President Ruto asks US to increase concessional financing

President William Ruto has asked the United States of America to spearhead a plan that will get countries out of the debt distress.

He said the U.S. should double its contribution to available concessional financing under the World Bank’s IDA programme.

This, he noted, will go a long way in tackling global challenges that divert resources from development to debt.

He spoke on Thursday during a joint press conference with his host President Joe Biden at the White House.

President Biden said the U.S. will champion reforms of the global financial system.

“Failing to do so immediately places freedom, democracy and security under threat,” said President Biden.