Ruto Reiterates Call for Financial Mechanism That's Fair to All

President Ruto has reiterated the need for a more unbiased financing architecture. 

Speaking on Sunday during the African Union 5th Mid-Year Coordination Meeting at the UN Office in Gigiri, Nairobi, President Ruto proclaimed that the financing system should not be biased towards some countries at the expense of others. To substantiate his viewpoint, Ruto used George Orwell's Animal Farm as an analogy. The story portrays a group of farm animals which overthrow their human masters and create a set of rules based on the principle of equality. However, one of the pigs betrays the animals and oppresses them. 

"It is fair that we have a financing mechanism that treats everybody equally. 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," he said.  

The President clarified that his call for a new financing architecture does not delve exclusively into benefiting Africa, but rather calls for a fair resource allocation across the globe. He noted that the continent currently has a debt of $640 billion and it's paying out almost $70 billion a year. During the New Global Financial Pact Summit in Paris, France on June 22, Ruto unleashed his opposition to the World Bank and IMF controlling resources in the name of equal financing. He noted that if the financing system continues as it is, progress will halt. In attendance were President Emmanuel Macron of France, IMF Managing Director Kristalina Georgieva, and President of the World Bank Group Ajay Banga. 

"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. 

Meanwhile, Iran President Ebrahim Raisi has said that more Iranian companies will set up business in Kenya in a bid to provide the Asian country access to the East African Community, Comesa, and the African Continental Free Trade Area which has a population of 1.4 billion.