G7 Backs President Ruto On Reform Of International Financial Architecture
By Presidential Communication Service
APULIA, Italy, Jun 15 — The G7 summit has responded positively to President William Ruto’s call for increased support for Africa’s development.
During the summit in Italy, President Ruto urged the G7 leaders to champion the reform of the international financial architecture to foster equity and inclusion.
He said the reforms would provide the Global South, particularly Africa, with access to concessional, long-term and agile finance, and also enhance the developing countries’ participation in decision-making.
On its part, the G7 has committed to modernising the international financial architecture and enable it to meet contemporary global challenges.
As part of their resolutions, the G7 pledged to support initiatives such as the G20 Compact with Africa and the Paris Pact for People and Planet (4P).
These initiatives aim to improve collaboration among global stakeholders and increase financing for development, climate solutions and private sector investment.
The G7 leaders also called on the international community to enhance sustainable and transparent financing for developing countries committed to substantial reforms and private investment.
They emphasised the importance of domestic resource mobilisation as detailed in the Nairobi-Washington Initiative started by Presidents Ruto and Joe Biden when the Kenyan leader was on a State Visit to the US last month.
The leaders have promised to work with various stakeholders to provide coordinated support from multilateral development banks, facilitate favourable private finance and encourage private sector involvement to ensure that multilateral support effectively benefits developing countries.
