Seville, Spain – Kenyan President William Ruto has issued a compelling call for a complete overhaul of the global debt system, urging world leaders to embrace transformative reforms that would make public borrowing a driver of growth rather than a harbinger of crisis for developing nations.

Speaking at the Fourth International Conference on Financing for Development (FFD4) in Seville, Spain, President Ruto underscored the urgent need for a fairer and more inclusive global financial architecture. He argued that the current system places an unsustainable burden on emerging economies and reinforces inequality.

“It is time to rally behind the outcome document of the Fourth International Conference on Financing for Development,” Ruto told the gathering, stressing that only a united, multilateral approach can usher in a just and equitable development landscape.

Ruto emphasized that countries like Kenya—among Africa’s largest borrowers from the International Monetary Fund (IMF)—stand to benefit from lending terms that are more responsive to their developmental challenges. While acknowledging progress in ongoing reforms, he made a direct appeal to nations that remain hesitant, urging them to support the summit’s final declaration.

The FFD4 outcome document proposes a roadmap to address global financial disparities, including debt sustainability, climate financing, and giving developing countries a stronger voice in international financial institutions.

“We must turn public debt from a source of instability into a springboard for progress,” the Kenyan leader asserted.

Ruto’s address added weight to growing demands across the Global South for a reimagined financial order—one that prioritizes development, climate resilience, and sovereignty over austerity and dependency.