Pan African Visions

Ruto Dismisses IMF And World Bank, Calls For The Establishment Of New Financial Architecture

June 26, 2023

By Samuel Ouma

President William Ruto, Kristalina Georgieva . President Emanuel Macron and the President of the World Bank Group Ajay Banga

Kenyan President William Ruto has called for the establishment of a new financial architecture which promotes equality among nations.

According to Ruto, resources should neither be controlled by the International Monetary Fund (IFM) nor the World Bank.

He spoke on June 22 during a round-table with President of France Emmanuel Macron, International Monetary Fund Managing Director Kristalina Georgieva and the President of the World Bank Group Ajay Banga in the ongoing New Global Financial Pact Summit in Paris.

"We need a financial transaction tax at a global level where even countries like Kenya pay. We do not want anything for free," said President Ruto.

"We want resources controlled not by IMF and World Bank because in IMF and World Bank power is in the hands of few people," added Ruto.

The Kenyan head of state said having a new financial architecture will ensure every nation has fair access to resources.

"We can agree on the sharing of power so that all of us have access to resources to invest in renewable energy, decarbonization, adaptation mitigation, Smart Agriculture, and restoring our planet restoring our biodiversity," said President Ruto.

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