Assessing the Prospects of a New Global Finance System after the Paris Climate Summit.
Originally Published 2 years ago — by Nation
Kenyan President William Ruto has called for a new global financial system and a shift in climate change financing at the New Global Financial Pact Summit in Paris. He wants the World Bank and the International Monetary Fund to extend the tenure of Kenya’s debt that is due to the lenders over the next 10 years to be repaid in 50 years. Ruto has also suggested the ditching of the US dollar in intra-Africa trade, reforms of the African Union, and radical changes in the powerful United Nations Security Council.