President William Ruto made a compelling case at the G7 Summit in Apulia, Italy, urging global leaders to prioritize reforming the International Financial Architecture.
His message emphasized creating fairness and inclusion, especially for the Global South, including Africa.
Ruto highlighted the importance of providing concessional, long-term finance and ensuring a greater voice for developing nations in decision-making processes.
He stressed that such reforms would enable these countries to advocate for mutually beneficial outcomes, including additional resources for concessional loans.
“Africa urges the G7 to strongly advocate for reforms that enhance access to finance and decision-making roles,” President Ruto affirmed during his address.
He also highlighted Africa’s commitment to sustainable development, citing initiatives adopted during the Africa Climate Summit.
These include proposals for renewable energy, mineral wealth utilization, and agricultural advancements, bolstered by demographic dividends.
Moreover, Ruto emphasized the need for a new international financial architecture to alleviate sovereign debt burdens, allowing economies to invest in resilient growth and critical public goods.
“In collaboration with President Biden, we launched the Nairobi-Washington vision for debt sustainability and development,” Ruto stated, urging G7 support for this initiative.
Additionally, Ruto called for G7 endorsement of Africa’s stance on reforming the UN Security Council to address systemic marginalization.
“Our multilateral institutions must be fair and inclusive,” Ruto declared, urging increased contributions to international development associations and African multilateral institutions.
Concluding with optimism, Ruto highlighted Africa’s potential in green energy and innovative technologies, exemplified by a billion-dollar green data centre project in Kenya.
“This investment marks a transformative step towards sustainable development,” President Ruto concluded, advocating for expanded G7-Africa partnerships and support for global security missions like those in Haiti.
