Kenyan President calls for inclusive international financial system
Kenya’s President William Ruto Friday called for reforms of international financing institutions to ensure a more inclusive approach.
Speaking at the Africa CEO Forum 2024 in Rwandan capital, Kigali, Ruto stressed the need to democratize the boards of multilateral development banks, ensuring that all members have an equal say in their management.
Ruto said the current international “financial architecture is faulty, it is unfair, it is not right and it must be fixed” because it neglects the interests of developing countries.
The Kenyan leader said it is one of the issues he would discuss with the US President Joseph Biden during his upcoming visit to Washington.
He spoke alongside presidents Paul Kagame of Rwanda and Filipe Nyusi of Mozambique on a panel themed, “Leadership at a Pivot: Africa's Role on the Global Stage.”
Ruto noted that necessary reforms would enable underserved countries to advocate for mutually beneficial outcomes, such as the allocation of additional resources for concessional loans which he said have many benefits.
The Kenyan president believes concessional loans would help pull many countries out of debt distress and give them the opportunity to pursue their development goals.
The two-day annual summit which closed on Friday drew about 2,500 business leaders and policymakers aimed to discuss the pressing issues affecting the continent.
The summit is organized by a pan-African magazine Jeune Afrique in partnership with the International Finance Corporation, part of the World Bank Group.
Kagame in his welcome remarks called for unity in the continent in order to drive its development agenda.
“The more united Africa is, the more productive our engagement with partners will become. Integration, for Africa’s business community, is an opportunity to grow our markets, and become more competitive. Africa does not have to ask for a seat at the table,” he said.
Nigeria’s businessman Aliko Dangote, the founder and CEO of the Dangote Group, the largest industrial conglomerate in West Africa, said, “We have whatever it takes to make Africa great. I am not only putting in my money, but I am putting in my soul and life.”
Kenya’s President William Ruto Friday called for reforms of international financing institutions to ensure a more inclusive approach.
Speaking at the Africa CEO Forum 2024 in Rwandan capital, Kigali, Ruto stressed the need to democratize the boards of multilateral development banks, ensuring that all members have an equal say in their management.
Ruto said the current international “financial architecture is faulty, it is unfair, it is not right and it must be fixed” because it neglects the interests of developing countries.
The Kenyan leader said it is one of the issues he would discuss with the US President Joseph Biden during his upcoming visit to Washington.
He spoke alongside presidents Paul Kagame of Rwanda and Filipe Nyusi of Mozambique on a panel themed, “Leadership at a Pivot: Africa's Role on the Global Stage.”
Ruto noted that necessary reforms would enable underserved countries to advocate for mutually beneficial outcomes, such as the allocation of additional resources for concessional loans which he said have many benefits.
The Kenyan president believes concessional loans would help pull many countries out of debt distress and give them the opportunity to pursue their development goals.
The two-day annual summit which closed on Friday drew about 2,500 business leaders and policymakers aimed to discuss the pressing issues affecting the continent.
The summit is organized by a pan-African magazine Jeune Afrique in partnership with the International Finance Corporation, part of the World Bank Group.
Kagame in his welcome remarks called for unity in the continent in order to drive its development agenda.
“The more united Africa is, the more productive our engagement with partners will become. Integration, for Africa’s business community, is an opportunity to grow our markets, and become more competitive. Africa does not have to ask for a seat at the table,” he said.
Nigeria’s businessman Aliko Dangote, the founder and CEO of the Dangote Group, the largest industrial conglomerate in West Africa, said, “We have whatever it takes to make Africa great. I am not only putting in my money, but I am putting in my soul and life.”
