President William Ruto has reiterated his call for a new financing architecture.
Ruto said there was need for a financing system that is fair to all, as opposed to one that is equal to some countries and unfair to others.
“It is fair that we have a financing mechanism that treats everybody equally,” he said.
He spoke on Sunday during the African Union 5th Mid-Year Coordination Meeting at the UN Office in Gigiri, Nairobi.
Borrowing into the story of Animal Farm by George Orwell, the President said the point of his remarks was to ensure that the African continent is not in a similar situation.
“All of us have read about Animal Farm, where there are some that are more equal than others. Our position is that we don’t live in Animal Farm,” he said.
The Animal Farm is a satirical story with a second meaning save for the literal, about a group of farm animals who rebel against the human keeping them.
Upon succeeding, they create a set of rules to govern them – the Seven Commandments, with the idea that “All animals are equal”.
This however changes under the leadership of one pig who betrays and oppresses the animals.
President Ruto said he was not pushing for one financial system that only favors Africa, but rather one that favors all countries across the globe.
“Part of the challenges we have of liquidity and debt distress is actually caused by an unfair financial architecture, that makes us pay interest more than others,” he said.
Ruto noted that Africa has a debt stock of $640 billion and pays almost $70 billion annually.
“If we had a fair financial architecture that treats everybody fairly and that does not profile Africa as risky, we would be paying less than half what we are paying today,” he said.
On June 22, calling for an equal financing system, Ruto discouraged resource control by the World Bank or the International Monetary Fund (IMF).
“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 during the New Global Financial Pact Summit in Paris, France.
He added that it was impossible for the world to carry on business as usual when things are not going forward.
Ruto was in the company of President Emmanuel Macron of France, IMF Managing Director Kristalina Georgieva and President of the World Bank Group Ajay Banga.