Global South needs responsive financial architecture

President William Ruto has reaffirmed Kenya’s commitment to championing the reform of the international financial architecture to make it more responsive to the needs of countries in the Global South.

Speaking during a virtual meeting of the Heads of State Sustainable Development Goals (SDGs) Stimulus Leaders Group, President Ruto underscored the need to build mechanisms that prevent debt crises and provide debt pauses during emergencies such as pandemics or 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,” he stated.

The meeting, convened by United Nations Secretary-General António Guterres, is part of preparations for the 4th International Conference on Financing for Development set to take place in Seville, Spain, later this month.

Also addressing the high-level meeting 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 others.