President William Ruto Advocates for Reforms to the Global Financial System
President William Ruto has advocated for a financial Architecture that integrates the issues of climate change and public finance.
While officially opening the 59th Annual Meetings of the African Development Bank (AfDB) at the Kenyatta International Convention Centre (KICC) on 29th May 2024, the President said that the continent bears the brunt of climate change effects despite contributing only 4 per cent of global carbon emissions.
He reiterated that the direct impacts of climate change affect African countries’ fiscal positions through increased public spending amidst reduced revenues.
“The frequency of extreme weather events continuously diminishes the resources available for public investment and the provision of critical public goods such as health care, education, and other social services,” Dr. Ruto said.
The Head of State reiterated the call he made at the recently concluded IDA21 Summit for increased financing to least developed countries.
He expressed his admiration that eleven of the world’s fastest-growing economies in 2023 were African.
National Treasury and Economic Planning Cabinet Secretary Prof. Njuguna Ndung’u said that the contribution of the AfDB to socio-economic transformation has been monumental.
He added that the meetings provide an opportunity to reboot policy frameworks to develop more competitive and integrated economies.
“Let us seize this opportunity to bring forward practical policy discussions for the realization of the African economic and development agenda,” Prof. Ndung’u added.
