Kenya: President Ruto To Push For Global Finance Reforms At World Bank Meeting

By Ebi Kesiena

As the World Bank International Development Association meeting is set to commence on Monday in Kenya, President William Ruto has disclosed plans to rally African presidents to champion reform of the international financial system.

According to Ruto, these financial systems will enable countries like Kenya which are vulnerable to climate calamities and global financial shocks to access more funding from rich nations and multilateral development institutions.

During the landmark conference in Nairobi, organised by World Bank fund that assists the lowest-income nations, President Ruto is expected to lead African presidents to showcase how the international financial system is geared to benefit wealthy countries and should be reformed to ensure equitable distribution of resources to developing countries.

Earlier, in a statement ahead of the crucial meeting the World Bank said “The Government of Kenya will be hosting African Heads of State and the World Bank to identify key priorities for financing in Africa and champion an ambitious financing replenishment, as the current replenishment cycle would support transformational development objectives for the Africa region”.

In the same vein, Malawi President Lazarus Chakwera has confirmed his attendance at the summit as he hailed the World Bank for all the development projects implemented in the country.

Speaking during his departure for Nairobi, the president gave the example of how the World Bank is supporting Malawi drive to achieve food sustainability.

Chakwera also cited the World Bank recent approval of 100 billion kwacha (Malawian currency) in support towards Malawi’s efforts to achieve food security in response to his declaration of disaster in 23 districts affected by El Nino weather conditions.

World Bank President Ajay Banga Banga speaking in a conference in Zanzibar December 2023, urged member countries to make the next replenishment of the lender’s fund, warning that the bank was being pushed to its limits by increasing demands.