Kenya's Ruto clashes with US over global finance reform pact
A close ally of the US, particularly during former President Joe Biden's tenure, Dr Ruto made the appeal during the 4th International Conference on Financing for Development (FfD4), convened by the UN Capital Development Fund (UNCDF) in Seville, Spain, on Monday.
His remarks directly challenged Washington's hardline stance on the outcome document.
Dr Ruto endorsed the Seville Outcome Document, formally known as the Compromiso de Sevilla, describing it as 'a renewed, if not hard-won, commitment to multilateralism and equitable development.' He praised the agreement as a major win for Africa, even as the US distanced itself from its contents.'I urge the United States to reconsider its position and call on other member States with reservations on parts of this consensus to fully support the outcome document,' Dr Ruto told the forum.
The Seville document, which will be signed by heads of State and government at the close of the once-a-decade FfD4 summit, sets out a new global financing framework centred on domestic resource mobilisation, private capital, development cooperation, trade, debt sustainability and tax transparency.
It also calls for urgent action on climate-linked debt and financing, including the use of debt-for-nature swaps, disaster-related debt pauses, and green levies to mobilise funds for climate adaptation and mitigation.
Read: Blueprint for global financial architecture that works for Africa'I also welcome the focus on debt, liquidity and the cost of capital. There is now consensus on the need for a development-oriented sovereign debt architecture, where public debt is an instrument for development, not a trap,' Dr Ruto said.
The US, which skipped the Seville summit for the first time, had earlier withdrawn from the negotiations over the document's wording, dismissing the text as 'overprescriptive.'Last month, Jonathan Shrier, the acting US representative to the UN Economic and Social Council, said that while America supports international cooperation and long-term development, the draft 'crosses many of our red lines'.
Washington objected to the document's proposals to give the UN a formal role in sovereign debt restructuring—a task it believes should remain with the International Monetary Fund and World Bank, where it holds significant influence. The US also opposed references to 'climate,' 'gender equality,' and 'sustainability,' arguing that such language was not aligned with its domestic priorities.
In contrast, President Ruto fully embraced the document's core provisions, framing them as critical to Africa's economic transformation.'We finally have a consensus on reforming the international financial architecture. This outcome document now calls for strengthening global economic governance by enhancing the voice and representation of developing countries in international financial institutions,' he said.
Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
an hour ago
- Arabian Post
Dubai Duty Free Surpasses AED4.1bn in Half‑Year Sales
Dubai Duty Free posted its strongest first-half performance to date, recording turnover of AED 4.118 billion, a 5.34 per cent increase over the same period in 2024. This figure eclipses the previous H1 record by AED 208.95 million, signalling robust recovery and sustained growth since the pandemic. The surge was underpinned by heightened passenger engagement during the Eid holiday and early summer travel season, with April, May and early June emerging as particularly strong months. This rise was reflected in higher spend per passenger, a metric now exceeding June 2024 levels, according to managing director Ramesh Cidambi. Perfumes topped the sales chart at AED 744.24 million, followed by beverages at AED 513.37 million, and cigarettes and tobacco at AED 439.91 million— the latter marking a 12.24 per cent uplift. Gold sales contributed AED 416.90 million, while confectionery achieved the most dramatic rise—a 62.70 per cent increase totalling AED 412.52 million. Cosmetics also grew modestly to AED 201.51 million, up 3.36 per cent. ADVERTISEMENT Growth was consistently distributed across the airport's terminals. Terminal 3 led with a 6.37 per cent gain, while Terminal 1 rose by 5.25 per cent. All major source regions posted positive results: Europe saw an increase of 16.89 per cent, the Middle East was up 8.15 per cent, Russia climbed 4.41 per cent and the Indian sub‑continent recorded a 1.02 per cent rise. Cidambi emphasised that the strong performance reflects not just rising traffic, but also increased engagement per traveller: 'The spend per passenger is likely to be better than last year June… a testament to our team's hard work and the strength of Dubai as a global travel hub'. Looking forward, Dubai Duty Free is preparing for an intensified second half, traditionally buoyed by back-to-school demand, year-end travel, and festive shopping occasions. Execution of its long-term strategy has also advanced: three Arrivals Shops have been renovated and the retailer is gearing up to unveil luxury boutiques from Louis Vuitton, Chanel and Cartier in Terminal 