President Ruto calls for fair interest rates from global financiers.
Speaking during the 2023 Mo Ibrahim Governance Forum held at Kenyatta International Convention Centre in Nairobi, President Ruto calls for fair interests.
He highlighted that this institutions should focus on Africa’s underlying potential.
He expressed that it was wrong for the institutions to perceive the continent only in the lens of a high risk borrower but a promising investment spot that promises a high return.
He stated,”We are asking for a win-win financial architecture that brings everyone on board.”
He further urged global financial system to charge developing countries just interest rates on loans.
He stated,“Developed countries enjoy interest rates of as low as 0.5 per cent as compared to more than 10 per cent cent rates levied on developing countries.”
Notably, the head of state cited that the high interest rates, have made it impossible for developing countries to finance any meaningful development.
He decried that the current system is struggling to respond to the challenges of the moment.
He stated,“It has failed to respond to the needs of emerging economies; it is rigged against those of us in the global south.”
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