Ruto Calls for a new financial architecture

[Gozie51]

So at the New Global Financing Pact in French, president William Ruto of Kenya was afterwards hosted by Macron (France president), Ruto was asking and suggesting for a global financial transaction regime where the procede would be in the care of a new financial organisation different from IMF, World Bank or any other financial institution but a brand new financial architecture of equals where power and governance is not in the hands of few people. I have miss the video but I'm sure the outcome of the submit is in the public space likewise the videos of them.

My question therefore is, with the call of Ruto, do you think IMF and World Bank as the global financial institutions have not performed very well in Africa economy to support in different ways or why do you think he is making that call ?

[1715290359]

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[franky1]

shhhh dont tell the world about the BIS(bank international settlements) and how its developing the m-bridge to link all the new CBDC's together

https://youtu.be/58_lJ-9oblc

[Faisal2202]

Edited: June 27, 2023, 09:12:16 AM Well, not trying to be rude but I think this question is not asked at the right place because you specifically asked this question from Africans. So, I think it will be a good idea if you could ask this question in you local board if you have.

Otherwise, I am not an African and I do not know which type of progress in which IMF has helped you out but if I talk about them in general way, they never intend to help countries without any backup aim. For example, they always try to lure into borrow more money with more interest rate and then at some point, it becomes hard for that country to repay the debt.

Then, IMF will represent you some possible way to meet this situation and believe me no one like those options, like if you are an atomic power then they will ask to get control of them or at least will make some situations for your country that will left you no choice other than accepting the deal. Overall, point is they are not good even they helped you in difficult time but they will also become a cause of your havoc.

[so98nn]

Changing entire financial architecture? Nah I don’t think so that is any option these days. All the governments have had set the architecture they want and upgraded it as and when they thought so. We are in such fast moving world that if any major update is to be done in the global system would disturb the entire workflow. Somehow it does not sound good too. IMF and world bank are working with agreed upon protocols. It’s not something that have happened overnight. It’s work of years and decades man. The counter question is, what type of architecture Ruto actually wants?

[Nwada001]

My question therefore is, with the call of Ruto, do you think IMF and World Bank as the global financial institutions have not performed very well in Africa economy to support in different ways or why do you think he is making that call ?

We all have an opinion based on personal interest and things we think are best for our people. If the Kenyan President made a proposal for a little change in the financial system, there could be a few possible reasons for that.

1. Either Kenya as a country has not been able to benefit from the system settings since he was elected. Or there was a decline in the said world financial power when the country might have needed some help.
2. There might have been some oppression detected from the settings, where just a few individuals selected from a few countries are the overheard spokesman of the system. What ever they say stands and what others say does not really matter or change anything in any ongoing discussion.
3. Maybe the African countries as a whole might have used the Kenyan President as their representative to speak to them about what they really want and how they have been oppressed over the past years.

Whichever the case, maybe I don't think such a proposal is ever going to have massive support since it's just a proposal voiced out by one person. If something needs to be changed and those systems are being restructured, I believe such a thing should be available in their constitution, which is being used to govern the system.

Well, not trying to be rude but I think this question is not asked at the right place because you specifically asked this question from Africans. So, I think it will be a good idea if you could ask this question in you local board if you have.

I don't see anything wrong with where Gozie51 dropped this thread; this is not just about a particular African country; it's a general discussion. And even if it's just centered on Africans alone, there is no specific board that is allocated for everything in Africa alone. or do you know of such which we are not aware of? If yes, it would be nice for you to drop the board link here.

[Gozie51]

Well, not trying to be rude but I think this question is not asked at the right place because you specifically asked this question from Africans. So, I think it will be a good idea if you could ask this question in you local board if you have.

Thank you but it is just an open discussion that ensued from the financial summit in paris and nothing more attached to it. It is a topic that is based on economy of the world after they discussed climate change financing. So it is just a thread to talk on the issues arising from the New Global Finantial Pact Summit.

[tabas]

Maybe he just figured it out that leaning towards IMF and World Bank for debt is not going to fit their country anymore. There could also be from his economic team and consultants that has suggested this to him and he approves so he is proposing it. If we're going to analyze what he's proposing, this is all for the decentralization and I don't think that those countries or the summit where he suggested this would agree on him. They're the government and they should be the one to promote centralization but just on this case, he's not benefiting from these two global institutions that would send them debts and debts. And there's probably the idea that he wants his country to get out of that.

[Bitcoin_Arena]

My question therefore is, with the call of Ruto, do you think IMF and World Bank as the global financial institutions have not performed very well in Africa economy to support in different ways or why do you think he is making that call ?

Isn't it obvious?

Look at almost all the African Countries, how many can self-sustain in the current Financial system despite being probably the richest continent in Minerals and other natural resources? The answer is almost none.

