By Peter Ochieng
The G7 summit has responded positively to President William Ruto’s call for increased support for Africa’s development.
During the summit in Italy, President Ruto urged the G7 leaders to champion the reform of the international financial architecture to foster equity and inclusion.
According to the Presidential Communication Service (PCS) Ruto said the reforms would provide the Global South, particularly Africa, with access to concessional, long-term and agile finance, and also enhance the developing countries’ participation in decision-making.
On its part, the G7 has committed to modernising the international financial architecture and enable it to meet contemporary global challenges. As part of their resolutions, the G7 pledged to support initiatives such as the G20 Compact with Africa and the Paris Pact for People and Planet (4P).
These initiatives aim to improve collaboration among global stakeholders and increase financing for development, climate solutions and private sector investment.
The G7 leaders also called on the international community to enhance sustainable and transparent financing for developing countries committed to substantial reforms and private investment.
They emphasised the importance of domestic resource mobilisation as detailed in the Nairobi-Washington Initiative started by Presidents Ruto and Joe Biden when the Kenyan leader was on a State Visit to the US last month.
The leaders have promised to work with various stakeholders to provide coordinated support from multilateral development banks, facilitate favourable private finance and encourage private sector involvement to ensure that multilateral support effectively benefits developing countries.
They committed to collaborate with the International Monetary Fund, the World Bank and other crucial institutions to advance this plan, pilot it in various countries by the end of 2024 and eventually implement it.
Moreover, the G7 has pledged to increase support for African nations striving for sustainable development, democratic governance, global stability, prosperity and adhering to the United Nations Charter.
The G7 plans to align its efforts with the African Union Agenda 2063 and the specific needs and priorities of African countries, including enhanced local and regional food security, infrastructure, trade and agricultural productivity.
Ruto is already in Bürgenstock, Switzerland, for a high-level meeting to forge peace in Ukraine. More than 100 Heads of State and Government are attending the two-day conference.