President Ruto Sustains the Push for a New Order in Global Finance
President William Ruto has been vocal in advocating for a new financial system and a shift in climate change financing.
At the New Global Financial Pact Summit taking place in Paris, France, the Head of State has proposed two major reforms to the Bretton Woods Institutions and climate change. These join his other ideas for replacing the US dollar in intra-Africa trade, revamping the African Union, and modifying the United Nations Security Council.
The Summit is attended by 50 heads of state, as well as representatives from international organizations and civil society. It seeks to create a new system of finance to help vulnerable countries in their fight against poverty and climate change. Dr Ruto pointed out that poorer countries usually face higher interest rates than their wealthier counterparts, simply for being seen as riskier.
He is also pushing for the World Bank and the IMF to extend the ten-year repayment period of Kenya's debt to 50 years while pushing for fairness in the world's financial system.
“Let us agree that the money we are supposed to pay for the next 10 years as repayment of the debt, let us convert it into a new loan that is [for a duration] of 50 years with a 20-year grace period,” he said.
President Ruto was speaking during a round table with French President Emmanuel Macron, IMF Managing Director Kristalina Georgieva, and World Bank Group President Ajay Banga. The World Bank is the most prominent external lender to Kenya, making up around 29.1% of the nation's foreign debt, and the IMF follows with 5%.
Ruto has been encouraging African countries to take part in trading with each other's currencies in order to break away from the U.S. dollar. He proposed that this could help to reduce the heavy dependence on the dollar, which has been increasing in strength, creating difficulty for poorer countries.
Comments
Foremost. Repatriate all…
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Foremost. Repatriate all monies banked in foreign countries by corrupt leaders. Ruto should volunteer to spearhead this call and begin by example. You are not fooling anybody with your glib talk and smiles.
Brother Kipchirchir Samoei:…
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Brother Kipchirchir Samoei:
Deal with domestic issues first before you go international.
1. Oscar Sudi should be fired immediately from your administration for lying about his academic credentials. This happened when the former incompetent IEBC Chairman Wafula Chebukati failed to investigate him before clearing him to run for an elective public office.
2. Set up a committee to Investigate all the people involved in the invasion of your former boss President Uhuru Ngina Kamau’s land and stole his sheep as well as burning his land.
3. Set up another committee to investigate all those involved in the burning of children, women, and children in Kiambaa Church, Eldoret and make sure that a building is erected on the sight with names of all who perished in the mayhem as soon as possible why? The late X Mpilo Tutu once said, “If you’re silent in situations of injustice, you have taken the side of the oppressor.”
NB. “X” stands for the slave/colonial or Biblical
/Koranic name.
“Those who cannot remember the past, are condemned to repeat it.”
- George Santayana
Ruto is playing to the…
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Ruto is playing to the Kenyan gallery to appear as a world leader. How come he couldn't stand up to the World Bank and IMF that compelled him to come up with draconian taxation measures. Besides, the West thinks African leaders are nothing but a bad, laughable joke.
It is interesting that Ruto…
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It is interesting that Ruto is talking about African affairs in France. How can one leave their home to talk with others about matters concerning their home.
These stooges of the West are all talk talk and nothing to show for it besides theft of public resources. Domo na meno kubwa kubwa. Warudi nyumbani.
Y'all, he's making a lot of…
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Y'all, he's making a lot of sense.. unless wataiba, right now WSR is on the right track. Give the man some time
Eerr Moi , Kibaki, Uhuru,…
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In reply to Y'all, he's making a lot of… by JustMe (not verified)
Eerr Moi , Kibaki, Uhuru, Gaddafi, Kagame have sang this song before my friend but did it come to fruition? Unless we are an economic giant by being savvy on how we prioritize and utilize our resources then we can somea mzungu till the cows come home . Mzungu is an economic power and unless we are at par, then we can make noise. Did you see ME too and BLM movements, they made noise, just that and in the end, errr the powers that maybe threw a little crumbs, a ka federal holiday Juneteenth for nyama Choma, jailed Bill cosby and R. Kelly and another became president............. to prove a point and that silenced the masses. The issue with us black people we talk too much, we give away our chips before the deal is done. That is our problem. Have you seen china or japan wakiwika wika ..no, they strategize silently and the minute we learn how not to show our hand in a poker game prematurely, then perhaps. At this point we all know how the economic game is played, Ruto didn't say anything my own grandpa didn't know eons ago. Like Whitney said, talk is cheap :-)
He has no money to finance…
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He has no money to finance the Spearheading.
Kalejinga.
I listened to him saying "we…
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I listened to him saying "we will pay", "we are not begging anyone" ha ha , comical . If you want to be respected, start doing major economic stuff in your damn country and prioritize - paying yourself and your cabinet half of the country revenue is not good for the country but you do it anyway then go beg others while lecturing them. You think that msomo hit home ...pr stunt !
He's right. WB IMF and big…
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He's right. WB IMF and big banks generally were created to control and manipulate humans. They are the evil middle men. Reaping where they never sowed. They teach you to be in debt and not how to live within your means.
The fast way forward is Africa to stop exporting raw materials and process products at home. Will be hard in the beginning but possible. Swiss and Dubai process 90 PC of gold and other minerals yet they mine none. Billions of dollars lost. Tea and coffee blending is in London. Loss of billions to Africa.
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