Africa Climate Summit: William Ruto Briefly Shifts To Kalenjin To Drive His Point Home

• President William Ruto spoke in his local dialect to explain the country's debt at the Africa Climate Summit
• Ruto said Kenyans do not want to die of debt and poverty because of punitive borrowing measures
• He called for a conversation on the multi-lateral development of banks and concessional financing

Nairobi - President William Ruto briefly shifted to his local dialect to explain the country's debt at the Africa Climate Summit.

President Ruto said Kenyans do not want to die of debt and poverty because of punitive borrowing measures set by the international community.

"To contextualise this further, when I was first elected as a member of parliament in a rural constituency in Kenya, I represented a community that is so proud that they think debt is not a good thing."

"They are risk averse and very debt averse, so to try and encourage the community at that time, there was this phrase: If you must die, it is better to die of debt than to die of poverty because you are dying anyway," Ruto said to the amazement of the delegates.

Punitive financing by the West

Ruto said there must be a conversation on the multi-lateral development of banks and concessional financing and how to finance the economy using resources that do not punish African countries.

"To contextualise it in this debate, we do not want to die of debt, but we also do not want to die of poverty. That is why we must discuss the multi-lateral development of banks and concessional financing and how to finance our economy using resources that do not punish us," Ruto explained.

The head of state hosts the first Africa Climate Summit in Nairobi, attended by delegates across Africa and beyond.

Ruto calls for just interest rates from global financial institutions

The head of state asked global financial institutions to focus on Africa’s potential.

He said it was misplaced for them to perceive the continent only through the lens of a high-risk borrower.

He explained that Africa is a promising investment spot with a high return.

“We are asking for a win-win financial architecture that brings everyone on board,” he said.

He made the remarks during the 2023 Mo Ibrahim Governance Forum held at Kenyatta International Convention Centre in Nairobi.

The president challenged the global financial system to charge developing countries interest rates on loans.

“Developed countries enjoy interest rates of as low as 0.5 per cent as compared to more than 10% rates levied on developing countries."

The high-interest rates, he went on, have made it impossible for developing countries to finance any meaningful development.