Africa: Annual Meetings 2024 - Reforming the Global Financial Architecture to Free Up Financing for Kenya and in Africa Overall

[African Development Bank (AfDB)] "Today, Africa has $640 billion in outstanding debt and pays nearly $70 billion in interest every year. It would only be fair for us to have a financing mechanism that treats us on an equal footing". Kenyan President William Ruto's call at the African Union's 5th biannual coordination meeting in Nairobi in July 2023, was unequivocal: the global financial architecture must be reformed so that Africa is no longer the world's poor relation.