Ruto warns of last-minute rush to implement UN SDG goals

President William Ruto has urged world leaders to take radical steps to reform the global financial system to meet the Sustainable Development Goals (SDGs) by 2030.

Ruto, who addressed world leaders in New York, US, on Sunday, emphasised that the upcoming 4th International Conference on Financing for Development (FfD) may be the last opportunity to realign development trajectories, close financing gaps, and restore trust in multilateralism.

The conference, which will take place from June 30 to 3 July 2025 in Spain, will play a crucial role in shaping the global financing agenda and advancing sustainable development goals

Ruto, speaking at the Summit of the Future's interactive dialogue session, further pointed out that the current multilateral system is failing to address the complex and dynamic challenges posed by the global economic crisis, compounded by the ongoing climate emergency.

He highlighted the findings of the 2024 Inter-Agency Task Force on Financing for Development, which warned of a looming sustainable development crisis due to the inability of current financing structures to support both SDGs and climate action.

"As a member of the SDG Stimulus Leaders Group, which coordinates the mobilisation of the financial resources needed to accelerate global progress towards the 2030 agenda, and as we do our best to achieve this goal, we also must recognise that the prevailing multilateral institutional architecture is dysfunctional, or at least highly ineffective, and cannot be relied upon to provide the solutions the world urgently needs," he stated.

"This is why countries are increasingly turning to innovative, home-grown approaches to solve their most pressing problems," he added.

Global leaders attend the Summit of the Future's interactive dialogue session, at the UN headquarters in New York, US, on Sunday, September 22, 2024. (Photo: PCS)

The President thus stressed the need for reforms to tackle structural and financial barriers that disproportionately affect developing countries, such as rising debt, unfair credit ratings, and uneven interest rates.

"In the face of deteriorating global economic conditions, worsened by a relentless climate crisis, these weaknesses limit opportunities, especially in low-income nations. Today, one in three developing countries is at risk of defaulting on their debt obligations," he warned.

Without urgent changes, he added, the world would face a "sustainable development divide," leaving millions of people in chronic vulnerability.

He also supported the UN Secretary-General’s call for a Sh 75 trillion (USD500 billion) SDG stimulus package to secure long-term financing for sustainable development and reform international financing systems.

In closing, President Ruto highlighted Kenya’s Bottom-Up Economic Transformation Agenda, which prioritises the inclusion of marginalised groups, including women and youth.

He called for immediate action, stressing that any further delay would jeopardise the world's ambitions for sustainable development.