Ruto Calls for Urgent Multilateral Financial Reforms at UN Summit

New York, USA – Kenyan President William Samoei Ruto has underscored the need for urgent reforms in global financial institutions to support developing countries in their pursuit of the Sustainable Development Goals (SDGs). Speaking at the United Nations Headquarters during an interactive dialogue session at the Summit of the Future on September 22, 2024, Ruto addressed the structural challenges that disproportionately hinder progress in low-income nations.

Ruto highlighted key issues crippling multilateral financial institutions, such as limited fiscal capacity, rising debt, unfair credit ratings, and uneven interest rates. He emphasized that these factors continue to undermine the financial health of developing countries, threatening their ability to meet the 2030 SDG targets.

We must address structural and financial issues that continue to cripple multilateral financial institutions and disproportionately affect developing countries. These include limited fiscal capacity, rising debt, unfair credit ratings and uneven interest rates that threaten the… pic.twitter.com/I7KMAvljvw

— William Samoei Ruto, PhD (@WilliamsRuto) September 22, 2024

“We must address structural and financial issues that continue to cripple multilateral financial institutions and disproportionately affect developing countries,” Ruto tweeted during the event, adding that these obstacles risk pushing many nations further into economic instability.

The President also pointed to the upcoming fourth International Conference on Financing for Development, scheduled to be held in Spain next year, as a critical opportunity for world leaders to make lasting reforms. “The conference might be our last chance to make significant reforms to meet the SDGs. This involves urgently closing financing gaps, bridging institutional divides, and restoring trust in multilateralism.”

The interactive dialogue session at the UN Summit provided a platform for leaders and financial experts to discuss strategies for revitalizing global cooperation, especially in light of the post-pandemic recovery challenges faced by many developing nations.

Ruto’s call for reform echoes broader concerns shared by many African and Global South nations, who have long advocated for a more equitable global financial architecture. As global debt levels rise and many countries struggle with economic recovery, the pressure is mounting on multilateral institutions to offer more inclusive solutions.

As the conversation around the SDGs intensifies ahead of the 2030 deadline, President Ruto’s participation at such a high-level forum further positions Kenya as a vocal advocate for financial reform and sustainable development on the global stage.