President William Ruto is pushing for an increase in international funding to meet the new challenges that faces developing countries, including Kenya.
Ruto has also raised issues with the long period of time taken for disbursement of funds and financing that takes up to 24 months proposing shorter periods of between 12 and 18 months.
Speaking at a virtual discussion with the Rockefeller Foundation Board of Trustees, President Ruto said the needs of the developing world have changed fundamentally since the World Bank and the International Monetary Fund (IMF) were set up after the Second World.
"The experience with climate change and the Covid 19 pandemic should make us understand the need to eliminate the North-South divide, and that boundaries are irrelevant," he said.
Ruto also stated that the entire Horn of Africa has been ravaged by a four-year drought. Consequently, we have lost 2.5 million livestock and wildlife, including 100 elephants.
According to the Head of State, the international financial system is so unfair that countries in the Global South borrow from the same institutions at interest 50 times - and even 100 times - more than those in the Global North.
"For our Eurobonds, Kenya pays 10 per cent interest, while some countries pay up to 15 per cent," he said. "But nations in the Global North borrow at interest as low as between 0.1 and 0.5 per cent," he said.
Ruto, at the same time, thanked the Rockefeller Foundation that will be supporting Kenya's climate conference in September in Paris for amplifying its voice on climate change, and called on more organisations to follow suit.
