Reforming global financial architecture is not a contest - Ruto

President William has said that the global agreement on efforts to make the world prosperous and save the planet from the effects of climate change is not a contest between the developed and developing nations.

Ruto spoke during a Pact for Prosperity, People and Planet high-level meeting, co-chaired with French President Emmanuel Macron at the Fourth International Conference on Financing for Development.

The President explained that the Pact for Prosperity, People and Planet, commonly known as the 4P, is meant to address the unfairness of the international financial system

He noted that the deal seeks to find financing solutions for developing countries whose progress has been hindered by the current global financial system.

Ruto expressed satisfaction that there is now common ground between the Global North and the Global South on the need for the reform of multilateral financial institutions.

"We have 73 countries that have joined us. We are not discussing narratives, and we are not pointing fingers. This is not about South vs North; this is about solutions that work for all countries,” he said.

 Ruto further commended the pact for advancing reforms that integrate development and climate action into a unified and coherent agenda.

He said the initiative is living up to its objective that no country should make the difficult decision of choosing between fighting poverty and tackling the impact of climate change.

“I am impressed by how quickly the 4P has matured, a testament to the commitment of those present here today and the tireless efforts of the capable Secretariat,” he said.

The President challenged governments to step up their efforts aimed at raising local development resources.

He explained that mobilising resources for development should not be left to international financial institutions alone.

“There is what can be done globally, and we are making sure that the international financial architecture has proper representation and voice from our continent. But we will step up as countries in providing local solutions,” he said.

 “We cannot wholly depend on external solutions to meet our challenges, whether they are financial or public in nature,” he added.

The President pointed out that governments can leverage the potential of the private sector to deliver public services, citing healthcare.

On his part, President Emmanuel Macron said the narrative of a tug of war between the Global South and the Global North is counterproductive in the pursuit of a common global agenda.

“The only chance we have is to work together with respect,” he said.