Ruto challenges international financial institutions to end discrimination

By Peter Ochieng

President William Ruto hopes to see an end to what he terms as financial discrimination by international financial institutions.

Speaking at the United Nations (UN) Complex in Nairobi during the opening of the Second Session of the UN Habitat Assembly, Ruto said re-engineering of the international financial architecture will help tackle poverty and reduce inequality in the world.

The President noted that the current development financing is not only deficient, but is also dotted with discrimination.

He called for urgent correction of what he said was a "systemic injustice” for effective achievement of Sustainable Development Goals (SDGs).

“The change will also effectively mobilise multilateralism to achieve global net-zero emissions and avert a climate catastrophe.”

President Ruto told delegates at the Assembly that sufficient and affordable financing will enable countries promote economic transformation, climate action and sustainable development.

He took the opportunity to drum up his administration's affordable housing agenda.

“We have integrated Universal Housing as a critical pillar of the Bottom-Up Economic Transformation agenda."

Through the yet to be passed Finance Bill, 2023, Ruto wants public servants to contribute 3% of their salaries in a housing levy aimed at giving the agenda a financial basis and boost.

Majority of Kenyans have opposed the bill.