilized for the benefit of all people.

President Ruto pledged to advocate for the African Growth and Opportunity Act (AGOA) during his State Visit to the US.

He expressed his commitment to reforming the African Union to make it fit for purpose and focused on providing a clearer voice for the continent.

The President emphasized that Africa must move swiftly to integrate the continent and implement the African Continental Free Trade Area agreement to boost intra-African trade.

He stressed that while African states seek trading partners outside the continent, they must also leverage trade opportunities within.

“We must increase intra-African trade from the current 15 percent,” he urged.

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