Ruto Raises Concerns on Africa's Debt While Appealing for Help in Italy

President William Ruto (left) talking to an official from the International Monetary Fund (IMF) in Italy on January 29, 2024
President William Ruto (left) talking to an official from the International Monetary Fund (IMF) in Italy on January 29, 2024
PCS

President William Ruto on Monday appealed for help from Italy to help his administration implement a few agendas that will allow Kenya to realise her full potential.

Speaking in Italy where the Head of State is currently attending the Italy-Africa Summit, Ruto remarked that Kenya sought help in improving debt management, nature and climate sustainability.

"We invite Italy to lend its support to these critical agendas also in its role as the G7 Presidency," he stated.

President William Ruto shaking hands with Italian Prime Minister Giorgia Meloni
President William Ruto shaking hands with Italian Prime Minister Giorgia Meloni during the Italy-Africa Summit on January 29, 2024
PCS

The Head of State noted that these were major issues facing Kenya and other African countries. He noted that the burden is exercabated  by the debt crippling most African economies.

Ruto revealed that following the 2023 COP28, Kenya and other African countries had implemented measures to look into the issues but with Italy's help, the obstacles can be overcome.

According to Ruto, when Kenya and other African countries effectively manage debt and ensure climate sustainability, Africa will transform into a green industrial powerhouse.

He also pointed out that it was unfair for Africa to pay five times as much of its debt compared to other countries that repay loans at low interest.

However, Ruto remarked that capital investment will not be enough. He noted that Africa requires market access which is key to ensuring climate sustainability.

"As the EU builds out its Carbon Border Adjustment Mechanism and other regions look at similar measures, these measures mustn't exclude the locations most suitable to rapidly and affordably decarbonise global production," he stated.

President Ruto called upon foreign powers to avoid non-predatory cooperation with African countries.

He noted that predatory and paternalistic cooperation left Africa with the short end of the stick. Ruto explained that this would be essential in helping Kenya and Africa explore natural resources.

"The path ahead demands unwavering determination, anchored firmly in the values of equity, cooperation, and solidarity. I am deeply convinced that today marks the beginning of a new era of mutually beneficial cooperation," Ruto concluded.

Global leaders during the Italy-Africa summit on January 29, 2024
Global leaders during the Italy-Africa summit on January 29, 2024
PCS