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Africa has to restructure International Financial System – Ruto


President William Ruto has said that African countries should restructure the International Financial System.

Ruto said that many countries are off track on the achievement of Sustainable Development Goals and climate actions.

He said a proper financing model will help nations such as Kenya plan their goals better.

“We need to rethink the whole architecture around financing. It is a deficit for us to assume that there is nothing we can do about the current financial crisis that is happening around our globe,” he said.

He spoke on Wednesday when he addressed a panel with Bill Gates and Belgian Prime Minister Alexander De Croo in New York.

Ruto said that African countries have a challenge with resources with many low-income countries being occupied with debt distress.

He added that African countries have dwelled too much on the problems rather than finding solutions.

Ruto said that many African countries are constrained by debt distress and, hence unable to progress economically.

“To support African countries, there is a need to increase the tenure of debt and give a favourable grace period,” Ruto said.

“Through that, African countries will have a chance to leverage resources for development, SDGs and Climate Action.”

The President said African countries should be helped to acquire resources to finance climate change.

He added the partnership with the Bill Gates Foundation in Kenya will be a game changer in delivering better healthcare for Kenya.

Ruto said that Kenya is changing from a curative to a promotive healthcare system.

Bill Gates said that there has been a power of new innovations that have saved many lives.

“The goals for 2030 were set very ambitiously and there have been many setbacks. We were very numeric and honest about our target and we see some counties continuing to make progress,” he said.

Gates added that leaders have to recommit to the SDGs and pick the things with the best impact.

Source: STAR

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