Kenya’s President William Ruto has asked the World Bank and the International Monetary Fund (IMF) to reduce stringent measures on loans granted to African countries to ensure fair access of resources.
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“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few,” said Mr Ruto.
Mr Ruto, who spoke when he met with Franch President Emmanuel Macron, IMF chief Kristalina Georgieva, and World Bank Group president Ajay Banga in Paris on Thursday, urged world leaders attending the New Global Financial Pact Summit to support his call. Mr Ruto’s administration received $600m (£470m) from the IMF in the autumn and winter of 2022.
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It also got $993m from the World Bank in May to help the government fund the budget. Most African countries struggle with foreign debts due to ballooning inflation and increased borrowing.