President William Ruto now says the financial architecture must be of equals. The Head of State explained that the resources should neither be controlled by the World Bank nor the International Monetary Fund.
Speaking on Thursday, June 22 during a round-table with President of France Emmanuel Macron, International Monetary Fund Managing Director Kristalina Georgieva, and the President of the World Bank Group Ajay Banga in the ongoing New Global Financial Pact Summit in Paris, Ruto said such a move would ensure that “we all have fair access to resources”.
“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few," the President stated.
President Ruto said the globe cannot continue normally when things are not going forward.
Echoing President Ruto’s call for a review of the global financial system, President Macron noted that a bold and targeted approach can transform the world.
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“We need a diverse but inclusive discussion on climate change to fix the game. No one should be left behind; not even China,” explained Mr Macron.
He called for the reconditioning of the World Bank and the IMF on how they operate vis-à-vis the realities at the grassroot adding that “It should be done with speed and urgency.”
An estimated 50 Heads of State, along with international institutions and civil society representatives, are attending the Summit.
It aims at developing a new global financial system so that vulnerable countries can be better equipped to combat poverty and climate change.
