- Ruto also called for reform of the international credit rating and debt sustainability systems.
- Ruto said Africa is keen on reforming the AU in order to consolidate the continent's voice, sharpen its vision and build greater consensus now and in the future.
Image: PSC
President William Ruto has called on China to scale up its cooperation with Africa by helping African countries access concessional funding for development.
The President asked China to rally various stakeholders to double their contribution to multilateral development banks such as the International Development Association of the World Bank, which offers developing countries low-interest concessional financing.
“This will enable more African countries to access concessional funding. It will support economies that are heavily affected,” he said.
Ruto further asked China to support Africa's call for reforms of the international financial system that, he said, were unjust to many countries in the Global South, including Africa.
He called on China to work with Africa on "debt treatment" and particularly re-profiling of debt to incorporate a longer grace period and longer tenure for existing and future financial financing.
Ruto made the remarks during a meeting on the Belt and Road Initiative that he co-chaired with Chinese Vice Premier Ding Xuexiang at the Forum on China-Africa Cooperation Summit in Beijing.
The theme of the meeting was “Pursuing High-Quality Belt and Road Cooperation: A Platform for Modernisation Featuring Planning, Building, and Benefiting Together."
Others who spoke at the session were Presidents Adama Barrow of Gambia, Lazarus Chakwera (Malawi), Brice Oligui Nguema (Gabon), Mohamed Younes Menti (Libya), and Al-Burhan Abdelrhman of Sudan.
African Union Commission Chairperson Moussa Faki Mahamat also contributed his thoughts at the event.
Other African presidents and leaders attended three other such sessions at the same time in separate venues.
Ruto also called for reform of the international credit rating and debt sustainability systems.
He also announced that African leaders will be holding the first-ever meeting to establish parameters for the proper assessment of the continent's assets and gross domestic product, and new modalities for determining debt sustainability using Africa's real wealth in Congo Brazzaville next month.
The President said the unjust international financial system has slowed down the development of Africa.
At the same time, Ruto said Africa is keen on reforming the AU in order to consolidate the continent's voice, sharpen its vision, and build greater consensus now and in the future.
He said the goal is to align the African Union to make it fit for purpose, efficient and agile.
"I urge all my colleagues to participate in this endeavour to position Africa's perspective and ideas appropriately in global discourse," he said.
The President commended the cooperation between China and Africa on transformative programmes, saying Africa needs a robust foundation to achieve a radical turnaround.
He pointed out that this would be achieved through the implementation of transformative programmes, citing the enhancement of the continent’s connectivity through the development of essential infrastructure.