3's Concourse A. These upgrades aim to further enhance the high-end shopping experience and capitalise on the spending power of premium travellers. Founded in December 1983, Dubai Duty Free has evolved into one of the world's largest airport retailers, reaching a turnover of US $2.16 billion in 2023. Its top markets include India, Russia, China and the UK. The performance during the first half of 2025 demonstrates resilience and strategic diversification across categories, geographies and terminals. Luxury expansion and strategic product mix adjustments appear to be the cornerstone of the company's forward plan. By augmenting its high-end retail offerings and leveraging strong travel traffic, Dubai Duty Free is poised to maintain momentum through the remainder of the year. Cigarettes & tobacco, gold and perfumery remain core pillars, while confectionery's exceptional growth suggests broader category appeal among travellers. As passenger numbers climb and spending habits evolve, the retailer's ongoing investments in both infrastructure and branded boutiques seek to reinforce its leadership in travel retail. Economic analysts note that this escalate in passenger spend is not confined to Dubai—the broader travel retail sector across the Gulf region is experiencing parallel growth, aided by tourism rebounds and expanded flight connectivity. However, Dubai Duty Free's strategic emphasis on luxury positioning and global brand partnerships gives it a competitive edge within this landscape. While the company has not yet released final June passenger traffic figures, all indicators show an upward trend in both transit volume and per capita spend. With the expansion of Concourse A's luxury offerings and the completion of renovation works, expectations are that H2 will not only replicate H1 gains but potentially surpass them.
Zawya
2 hours ago
- Zawya
World's biggest climate fund ramps up investment plans
LONDON: The world's biggest multilateral climate fund said it will make its largest ever series of investments and speed up dealmaking as it looks to help poorer nations respond to global warming. The Green Climate Fund's plan to release about $1.2 billion for 17 projects mostly in Asia and Africa follows approval by shareholders including the United States at a meeting this week, against a fractious political backdrop that has seen development aid slashed. Official development assistance could fall 17% this year after a 9% drop in 2024, the OECD said in a June report, led by hefty cuts to U.S. aid by President Donald Trump. "At a time when collective climate action is more needed than ever, GCF is stepping up to deliver on its mandate," GCF Co-Chair Seyni Nafo said in a statement. The GCF disbursement includes $227 million for an initiative to expand green bond markets in 10 countries. Green bond markets are where companies raise capital for projects that limit climate change or otherwise benefit the environment. In South Asia, it will invest $200 million in the India Green Finance Facility to scale renewables and energy efficiency, while in East Africa it will invest $150 million in the food system to support nearly 18 million people. All the projects will bring the GCF investment portfolio to $18 billion across 133 countries. So far, countries have pledged $29.9 billion to the GCF and paid in $21 billion. As well as releasing more money, the GCF board also approved plans to speed up its work with partner organisations, which can include accredited entities like other multilateral lenders and so-called Direct Access Entities in developing countries. From an average 30 months to accredit a DAE, the aim is to shorten the time to nine months or less by overhauling its procedures, including carrying out much of the due diligence at the project stage. (Reporting by Simon Jessop and Virgina Furness; Editing by Emelia Sithole-Matarise)
Khaleej Times
2 hours ago
- Khaleej Times
UAE expresses solidarity with Uganda, African Union mission in Somalia over helicopter crash
Five were killed when a Ugandan military helicopter deployed with the African Union peacekeeping mission in Somalia crashed at Mogadishu airport The UAE has expressed its solidarity with Uganda and the African Union Support and Stabilization Mission in Somalia (AUSSOM) over a helicopter crash in Mogadishu on Wednesday. A Ugandan military helicopter deployed with the African Union peacekeeping mission in Somalia crashed at Mogadishu airport, killing five passengers, a Ugandan military spokesperson said. Another three of the helicopter's eight occupants survived the incident but with severe injuries and burns, said the spokesperson, Felix Kulayigye. The impact of the crash had caused munitions on board to detonate, destroying nearby structures and injuring three civilians, he said. In a statement issued by the UAE's Ministry of Foreign Affairs, the nation has conveyed its sincere condolences following the crash. It also extended its condolences and sympathy to the families of the victims, and to the government and people of Uganda over this tragedy, as well as its wishes for a speedy recovery for all the injured.
