President William Ruto during a round table on The Alliance for Green Infrastructure in the ongoing New Global Financing Pact Summit in Paris, France has said the financial architecture must be of equals.
While attending the forum the vocal Kenyan president on the matter of climate change and securing a just and sustainable future explained that the World Bank nor the International Monetary Fund should neither control the resources.
“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 such a move would ensure that “we all have fair access to resources”.
President Ruto said the globe cannot continue normally when things are not going forward hence his push for the deployment of the proposed $500 billion a year in new lending to refinance maturing official debt into new long-term loans of 50-year-old maturity with a 10-20 years grace period.
On Thursday, he spoke during a round-table with President of France Emmanuel Macron, International Monetary Fund Managing Director Kristalina Georgieva, and the President of the World Bank Group Ajay Banga in the ongoing New Global Financial Pact Summit in Paris.
Echoing the call by President Ruto for a review of the global financial system, President Macron noted that a bold and targeted approach can transform the world as he also said it is also time we integrated debt sustainability and climate vulnerability.
“We need a diverse but inclusive discussion on climate change to fix the game. No one should be left behind; not even China,” explained Mr Macron.
The French president further called for the reconditioning of the World Bank and the IMF on how they operate vis-à-vis the realities at the grassroots. He emphasized that it should be done with speed and urgency as stressed by President Ruto.
An estimated 50 Heads of State, along with international institutions and civil society representatives, are attending the Summit. It aims at developing a new global financial system so that vulnerable countries can be better equipped to combat poverty and climate change.
Earlier, President Ruto held talks with the President of Colombia Gustavo Petro where they agreed to explore new areas of cooperation such as trade and agriculture.
“We are calling for a new multilateral climate change action mechanism financed from global carbon taxes on fossil fuel, aviation, and marine transport, among other transactions, to fund decarbonization, adaptation, and nature protection and regeneration,” said President Ruto.
