NAIROBI — Kenya’s President William Ruto has called for a sweeping reform of the global financial system, saying current structures are failing poorer nations when they need help the most.
Speaking on Tuesday during a high-level virtual meeting led by United Nations Secretary-General António Guterres, President Ruto said developing countries should not be punished for crises beyond their control whether pandemics or climate-related disasters.
“The global financial system must work for everyone,” he said. “What we need are safeguards debt crisis prevention tools and the ability to pause repayments during emergencies.”
The meeting brought together heads of state and government as part of a push to reshape how development is financed. It comes ahead of a major UN summit on financing for development, to be held in Seville, Spain, later this month.
Ruto’s remarks echoed growing frustration across the Global South, where countries face mounting debt and limited access to affordable credit, despite bearing the brunt of global shocks.
“We cannot allow disasters to tip nations into default,” he said. “It’s not only unjust it’s economically short-sighted.”
Calls for Fairer Lending Rules
President Ruto joined leaders from across Africa, including South Africa’s Cyril Ramaphosa, Egypt’s Abdel Fattah El-Sisi, and Zambia’s Hakainde Hichilema, in calling for fairer international lending rules.
Spanish Prime Minister Pedro Sánchez also addressed the meeting, signalling broad support from some northern governments for the reforms.
The Sustainable Development Goals (SDGs) Stimulus Leaders Group formed to boost global efforts towards poverty reduction, climate resilience and equitable growth is pressing for a financial system that responds to 21st-century challenges.
In recent years, the International Monetary Fund (IMF) and World Bank have faced criticism for what many see as inflexible policies and slow action in the face of fast-moving crises.
Pandemic Lessons
The COVID-19 pandemic laid bare many of the gaps in global finance, with several African countries forced to choose between servicing debt and funding public health.
Kenya, while relatively stable, has faced increasing debt pressure and currency depreciation in recent months. According to the World Bank, Sub-Saharan Africa now spends more on debt repayments than on healthcare.
“Financial resilience isn’t just about money it’s about fairness and survival,” said one Nairobi-based economist, who welcomed the President’s comments but noted reforms would require sustained diplomatic pressure.
The upcoming conference in Spain is expected to bring these calls to the global stage and test how far wealthy nations are willing to go to shift power in the world’s financial institutions.
For now, Ruto’s message is clear: “The system must change not just to support, but to protect those most exposed.”
