President William Ruto has renewed calls for reforms of the international financial system, warning that Africa's debt burden and shrinking fiscal space are undermining both climate and development action.
Speaking at the second Africa Climate Summit in Addis Ababa, Ruto said that despite commitments made at the inaugural summit in Nairobi in 2023, progress in practice remains minimal, leaving many African countries trapped in debt distress. "Today, at least 21 African countries are in or at high risk of debt distress.
Fiscal space is limited, debt servicing is high, and both development and climate finance flows are offset by these costs," said Ruto.
The president noted, African governments spend 13.5 per cent of their budgets on debt repayment-far more than they allocate to critical sectors such as health and education.
