SEVILLE, Spain – President William Ruto has urged the international community to accelerate reforms of the global financial system, calling for a new era of cooperation that puts developing nations on equal footing with their wealthier counterparts.
Speaking during the Pact for Prosperity, People and Planet (4P) high-level meeting — co-chaired with French President Emmanuel Macron — at the Fourth International Conference on Financing for Development, Ruto said the initiative is a critical step toward ending systemic inequalities that have long hampered progress in the Global South.
“We have 73 countries that have joined us,” President Ruto said. “We are not discussing narratives, and we are not pointing fingers. This is not about South versus North; this is about solutions that work for all countries.”
The 4P pact, launched in Paris two years ago, seeks to align development and climate action into a unified global agenda.
It aims to ensure that no country has to choose between poverty reduction and climate resilience, a dilemma often faced by poorer nations.
President Ruto hailed the progress made under the pact, saying it is maturing faster than expected thanks to strong commitment from member states and a proactive Secretariat.
“I am impressed by how quickly the 4P has matured — a testament to the tireless efforts of everyone present,” he said.
Call for Local Resource Mobilization
Ruto emphasized that reforming multilateral financial institutions must go hand-in-hand with domestic efforts to mobilize development resources.
He urged governments not to rely solely on international aid or loans but to also tap into private sector partnerships to boost public service delivery, especially in sectors like healthcare.
“There is what can be done globally, and we are making sure that the international financial architecture has proper representation and voice from our continent,” he said. “But we will step up as countries in providing local solutions.”
Macron: North-South Tensions Are Counterproductive
President Macron echoed Ruto’s sentiments, dismissing the idea of a Global North versus South standoff as outdated and unhelpful.
“The only chance we have is to work together with respect,” Macron said, calling for mutual understanding and cooperation in crafting a fairer economic future.
The Fourth International Conference on Financing for Development is convening global leaders, economists, and development experts to explore inclusive, climate-conscious financing models that work for both developed and developing nations.
