Kenyan president William Ruto has criticized the World Bank and the International Monetary Fund (IMF) in their dealings calling for the two organizations to be more reflective of Africanization in their aspects and for Africa to be seen as a legitimate stakeholder
Ruto bashed the two Bretton Woods institutions for their approach to Africa, despite their power to transform the continent.
He called for the IMF and World Bank to become institutions that can better reflect Africanization in their aspects.
Ruto stated, “It is time for both climate financing mechanisms and multilateral development financing to imagine Africa as a legitimate stakeholder”.
“We must arm Africa with the requisite tools to build resilience and cushion the continent from adverse impacts such as conflicts,” Ruto said.
The Kenyan leader’s call to action comes as Africa is facing significant economic challenges due to conflict, diseases, and political unrest among other issues.
Ruto stressed that it is important for the World Bank and IMF to provide financial support to African countries as they work towards recovery and development.
Ruto was speaking to IMF and World Bank representatives on the sidelines of the Africa Union Heads of State summit in the Ethiopian capital Addis Ababa on Saturday.
Ruto told the meeting attended by dozens of Heads of State from Africa that the development interests of Africa should be accorded ample financial support to tame the cycle of inequality and exploitation.
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