President William Ruto revisited the debate on the international financing model during the Global Africa Business Initiative forum in New York.
In a discussion attended by African Development Bank (AfDB) President Akinwumi Adesina among other leaders, Ruto sustained his call to have reforms at the IMF and World Bank undertaken.
Ruto, in his presentation, expressed optimism that the much-needed reforms that favour African nations will soon be realised as the matter was now a discussion among global leaders.
“They are listening. The conversation about IMF reforms was in murmurs a few years ago, today it is being talked by no less than the President of the United States,” Ruto said.
He added: “They have come to the realization that it is no longer possible to run the system the way it has been run...so everybody is listening so what is remaining is the how and we are going to show them the how.”
Also in attendance were International Finance Corporation (IFC) Managing Director Makhtar Diop and ONE Campaign CEO Gayle Smith.
Ruto has been vocal in calling for a total overhaul of the current financial institutions saying their conditionality is unfair to African countries.
“We also insist quite firmly that international development financing must be more appropriate for the needs of our existential moment, in terms of accessibility, affordability, and adequacy,” Ruto said five months ago during the third Regional Symposium on Greening Judiciaries in Africa.
Ruto added: “That is why we are insisting we must rethink the international financial system, we align it with reality. The model is not sustainable.”
The Head of State noted that a fair financial system enables developing countries to handle climate shocks and implement their development agenda.
"The time for talking about Africa's potential is over; it’s time to mobilize capital, seize opportunities, and leverage the continent's natural resources to power the global transition to clean energy for sustainable development," he added.
