The global financial architecture urgently requires reform, William Samoei Ruto, President of Kenya, said during his speech at the Leaders' Summit, held for the first time in the history of World Urban Forum (WUF) in Baku, Report informs.
Ruto noted that today African countries and marginal economies pay two, three, sometimes even four times more to access development financing simply because of risk factors
"There is a serious paradox. By 2050, one‑quarter of the world's population will live on this continent, yet Africa currently has no access to concessional financing to stimulate its development. This paradox must be resolved. Today our voice is not heard enough, and our access is insufficient," he said.
The president further stressed that countries most in need of concessional financing for development are in fact paying more than others: "This must be corrected."