How Ruto wants to trim World Bank & IMF influence on resources granted to African countries
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Ruto pushes for global financial institutions; World Bank & IMF to lessen their grip on resources granted to African countries
Ruto pushes for global financial institutions; World Bank & IMF to lessen their grip on resources granted to African countries.
President William Ruto has continued in advocating for an autonomous Africa free from the sway of international financial organizations that grant credits and aid contingent on strict austerity measures.
Ruto on Thursday, June 22 appealed on the World Bank and the International Monetary Fund (IMF) to loosen their control over the funding given to African nations.
“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few,” Ruto stated.
Ruto argued that his efforts to limit the power of the World Bank and IMF will guarantee that all nations have equitable access to resources.
Ruto expressed these views at a roundtable in Paris with President Emmanuel Macron of France, Kristalina Georgieva, Managing Director of the IMF, and Ajay Banga, President of the World Bank Group.
He pleaded with the other world leaders present at the New Global Financial Pact Summit to back his request for the updating of international financial models.
President Macron of France backed changes to the global financial system, particularly regarding funding for climate change.
“We need a diverse but inclusive discussion on climate change to fix the game. No one should be left behind; not even China,” Macron stated.
“It should be done with speed and urgency,” the French President insisted.
Ruto departed Kenya on Wednesday, June 21, to attend the Global Pact Finance Summit in Paris, France, organized to reimagine the global finance system and foster the creation of a more inclusive financial architecture.
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In his inaugural address at UN General Assembly on September 21, 2022, Ruto urged the World Bank, International Monetary Fund (IMF), and other multilateral lenders to extend new reliefs for debt-burdened African countries.
According to the head of state, the new interventions would allow them to recuperate from multiple economic shocks. He warned that heavily indebted countries were at risk of losing development gains due to the shocks inflicted by the pandemic and associated disruptions.
On Friday, June 16, the National Treasury revealed that President Ruto received Ksh87.73 billion from IMF between September 2022 – December 2022.
The money was disbursed in two bunches of Ksh7.81 billion and Ksh54.92 billion.
Ruto’s administration also received Ksh140 billion from World Bank in May to help the government fund the budget.
“The total cumulative external disbursements from project loans as of June 12, 2023, stood at Ksh170.71 billion.
“By May 19, 2023, Kenya had received a disbursement of Ksh112 billion (USD 800 million) from a syndicated facility,” the statement read in part.
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