President William Ruto has said the financial architecture must be of equals.
He explained that the resources should neither be controlled by the World Bank nor the International Monetary Fund.
“Africa does not want anything for free. But we need a new financial model where power is not in the hands of the few.”
He said such a move will ensure that “we all have fair access to resources”.
President Ruto said the globe cannot continue normally when things are not going forward.
He was speaking on Thursday during a round-table with President of France Emmanuel Macron, International Monetary Fund Managing Director Kristalina Georgieva and the President of the World Bank Group Ajay Banga in the ongoing New Global Financial Pact Summit in Paris.
Echoing President Ruto’s call for a review in the global financial system, President Macron noted that a bold and targeted approach can transform the world.
He said it is also time we integrated debt sustainability and climate vulnerability.
“We need a diverse but inclusive discussion on climate change to fix the game. No one should be left behind; not even China,” explained Mr Macron.
He called for the reconditioning of the World Bank and the IMF on how they operate vis-à-vis the realities at the grassroots.
“It should be done with speed and urgency.”
An estimated 50 Heads of State, along with international institutions and civil society representatives, are attending the Summit.
It aims at developing a new global financial system so that vulnerable countries can be better equipped to combat poverty and climate change.
Earlier, President Ruto held talks with the President of Colombia Gustavo Petro where they agreed to explore new areas of cooperation such as trade and agriculture.
He also discussed Kenya’s Universal Health Coverage plan with the World Health Organisation Director-General Tedros Adhanom.
Later, he met Haiti Prime Minister Ariel Henry where issues of mutual interest were at the centre of the discussion table.