By Bethuel Kaino, Oyominto Tv
President William Ruto has said the international financial architecture has failed to protect the welfare of children globally, warning that rising debt burdens are increasingly affecting investments in education, healthcare, nutrition and social protection.
The President said public debt, driven in part by an unfair global financial system, becomes a children’s rights issue when debt-interest payments crowd out spending on essential services.
He said fiscal responsibility must protect the foundations of future prosperity, noting that developing countries continue to face high borrowing costs and limited access to affordable, long-term financing.
President Ruto also said debt vulnerability is worsened by climate shocks, economic disruptions and other external crises.
“I have consistently argued that the global financial system must become fairer, more responsive and more inclusive,” the President said.
He made the remarks during the High-Level Dialogue on “From Debt Service to Child Investment”, hosted by the United Nations Children’s Fund (UNICEF) on the sidelines of the United Nations General Assembly in New York on Tuesday.
Ruto said real reform should give every country an equal opportunity to finance growth, create jobs and build a resilient future, adding that it is a shared responsibility based on fairness and mutual prosperity.
“Budget discipline is necessary. But debt sustainability is also a moral responsibility. We must measure national solvency not only by balance sheets, but also by the health, safety and education of the next generation,” he said.
The President said no country should be forced to trade the future of its children for the demands of the past.
He noted that Kenya and many other developing countries face a “silent emergency” as rising debt-service costs squeeze budgets allocated to health, education, nutrition and social protection.
“When budgets tighten, children pay the price first,” he said.
Citing global public debt of $102 trillion in 2024, Ruto said developing countries paid an estimated $921 billion in net interest during the year.
“In 46 developing countries, interest payments now exceed spending on health or education. These are not mere statistics. They are fewer classrooms. Fewer health workers. Fewer opportunities for millions of children,” he said.
The President said sovereign debt can no longer be viewed simply as a line on a balance sheet, describing it as a development roadblock.
“The squeeze starts in the treasury. It lands in the classroom, the clinic and the nutrition programme,” he said.
Ruto said Kenya would remain fiscally responsible, honour its obligations and protect macroeconomic stability and budget discipline.
“No economy is sustainable if it undermines the very people who must run it in future,” he said.
He said Kenya continues to invest in education, healthcare, nutrition, social protection, digital inclusion and opportunities for young people.
“These are vital investments in our future. Every investment in a child’s health, education, skills and protection returns as stronger economies, greater resilience and shared prosperity,” he said.
Ruto Calls for Child-Centred Debt Policies
The President called for children to be placed at the centre of debt sustainability and development finance.
“Do not ask only whether a country can pay its creditors. Ask whether it can still educate its children, run its health systems, feed its families and protect the vulnerable,” he said.
Ruto called for essential social spending to be ring-fenced during periods of fiscal adjustment. He also advocated for expanded access to affordable, predictable and concessional financing, as well as increased use of innovative financial instruments, including debt swaps for education, health, nutrition and climate resilience.
He further called for financial obligations to be turned into measurable investments in people and for debt restructuring mechanisms that are fair, timely and effective.
The President also emphasised the need to strengthen public finance systems to ensure that funds allocated to children reach them on time.
“Governments, development banks, UNICEF and other partners should work together on child budget tagging, expenditure tracking and monitoring,” he said.
Ruto Pushes for Climate Finance
Ruto also addressed the High-Level Reflection on the Pact for the Future, convened by Namibia, Zambia, the African Union and the Economic Commission for Africa.
He said world leaders adopted the Pact for the Future two years ago as a global commitment to building a more inclusive and sustainable future.
“Africa helped shape that agreement. Now, its promises must translate into results,” he said.
The President also chaired a meeting of the Committee of African Heads of State and Government on Climate Change.
As the effects of climate change intensify, Ruto said Africa must turn climate action into investment, jobs, stronger economies and greater resilience.
“The greatest constraint remains finance. We need commitments on adaptation to be honoured, alongside affordable capital, guarantees and risk-sharing, instruments that can unlock investment in renewable energy, green industry and climate-resilient infrastructure,” he said.
Kenya Highlights Clean Cooking Investment
Ruto later co-hosted with Norway the first high-level event on clean cooking in Africa ahead of the Second Africa Clean Cooking Summit, scheduled to take place in Nairobi in January 2027.
He said clean cooking is crucial to public health and offers significant economic opportunities as Africa advances its green transition.
“We must mobilise capital through local-currency financing, guarantees and other instruments that turn demand into viable projects,” he said.
The President said Kenya has taken the lead with a $600 million investment opportunity targeting schools, healthcare facilities and correctional institutions.
Earlier, Ruto held talks with Ghanaian President John Mahama, Liberian President Joseph Nyuma Boakai, Sierra Leonean President Julius Maada Bio and Pakistan Prime Minister Mian Muhammad Shehbaz Sharif, among other leaders.
President William Ruto has called for reforms to the global financial system, warning that rising debt-service costs are squeezing investments in education, healthcare, nutrition and social protection for children.
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