At the Fourth International Conference on Financing for Development held in Seville, Spain, Kenyan President William Ruto emphasized the critical role of Africa in the global climate agenda and called for reforms in global financial systems to support sustainable development on the continent. President Ruto highlighted the need for affordable capital, open markets, and a development-oriented sovereign debt framework, stating that public debt should serve as an instrument for development rather than a trap. He urged credit rating agencies to adopt more accurate, objective, and long-term approaches to assessing African economies and advocated for the establishment of an African Credit Rating Agency. Ruto also stressed the importance of trade rules and pricing systems that incentivize green production and accelerate decarbonization, transforming green premiums into green discounts. He underscored that Africa seeks fairness, partnership, and investment rather than favors, and welcomed the recognition of trade and industrialization as drivers of structural transformation, noting that no country has achieved lasting prosperity without manufacturing and export diversification. The conference featured interventions from other global leaders, including French President Emmanuel Macron and Indian Finance Minister Nirmala Sitharaman, as well as Sudanese officials discussing their country’s progress toward civilian governance.
'Africa wants fairness, not favours' President Ruto says as he backs global financial reform https://t.co/kYh6tEdske
DEVELOPMENT FINANCING President Ruto underscores need for development-oriented debt framework President Ruto says public debt should not be a trap President advocates for accurate, objective and long-term oriented credit assessments Ruto reiterates calls for an African Credit https://t.co/JqGzXX8WIC
INTERNATIONAL CONFERENCE ON FINANCING DEVELOPMENT “Public international finance remains indispensable. Africa is not asking for favours. We want fairness, partnership, and investments.” ~William Ruto, President #KBCniYetu ^PMN https://t.co/7JomBFPv7C