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Ruto wants $500bn credit line set aside for weak economies
President William Ruto and his French counterpart Enmanuel Macron during the Summit for a New Global Financing Pact in Palais Brongniart in Paris, France. PHOTO | PCS
President William Ruto wants the West-controlled International Monetary Fund (IMF) and the World Bank replaced as the preferred global lenders even as he called for an overhaul of the current financial system.
The President also proposed for the world to set up a $500 billion annual credit line to refinance maturing official debt for struggling economies into new long-term loans of 50-year maturity and a 10 to 20-year grace period.
