Global leaders converging at the New Global Financial Pact Summit in Paris have appealed for a review of worldwide financial systems to impact the world. During the summit, President William Ruto said the financial architecture must be equal. He added that neither the World Bank nor the International Monetary Fund should control resources. In addition to that, he added that despite the fact that Africa does not want anything for free, it also needs a new financial model whereby power is not in the hands of the few. This move will ensure fair access to resources.
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Speaking on June 22, 2023, during a round table with France’s President Emmanuel Macron, the IMF’s managing director Kristalina Georgieva, and World Bank President Ajay Banga, President William Ruto cautioned that the globe could not continue normally when things are not going forward. Echoing President Ruto’s call, the French president noted that a bold and targeted approach could transform the globe. He also called for the reconditioning of the World Bank and the IMF in terms of how they operate vis-à-vis the realities at the grassroots.
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Approximately 50 heads of state, along with international institutions and civil society representatives, are present for the summit. Its main agenda is developing a new global financial system so that vulnerable countries can be well equipped to curb poverty and climate change.
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