[Stafford Ondego, Standard]President William Ruto has asked multilateral banks to consider reviewing their terms in relation to loans lent to African countries. Speaking during the second day of the Africa Climate Summit, Ruto said that most African countries are in a debt crisis as their interest rates are too high. According to the Kenyan Head of State, the banks should review how much African countries are paying so as to ensure equality across the globe. According to Guterres, debt relief will see that debt spent to address the issues around climate change in African countries is canceled off. It is for this reason that Ruto demands a review of the interest rate for African countries.

Source: Standard Digital September 05, 2023 14:33 UTC