Kenya’s President William Ruto on Thursday, June 22, called for an equitable global financial architecture during high-level talks at the Global Financial Pact Summit in Paris.
Speaking during a round table with global leaders at the summit in France, Ruto argued that adoption of an equitable financial model would enable all countries to take active part in financing sustainable development and climate action.
According to the Kenya leader, it is imperative for the world to address concerns surrounding the existing financial system as it hinders development.
As such, he urged key players in the global financial system including the World Bank and the International Monetary Fund (IMF) to review the global financial system as a matter of urgency.
“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few,” President Ruto remarked.
“A new financial order will help the world tackle poverty and climate change. It must be a financial architecture of equals where resources will be fairly controlled by an institution whose power is not in the hands of a few.”
Host President Emmanuel Macron echoed President Ruto’s remarks noting that such a bold move would help to “transform the world”.
Macron supports Ruto at Global Financial Pact Summit
The French President joined his Kenyan counterpart in the call to consider the operations of the World Bank and IMF vis-à-vis the realities at the grassroots.
“We need a diverse but inclusive discussion on climate change to fix the game. No one should be left behind; not even China,” explained Mr Macron.
“It should be done with speed and urgency.”
Also present at the roundtable session were IMF’s Managing Director Kristalina Georgieva and the President of the World Bank Group Ajay Banga.
Ruto has been vocal about challenges facing Africa and the larger Global South in the Climate action since he took office as Kenya’s President.
On Wednesday, June 21, a statement by State House Nairobi noted that Kenya is looking to define a strong African position, regarding climate change and later discuss it at length in the upcoming Africa Climate Summit slated for September 4 in Nairobi.
France is hosting the Global Financial Pact Summit on the backdrop of a looming economic recession, with many countries grappling with high cost of living.