President William Ruto continued to champion an independent Africa, free from the influence of global financial institutions which offer credits and aid tied to stringent austerity measures.
On Thursday, June 22, Ruto pushed for the World Bank and the International Monetary Fund (IMF) to lessen their grip on resources granted to African countries.
"Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few," Ruto stated.
Defending his push to trim World Bank and IMF powers, Ruto stated the move will ensure all countries get fair access to resources.
Ruto made the sentiments during a roundtable with France President Emmanuel Macron, IMF Managing Director Kristalina Georgieva, and the President of the World Bank Group, Ajay Banga, in Paris.
He implored other world leaders attending the New Global Financial Pact Summit to support his call advocating for the revision of global financial models.
French President Macron supported a shift in the global financial system, especially in climate funding.
“We need a diverse but inclusive discussion on climate change to fix the game. No one should be left behind; not even China,” Macron stated.
“It should be done with speed and urgency," the French President insisted.
Ruto departed Kenya on Wednesday, June 21, to attend the Global Pact Finance Summit in Paris, France, organised to reimagine the global finance system and foster the creation of a more inclusive financial architecture.
In his inaugural address at UN General Assembly on September 21, 2022, Ruto urged the World Bank, International Monetary Fund (IMF) and other multilateral lenders to extend new reliefs for debt-burdened African countries.
According to the head of state, the new interventions would allow them to recuperate from multiple economic shocks. He warned that heavily indebted countries were at risk of losing development gains due to the shocks inflicted by the pandemic and associated disruptions.
What Ruto Has Received From World and IMF
On Friday, June 16, the National Treasury revealed that President Ruto received Ksh87.73 billion from IMF between September 2022 - December 2022.
The money was disbursed in two bunches of Ksh7.81 billion and Ksh54.92 billion.
Ruto's administration also received Ksh140 billion from World Bank in May to help the government fund the budget.
"The total cumulative external disbursements from project loans as of June 12, 2023, stood at Ksh170.71 billion.
"By May 19, 2023, Kenya had received a disbursement of Ksh112 billion (USD 800 million) from a syndicated facility," the statement read in part.
