In his first address as President of the United Nations General Assembly in New York, President William Ruto urged global financial institutions to extend public debt relief to developing countries.
Dr. Ruto noted in his address that many countries are still recovering from the negative effects of the Covid-19 pandemic, and debt relief will go a long way toward securing the development projects that these countries have already put in place.
“On behalf of Kenya, therefore, I join other leaders in calling upon the World Bank, the International Monetary Fund and other multilateral lenders to extend pandemic-related debt relief to the worst-hit countries, especially those affected by the devastating combination of conflict, climate change and covid-19,” Dr Ruto said.
He also urged other countries to work with developing countries to aid in the pandemic’s recovery.
“Furthermore, I urge the G20 [20 richest nations in the world] to extend and expand the scope of the 11 common frameworks to suspend or reschedule debt repayments by middle-income countries during the pandemic recovery period,” he added.
Dr. Ruto stated that developing countries are heavily burdened by external debt servicing as well as the risk of losing development gains due to the pandemic’s shocks.
“I call upon global financial institutions and the international community to take urgent measures and release all existing financial instruments and provide much-needed financial liquidity and secure better fiscal space for developing countries like Kenya,” he said.
In his address, he also urged global financial institutions to introduce favourable financial conditions to developing countries.
He says the move will help boost development projects in the countries.
“[Doing so will help] developing countries like Kenya to enhance social investment, support climate change adaptation and mitigation, address security needs and resolve development financing challenges,” he adds.
According to Ruto, as a result of the pandemic, developing countries chose to implement interventions in order to protect their citizens from the pandemic’s effects.
“I confirm that we have done the best of everything we could in the circumstances. Nevertheless, it is not enough,” he noted.
President William Ruto is leading a Kenya delegation attending the United Nations General Assembly in New York USA.
He is accompanied by the First Lady Rachel Ruto, his foreign adviser Ababu Namwamba, economist David Ndii, PS Susan Mochache (Health) and PS Julius Jwan (Education).
Other legislators including MPs Ndindi Nyoro (Kiharu), Aden Duale (Garissa Township) and Elgeyo Marakwet Senator Kipchumba Murkomen are also part of the entourage.
