President Ruto asks International lenders to go easy on third-world countries' debts

President William Ruto addressed the United Nations General Assembly in New York.

President William Ruto has asked international money-lending institutions to take it easy on debts owed by developing countries.

Ruto wants International Monetary Fund [IMF], World Bank and other money lenders to extend pandemic-related debt reliefs to Third World Countries.

He made the remarks during his address at the 77^th Session of the United Nations General Assembly (UNGA) in New York.

In his address to the world leaders on Wednesday night, President Ruto urged 20 of the world's richest nations to either suspend or reschedule debt repayments for third-world countries.

"I join other leaders in calling upon the World Bank, the International Monetary Fund and other multilateral lenders to extend pandemic-related debt relief to the worst hit countries, especially those affected by the devastating combination of conflict, climate change and covid-19," Ruto told the Assembly.

"Furthermore, I urge the G20 [20 richest nations in the world] to extend and expand the scope of the 11 common frameworks to suspend or reschedule debt repayments by middle-income countries during the pandemic recovery period," he added.

In his address, he also urged global financial institutions to introduce favourable financial conditions to developing countries.

He says the move will help boost development projects in the countries.

"[Doing so will help] developing countries like Kenya to enhance social investment, support climate change adaptation and mitigation, address security needs and resolve development financing challenges," he adds.

Ruto argues that as a result of the pandemic, developing countries opted to introduce interventions in efforts to cushion their citizens from the effects of the pandemic.

"I confirm that we have done the best of everything we could in the circumstances. Nevertheless, it is not enough," he noted.

Instead, the president has called for international partnership and cooperation between developed and developing countries to avert an economic crisis.

He says failure to work together puts developing countries at risk of 'losing development gains' as a result of the effects of the pandemic and associated disruptions.