An estimated 50 Heads of State, along with international institutions and civil society representatives, converging at the New Global Financial Pact Summit in Paris, France, have called for a review of the current global financial systems.
In particular, William Ruto, the President of Kenya, said the new financial architecture must be of equals that should neither be controlled by the World Bank nor the International Monetary Fund (IMF).
Speaking during a round-table that included:
- Emmanuel Macron – President of France
- Kristalina Georgieva – Managing Director, IMF
- Ajay Banga – President, World Bank Group
President Ruto said:
“Africa does not want anything for free. We want another organization of equals.
We need a new financial architecture where governance, where power is not in the hands of the few. We all have fair access to resources.”
Calling for a restructuring of the World Bank and IMF, President Ruto said this ‘should be done with speed and urgency.’
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