President William Ruto has called for reforms to the United Nations and the international financial system, saying global institutions created decades ago need to better reflect the world they serve today.
Ruto made the remarks in New York during the Partners for Multilateralism Summit, held on the sidelines of the 81st United Nations General Assembly.
He co-hosted the summit with European Council President António Costa and Canadian Prime Minister Mark Carney. The initiative brings together countries seeking to strengthen multilateral cooperation and reform global institutions.
Kenya would continue advocating for reforms in the UN Security Council aimed at giving greater representation to Africa, Ruto stated.
“This is one of the reasons why Kenya continues to advocate for reform of the UN Security Council, to make it more representative and inclusive, especially for Africa,” he noted.
Further, Ruto made appeals to change the international financial system in favor of more adequate recognition of risks associated with developing countries as well as facilitation of raising funds for financing development.
Africa has large domestic savings and investments which can be utilized for funding development activities under the right conditions within the global financial system, Ruto argued.
Furthermore, Ruto appealed to international development financial institutions to not only offer loans but to help attract investments through guarantees and credit enhancement facilities.
Thus, the issue of representation of Africa in the UN Security Council remains topical for the continent.
The African position, set out in the Ezulwini Consensus and Sirte Declaration, calls for permanent and non-permanent African representation on the Security Council, with full rights.
UN Secretary-General António Guterres has also supported calls for greater African representation on the Council.
Ruto’s comments came as world leaders gathered in New York for the annual UN General Assembly, where reform of global institutions and financing for developing countries are among the issues under discussion.
The Partners for Multilateralism initiative has called for the existing multilateral system to be renewed and made more representative, inclusive and effective. Its members have also backed improvements to the international financial architecture.
For Kenya, Ruto’s push also focuses on the cost of accessing international financing.
The President has previously argued that high borrowing costs and the way financial risks are priced make it harder for African countries to fund development and climate-related programmes.
He has instead called for greater use of Africa’s own savings and resources, supported by international financial institutions that can help reduce investment risks.
The discussions come at a time when developing countries are facing increased financing needs for development and climate action, while also dealing with debt pressures and high borrowing costs.