President William Ruto has renewed Kenya’s commitment to advocating for a fairer and more inclusive international financial system that adequately addresses the needs of the Global South. Speaking during a virtual meeting of the Heads of State Sustainable Development Goals (SDGs) Stimulus Leaders Group, Ruto emphasized the urgent need to reform the global financial architecture.
The meeting, convened by United Nations Secretary-General António Guterres, brought together world leaders to strategize ahead of the 4th International Conference on Financing for Development, slated to be held later this month in Seville, Spain.
In his remarks, President Ruto called for the establishment of robust mechanisms aimed at preventing debt crises, including the provision of debt pauses during emergencies such as pandemics and climate-related disasters.
“Of particular importance are debt crisis prevention mechanisms and debt pauses to ensure that debtor countries do not fall into distress or default during disasters and pandemics,” Ruto stated.
He noted that the current international financial system often leaves vulnerable economies exposed to shocks, undermining their development and resilience. Ruto argued that reforms must be designed with the realities of Global South nations in mind, particularly in the wake of the COVID-19 pandemic and worsening climate-related disasters, which have disproportionately affected developing countries.
Ruto’s position aligns with Kenya’s broader foreign policy agenda of advocating for a just global order where all nations have equal access to financing for development. He has previously championed similar causes at international fora, including the United Nations and African Union meetings.
The high-level meeting also featured remarks from South Africa’s President Cyril Ramaphosa, Zambia’s President Hakainde Hichilema, Egypt’s President Abdel Fattah El Sisi, and Spanish Prime Minister Pedro Sanchez. All echoed the sentiment that the current financial structures are outdated and fail to meet the developmental challenges of the 21st century.
As leaders prepare for the upcoming conference in Spain, there is a growing consensus on the need to overhaul global financing systems to enhance sustainability, equity, and resilience—particularly for the Global South.
