Ruto Calls For New Global Financial System

Kenyan Deputy President William Ruto has called for the creation of a new global financial system that is not controlled by the World Bank and the International Monetary Fund (IMF).

Ruto made the call during a round-table discussion with French President Emmanuel Macron, IMF Managing Director Kristalina Georgieva, and World Bank Group President Ajay Banga at the New Global Financial Pact Summit in Paris on Thursday, June 23.

Ruto said that the current global financial system is unfair to developing countries, which are often forced to take on debt at high interest rates. He argued that a new system should be based on a financial transactions tax, which would ensure that countries pay their fair share for the use of global financial resources.

The President also expressed skepticism about the World Bank’s proposal to have the private sector help fund crucial services that are not profit-generating. He said that the private sector is driven by profits, and that it is unlikely to invest in services that do not generate a return.

Ruto’s call for a new global financial system is a significant challenge to the status quo. The IMF and World Bank have been the dominant players in global finance for decades, and they are unlikely to give up their power easily. However, Ruto’s arguments are persuasive, and it is possible that he will be able to build support for a new system.