President Ruto Pushes for Fairer Global Financial Structures to Support Developing Nations
The conference aims to find sustainable and equitable ways to finance development across the world, especially in under-resourced regions.
President William Ruto calls for urgent reforms to the global financial system to better support developing nations during a virtual SDGs Stimulus Leaders Group meeting. Photo/William Ruto.
By Juliet Jerotich
President William Ruto has urged for urgent transformation of the international financial system, emphasizing the need to make it more inclusive and responsive to the unique challenges faced by developing countries.
Speaking during a virtual gathering of global leaders under the Sustainable Development Goals (SDGs) Stimulus Leaders Group, President Ruto stressed the importance of addressing structural inequalities in the global economy that often leave nations in the Global South vulnerable during crises.
He pointed out that many low and middle-income countries continue to face financial instability due to rigid debt systems, which become particularly burdensome in times of crisis such as pandemics or climate-related disasters.
“To ensure resilience and stability, the international community must establish safeguards such as debt suspension mechanisms during global emergencies,” President Ruto said, noting that without such interventions, many countries are pushed further into economic distress, limiting their ability to meet development goals.
The meeting, convened by United Nations Secretary-General António Guterres, comes ahead of the 4th International Conference on Financing for Development, which is set to take place later this month in Seville, Spain.
The conference aims to find sustainable and equitable ways to finance development across the world, especially in under-resourced regions.
President Ruto reiterated Kenya’s dedication to being a voice for fairer financial governance and called on global leaders to support reforms that promote shared prosperity.
He argued that economic justice must be central to any global financing reforms, especially as the world tackles interconnected challenges such as climate change, health emergencies, and global inequality.
The session also featured contributions from other prominent leaders including President Cyril Ramaphosa of South Africa, President Hakainde Hichilema of Zambia, Egyptian President Abdel Fattah El-Sisi, and Spanish Prime Minister Pedro Sanchez, among others.
The leaders collectively agreed on the importance of global solidarity, innovative financing models, and the restructuring of international financial institutions to better serve all nations, not just the wealthiest.
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