President William Ruto has urged the global community to unite in the pursuit of sustainable development, highlighting the critical need for fairness, reform, and cooperation. Addressing the Fourth International Conference on Financing for Development in Seville, Spain, President Ruto called upon United Nations member states to endorse the outcome document of the conference, which he described as pivotal to advancing global sustainability goals and equitable economic growth.
During his address, President Ruto emphasized that the fate of Africa and the world are inextricably linked, and that achieving global prosperity requires a shared commitment to multilateralism. He noted that the document sets the stage for renewed cooperation, urging the international community to act with “honesty, urgency, and resolve.” The summit was attended by key global leaders, including UN Secretary-General António Guterres, Spanish President Pedro Sánchez, World Bank President Ajay Banga, and several heads of state and development partners.
President Ruto welcomed ongoing reforms aimed at making the international financial system more inclusive and efficient. He particularly endorsed the push for a development-oriented sovereign debt framework that transforms public borrowing into a catalyst for growth, not a burden. Stressing the need to amplify the voices of developing nations in financial institutions, Ruto stated, “Africa is not asking for favours. We want fairness, partnership, and investments.”
He further called for enhanced global financial governance, with a focus on improving transparency and accountability in debt management. President Ruto criticized current credit assessment practices, urging rating agencies to adopt more accurate and forward-looking approaches when evaluating African economies. He stressed that merely technical solutions cannot solve the issue of high debt premiums, emphasizing the need for accessible capital and open markets to ensure continued progress.
The Kenyan leader also applauded the document’s call for reforms within the International Monetary Fund (IMF), including easier access to financial safety nets, lower interest rates, and better use of Special Drawing Rights (SDRs). He praised the document’s focus on national ownership and sovereignty in development planning, affirming Africa’s determination to take charge of its progress. “Our continent’s development is our responsibility. We approach it with purpose and determination,” he declared.
Highlighting industrialisation and trade as key drivers of Africa’s transformation, President Ruto said the continent is ready to become a global hub for innovation and sustainable production. He argued that green production should be incentivized through supportive trade rules and pricing systems, noting that Africa has a crucial role to play in global decarbonisation efforts. “Africa must be part of that solution, turning green premiums into green discounts,” he added.
UN Secretary-General Guterres and Spanish President Sánchez echoed President Ruto’s call for reform, stressing that a just, inclusive financial system is essential for bridging the $4 trillion global financing gap for sustainable development. They warned that many countries are prioritizing debt repayment over critical social services like education and healthcare, a trend that undermines development. Meanwhile, World Bank President Banga reiterated the bank’s dedication to creating job opportunities and empowering the next generation through targeted investments.