All they have are unending debts that they must pay by milking the hell out of the already improvised citizens through unfriendly taxes and selling off parts of the countries through shady deals with the so-called allies.

This very thing is happening to Most of the South America countries and parts of Asia. Until they wake up, nothing is going to change.

[Fiatless]

My question therefore is, with the call of Ruto, do you think IMF and World Bank as the global financial institutions have not performed very well in Africa economy to support in different ways or why do you think he is making that call ?

President Ruto feels that the World Bank and IMF have not been fair to developing nations. He alleged that developing nations pay more interest for loans they receive from these organizations than developed nations. He frowned at the situation where developing nations almost spend most of their revenue on debt servicing. So his general view was that these world lending bodies can not be trusted because they are not fair to developing nations.

So when the world agreed to set up a green bank that will be financed by levies on ships and other industrial activities that contributes to greenhouse gases, Ruto quickly suggested that a separate bank should be founded to collect, keep and administer the funds, showing his distrust for IMF and World bank. He wants a new green bank that will be void of Western influence. It has been estimated that this green bank could generate up to $60bn from levies and other sources of revenue and Ruto wants this new bank to be fair in the distribution of loans to nations to enable them to tackle climate change.

Looking closely at these accusations against World Bank and IMF, it is wrong for poor nations to be paying higher debt than financially prosperous nations. African nations get these strangling loans because these lending organizations are controlled by richer nations. This strategy is designed to make these nations poorer and make them slaves to developed nations. If IMF and World Bank want developing nations to become financially stable, then interest on loans should be fair or even lower.

But I have a question for Ruto and other African leaders. Can they account for the loans they collect from these international banks? It has been alleged that most of the funds they borrow end up in the private pocket of these presidents and their cronies. African leaders should be sincere to their citizens. Instead of investing these funds in infrastructure, the borrowed money will be siphoned through overblown budgets and fake or substandard projects. IMF and others might have treated developing nations badly but African leaders also have to be blamed.

[Faisal2202]

I don't see anything wrong with where Gozie51 dropped this thread; this is not just about a particular African country; it's a general discussion. And even if it's just centered on Africans alone, there is no specific board that is allocated for everything in Africa alone. or do you know of such which we are not aware of? If yes, it would be nice for you to drop the board link here.

You are right, actually, after writing the post, i thought i should check either Africa even have a local board or not then i thought Africa is not a small country and it is not possible for them to have no board or thread here. But when i already submitted the post and checked whether it has not, and found out that, they have no thread or board which also puts me in the confusion of maybe i am wrong as i did not check the threads in the local section one by one.

But now you have assured this doubt of me that they have no board so Thanks for the correction, I will edit my statement.

Thank you but it is just an open discussion that ensued from the financial.....

Ok dear op, my bad, I did not realize that even didn't realize that there is no local board/thread for Africans there.

[franky1]

the IMF is not where countries move money..

think of the IMF as the credit card and the BIS as the debit card

the IMF is basically the credit/loan provider

its the BIS that move the money for transactions/payments internationally.

at this moment china, UAE and egypt moving billions between each other to built eqypt's new capital city

[avikz]

So at the New Global Financing Pact in French, president William Ruto of Kenya was afterwards hosted by Macron (France president), Ruto was asking and suggesting for a global financial transaction regime where the procede would be in the care of a new financial organisation different from IMF, World Bank or any other financial institution but a brand new financial architecture of equals where power and governance is not in the hands of few people. I have miss the video but I'm sure the outcome of the submit is in the public space likewise the videos of them.

My question therefore is, with the call of Ruto, do you think IMF and World Bank as the global financial institutions have not performed very well in Africa economy to support in different ways or why do you think he is making that call ?

Well, it's a truth that IMF and World Bank are run by Western countries and they haven't done well for Africa. So it makes complete sense to create a new financial structure to support the nations in Africa. The way China set up a bank called BRICS which offers loans to the BRICS countries, similarly if a financial institution is created to serve the need of Africa, that's a positive.

The world needs to come out of western influence. The world has been governed for the benefit of these western countries for far to long and this structure needs to chance to serve humanity in a better way.

[Husires]

Differentiate between IMF and the World Bank, as both work for a different goal than the other, but people still confuse them.
The policies of the International Monetary Fund based on financing and repaying loans to them put pressure on governments to carry out financial reforms that increase pressure on citizens and increase inflation in the short term. To which IMF provided loans, which increased their debts and deepened their problem. solution may not be in financing and finding alternativesفخ IMF but rother that IMF stop determining the mechanism for recovering money and austerity policies, which have proven their failure in some countries, and that the description of the economic solution is different according to the state, and it is not one palicy for all.