NAIROBI, Sept 14 (The African Portal) – Kenyan President William Ruto has argued that the current international financial architecture has increasingly become an agent of a new form of colonialism.
He said the system “punishes poor countries with high interest rates while rewarding rich countries with very low interest rates.”
Sharing his views on social media, the Kenyan President noted: “This injustice locks developing nations in cycles of debt and dependency, denying them the resources they need to invest in growth, opportunity, and dignity for their people.”
He urged developing nations not to remain silent until “this unjust financial architecture is reformed.”
According to him, leaders like himself will continue to speak out because the present system does a grave disservice to the developing world and undermines the promise of shared prosperity.
“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,” Ruto wrote.
He posted his views on the sidelines of the second Africa Climate Summit, recently held in Addis Ababa, Ethiopia, where he addressed a special session on “Breaking the Vicious Cycle: Debt, Nature and Climate.”
