G7 Backs Africa’s Bid for IMF Executive Seat to Alleviate Crippling Debt
Leaders of the G7 have signalled a shift in the global financial landscape, just hours after President William Ruto’s impassioned plea for reform to lift many African nations from crippling debt.
This move aims to address long-standing imbalances that have often left African countries with limited influence over decisions that impact their economic futures.
On Saturday, June 15, the G7 issued a communique endorsing the establishment of a third chair for sub-Saharan Africa at the International Monetary Fund (IMF) Executive Board, slated for November. This significant step is expected to enhance the representation and voice of African nations within the IMF, providing them with greater influence in shaping policies that affect their economies.
“We endorse African countries’ call for greater voice in international bodies and welcome the AU’s participation in the G20 as a permanent member, and the creation of a third Chair for sub-Saharan Africa at the IMF Executive Board in November,” the communique stated.
