Ruto calls on UN member states to support Africa's economic governance

President William Ruto during the fourth International Conference on Financing for Development being held in Seville, Spain. [PCS] President William Ruto has called on United Nations members to support the outcome document of the Fourth International Conference on Financing for Development being held in Seville, Spain. The President described the document as crucial to advancing global sustainable development. Speaking at the conference on Monday, he said the document lays the groundwork for renewed commitment to multilateralism and equitable growth. "The world's and Africa's futures are inseparable. Together, let us walk this path with honesty, urgency, and resolve," the President said. Present at the summit were United Nations Secretary-General Antonio Guterres, Spanish President and Conference Chair Pedro Sanchez Perez-Castejon, World Bank President Ajay Banga, and several other heads of State and government, and representatives of international organisations. President Ruto welcomed the ongoing reforms in the international financial system to make it fairer and more efficient. He noted the growing consensus on the need for a development-oriented sovereign debt framework, where public debt becomes a tool for growth rather than a trap for debt distress. The President pointed out that the outcome document at Seville calls for strengthening of the global economic governance by amplifying the voice and representation of developing countries in international financial institutions. "Africa is not asking for favours. We want fairness, partnership, and investments," he said. He also emphasised the importance of effective debt management and crisis prevention, including transparency, responsible borrowing and lending, and accurate, objective, and long-term credit assessment. The President urged credit rating agencies to revise their approach in evaluating African economies. President William Ruto during the fourth International Conference on Financing for Development being held in Seville, Spain. [PCS] "Without affordable capital and open markets, progress will stall. High debt premiums cannot be fixed by technical adjustments alone," he said. The President pointed out that the outcome document supports a global financing safety net, calling for governance reforms of the International Monetary Fund, easier access to precautionary instruments, lower lending rates, and improved utilisation of Special Drawing Rights. "I welcome the document's strong emphasis on national ownership and sovereignty. For those of us from Africa, the continent's development is our responsibility. We approach it with purpose and determination," he said. President Ruto commended the recognition of trade and industrialisation as drivers of structural transformation. He said Africa is ready to become the next global frontier for production and innovation. "No country has achieved lasting prosperity without manufacturing and export diversification," the President explained. He called for trade rules and pricing systems that reward green production and support decarbonisation efforts. "Africa must be part of that solution, transforming green premiums into green discounts," he said. Mr Guterres said the conference at Seville aims to change the course of development financing and reignite the engine of growth, accelerate investment, and restore fairness and justice globally. "The commitment is a global promise to fix how the world supports countries as they climb the development ladder," he said. President Perez-Castejon echoed the call for reform, stressing the need to make the international financial system more representative, just, and effective. He noted that the global financing gap for achieving sustainable development stands at $4 trillion. President Perez also noted the unfortunate reality that two in every five families live in countries forced to give priority to debt servicing over education and healthcare. "That is not the path of sustainable development; it is the path that leads to frustration and injustice," he said. World Bank President Banga reaffirmed the institution's commitment to creating an enabling environment for job creation and unlocking the potential of the current generation.

Ruto calls on UN member states to support Africa's economic governance

Get Full Access for Ksh299/Week.

Related Topics

Similar Articles

Latest Stories

The Standard Insider

Digger Classified

GET OUR NEWSLETTER

CONNECT WITH US

FOR THE LATEST JOB ADVERTS

Similar Articles

Banks double lending target to small businesses to hit Sh326b

Contradictions in rural economies 13 years into devolved governance

Return of the bitter pill: Kenya softens IMF stance as Iran shock bites

Court clears way for Sh619 billion EABL shares sale

DIGGER JOBS

Digger Motors

Digger Real Estate

Ruto calls on UN member states to support Africa's economic governance

Get Full Access for Ksh299/Week.

Related Topics

Similar Articles

Latest Stories

The Standard Insider

Digger Classified

GET OUR NEWSLETTER

CONNECT WITH US

FOR THE LATEST JOB ADVERTS