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Browsing: Global financial reforms
- President Ruto calls for reforms in the IMF to address emerging global challenges and seeks flexible lending instruments, equitable special drawing rights, and debt financing plans.
- He also advocates for governance reforms to better represent the Global South’s economic and demographic contributions.
- These changes are crucial for maintaining the IMF’s relevance and effectiveness in fostering stability and sustainable development.
In a rapidly evolving global economy, the International Monetary Fund (IMF) finds itself at a critical moment as President William Ruto of Kenya articulates in the latest issue of the IMF’s Finance and Development Magazine. With over eight decades of history, the IMF’s journey from supporting the gold standard to promoting flexible exchange rates and development financing mirrors the dynamic changes in the global financial architecture.
President Ruto says that the IMF has to adapt once again, highlighting four key areas for reform: lending instruments, special drawing rights (SDRs), addressing …