Speaking at the Summit of the Future at the United Nations General Assembly, Kenya's President William Ruto criticized the current structure of multilateral institutions, arguing that they are ineffective in addressing the challenges faced by developing countries.
The president believes the institutions, such as the International Monetary Fund and World Bank, are not equipped to deal with complex issues and instead have a negative impact on developing countries.
“We also must recognize that the prevailing multilateral institutional architecture is dysfunctional, or at least highly ineffective, and cannot be relied upon to provide solutions for the world that we all urgently need. This is why countries are increasingly turning to innovative, homegrown approaches to solve their most pressing problems,” he stated.
Ruto called for urgent action to close financing gaps, bridge international divides, and restore trust in multilateralism.
He highlighted the obstacles that prevent developing countries from achieving the sustainable development goals, including limited fiscal capacity, rising debt levels, an unfair credit framework, and unequal interest rates.
In his turn, the South African leader demanded that the UN Security Council be made more effective. Ramaphosa continued, saying that while the great majority are the ones who suffer the most from these risks, it is unjust, unfair, and unsustainable to entrust the future of global security to a small group of people. Additionally, he emphasized that not all nations are represented in the UN Security Council's current framework, nor do their thoughts and opinions get taken into account.