Ruto urges G7 to reform financial systems to back growing nations

At the G7 summit in Puglia, Italy, Kenyan President William Ruto called on Friday for a comprehensive overhaul of the global lending system to enhance support for debt-laden developing nations.

Highlighting the increasing debt burdens and funding shortages that African countries face, Ruto emphasized the need for a fairer distribution of resources to combat poverty and address climate challenges.

He stressed that too many nations are forced to choose between debt repayment and vital investments in their economies and people.

Ruto urged G7 leaders to champion reforms for the Global South to access concessional, long-term, and flexible financing, along with a more significant role in decision-making processes.

He also called for the consideration of countries’ vulnerabilities in financing distribution.

The Horn of Africa, among the regions most affected by climate change, is recovering from severe drought and recent deadly floods linked to the El Nino phenomenon.

Ruto highlighted the necessity of collective international action to manage these unprecedented global challenges.

Additionally, he urged the G7 to support Africa’s bid for a permanent seat on the UN Security Council, arguing that the current imbalance in representation undermines the council’s legitimacy.

Despite longstanding calls for reform, experts remain skeptical about the permanent members relinquishing their veto powers.

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