https://en.sputniknews.africa/20260518/1085844611.html
'There's Urgent Need to Reform International Financial Architecture,' Kenyan President Says
'There's Urgent Need to Reform International Financial Architecture,' Kenyan President Says
Sputnik Africa
"1.5 billion people in the African continent" pay two to four times more "to access development financing because of elements of risk," President William Ruto... 18.05.2026, Sputnik Africa
2026-05-18T18:38+0200
2026-05-18T18:38+0200
2026-05-18T20:00+0200
william ruto
azerbaijan
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"1.5 billion people in the African continent" pay two to four times more "to access development financing because of elements of risk," President William Ruto said in his speech at the World Urban Forum in Azerbaijan.The financial architecture needs to be "aligned to the needs, the requirements, and the imperatives of the current world," he pointed out.The president named two paradoxes:🟠"The countries who need concessional funding the most pay more than the countries that don't need it;"🟠"55 countries from Africa are not represented at the highest decision-making organ" of the UN, while "60% of the agenda of the UN Security Council are African issues."
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'There's Urgent Need to Reform International Financial Architecture,' Kenyan President Says
Sputnik Africa
'There's Urgent Need to Reform International Financial Architecture,' Kenyan President Says
2026-05-18T18:38+0200
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william ruto, azerbaijan, africa, united nations (un), kenya, development, finance
william ruto, azerbaijan, africa, united nations (un), kenya, development, finance
"1.5 billion people in the African continent" pay two to four times more "to access development financing because of elements of risk," President William Ruto said in his speech at the World Urban Forum in Azerbaijan.
The financial architecture needs to be "aligned to the needs, the requirements, and the imperatives of the current world," he pointed out.
The president named two paradoxes:
🟠"The countries who need concessional funding the most pay more than the countries that don't need it;"
🟠"55 countries from Africa are not represented at the highest decision-making organ" of the UN, while "60% of the agenda of the UN Security Council are African issues."
"For the survival of the United Nations, there must be reform that corrects this anomaly, that brings justice," he noted.
