President William Ruto on Tuesday held talks with EU Council president Charles Michel in a diplomatic push for a comprehensive reform agenda for Multilateral Development Banks.
Ruto who is in Italy for the Africa-Italy summit also held discussions with Italian President Sergio Mattarella and Prime Minister Giorgis Meloni.
The strategic initiative, Statehouse spokesman Hussein Mohamed said, aligns with the preparations for the upcoming April 2024 International Development Association (IDA21) meeting to be hosted by Kenya.
"President Ruto aims to champion IDA21 replenishment with a set of proposed reforms aimed at reshaping the landscape of international development finance," Hussein said.
Part of the reforms the head of state is pushing for is redesigning IDA deployment.
This is to ensure the borrower's needs are prioritized over predetermined donor country agendas to foster a partnership-oriented approach that moves away from patronage.
Ruto also wants the IDA to address representation such that it acknowledges the critical need for beneficiary voices in decision-making processes within financial institutions hence ensuring a more inclusive and responsive policy framework.
He is also advocating for concessional funding emphasizing the importance of increased concessional funding from a robust IDA21 replenishment.
"This approach aims to empower beneficiary nations, allowing them to avoid exploitation by predatory lenders offering higher interest rates," Hussein said.
