Ruto calls for reforms in international financial architecture

President William Ruto has reiterated his call on the G7 leaders to advocate strongly for the reform of the International Financial Architecture that seeks to create equity and inclusion.

Speaking during the G7 Summit held in Apulia, Italy, President Ruto noted that necessary reforms would enable underserved countries to advocate for mutually beneficial outcomes.

President William Ruto says reforming the international financial architecture will give Africa, access to concessional and long-term finance, and a greater voice and role in decision-making. 

President Ruto pointed out that during the Africa Climate Summit; the African Union adopted two fundamental propositions on climate and positive growth to unlock Africa’s vast potential in renewable energy, mineral wealth, and agricultural potential.

The second proposition, President Ruto said was a new architecture of international financial institutions to alleviate sovereign debt burdens.

At the same time, the Kenyan Head of State urged the G7 to embrace the Common African Position on the reform of the UN Security Council. He argued that there is a significant opportunity for the G7 to invest in projects that address Africa’s significant infrastructure gaps.

President Ruto also emphasized on the need to scale up the benefits of a G7-Africa partnership to reach and transform every part of the world.