President William Ruto has criticized the current international financial system, terming it a modern form of colonialism that unfairly penalizes poor countries while rewarding wealthy nations.
Speaking at a special session on “Breaking The Vicious Cycle: Debt, Nature and Climate” on the sidelines of the Second Africa Climate Summit in Addis Ababa, Ruto said the global financial architecture locks developing nations into cycles of debt and dependency, depriving them of the resources necessary for growth and dignity.
“The current international financial architecture has increasingly become an agent of a new form of colonialism. It punishes poor countries with high interest rates while rewarding rich countries with very low interest rates,” he said.
The Head of State stressed that the injustice perpetuated by the system undermines shared prosperity and denies developing nations the ability to meaningfully invest in their people.
“We will not remain silent until this unjust financial architecture is reformed. The time has come for a fair and just financial order, one that recognises the aspirations of all nations and gives every country the chance to thrive,” he added.