Ruto responds after IMF statement on the global financial model
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Ruto reiterates call for a fair global financial model to all just after International Monetary Fund (IMF) responded to criticism of its management
Ruto reiterates call for a fair global financial model to all just after International Monetary Fund (IMF) responded to criticism of its management.
President William Ruto has reiterated his call for a new global financing architecture that is fair to all as opposed to one that is equal to some countries and unfair to others.
Speaking on Sunday during the African Union 5th Mid-Year Coordination Meeting at the UN Office in Nairobi, Ruto likened the current system to the story of Animal Farm.
“It is fair that we have a financing mechanism that treats everybody equally,” he said.
“All of us have read about Animal Farm, where there are some that are more equal than others. Our position is that we don’t live in Animal Farm,” he said.
Ruto said he was not pushing for one financial system that only favors Africa, but rather one that favors all countries across the globe.
“Part of the challenges we have of liquidity and debt distress is actually caused by an unfair financial architecture, that makes us pay interest more than others,” he said.
He noted that Africa has a debt stock of $640 billion and pays almost $70 billion annually.
“If we had a fair financial architecture that treats everybody fairly and that does not profile Africa as risky, we would be paying less than half what we are paying today,” he said.
His statement comes after on Friday, July 14, the International Monetary Fund (IMF) responded to President William Ruto’s criticism of its management of global projects.
Julie Kozack, director of strategic communications, stated during a live-streamed news conference that those who were critical of the organization’s work should consider the financial interventions it has provided to many nations over the years.
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“I think, more broadly speaking, many countries and many regions of the world have navigated difficult transitions before, and the IMF has, typically, been part of that global response to these difficult transitions that countries have faced.
Ruto has recently intensified his calls for reforms in global institutions such as IMF and the World Bank calling for a robust system where countries such as Kenya will also have a say in its operations.
Speaking in France during the Global Financial Pact Summit, Ruto called for a new global financial model which will ensure that resources are accessed fairly.
“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few,” he said.
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