President William Ruto has reaffirmed Kenya’s strong commitment to advocating for reforms in the international financial system to better address the unique challenges facing countries in the Global South.
Speaking during a virtual meeting of the Heads of State Sustainable Development Goals (SDGs) Stimulus Leaders Group, President Ruto emphasized the urgent need to create mechanisms that not only prevent debt crises but also provide relief during times of crisis such as pandemics and natural disasters.
“Of particular importance are debt crisis prevention mechanisms and debt pauses to ensure that debtor countries do not fall into distress or default during disasters and pandemics,” President Ruto said.
The high-level meeting, convened by United Nations Secretary-General António Guterres, forms part of the ongoing preparations for the 4th International Conference on Financing for Development, scheduled to take place later this month in Seville, Spain. The conference aims to mobilize global support and financing strategies to accelerate the implementation of the Sustainable Development Goals, especially in the wake of mounting economic pressures on developing nations.
President Ruto’s remarks come at a time when many countries in the Global South, including several in Africa, are grappling with growing debt burdens, reduced fiscal space, and the lingering impacts of global crises such as COVID-19 and climate-induced disasters. Ruto has consistently championed equitable reforms in global financial governance, calling for fair access to concessional financing, improved terms of credit, and greater representation of African nations in decision-making bodies such as the International Monetary Fund (IMF) and the World Bank.
Joining Ruto in addressing the session were South Africa’s President Cyril Ramaphosa, Zambia’s President Hakainde Hichilema, Egypt’s President Abdel Fattah El Sisi, and Spanish Prime Minister Pedro Sanchez, among other global leaders. The participants echoed similar concerns, stressing the need for a reimagined global financial architecture that supports resilience, inclusivity, and sustainable growth.
The discussions are expected to shape key outcomes at the upcoming Seville conference, where developing nations hope to secure concrete commitments from the international community to unlock long-term, sustainable development financing.
President Ruto reiterated Kenya’s readiness to continue playing a leading role in advocating for a fairer financial order that gives every country, regardless of economic status, a fair opportunity to thrive.
Written By Rodney Mbua
