Ruto warns public debt, unfair global financial system threatens children welfare

President William Ruto has highlighted that the international financial system has failed to prioritize the welfare of children, as public debt resulting from an unfair global financial structure poses a threat to their well-being. Ruto emphasized that high borrowing costs and limited accessible long-term financing for developing countries have become a children's rights issue when interest payments consume funds allocated for education, healthcare, nutrition, and social protection.

At the High-Level Dialogue – From Debt Service to Child Investment hosted by UNICEF during the UN General Assembly in New York, the President made the case for a fairer, more responsive, and inclusive global financial system. He stressed that debt sustainability is a moral responsibility that must be measured not only by balance sheets but also by the health, safety, and education of future generations.

Ruto argued that no country should be forced to sacrifice its children's future to meet past obligations, as rising debt service is choking budgets that finance essential services for children. He warned that global public debt reached $102 trillion in 2024, with developing countries paying an estimated $921 billion in net interest.

In Kenya, this burden translates into fewer classrooms, health workers, and opportunities for millions of children. Ruto reiterated Kenya's commitment to fiscal responsibility, and pledged to honor its obligations while protecting macroeconomic stability and budget discipline. He proposed placing children at the center of debt sustainability discussions, ensuring that essential social spending is protected during fiscal adjustments and that affordable, predictable, and concessional financing is expanded.

The President also emphasized the need for ring-fencing of essential social spending, improved public finance systems, and innovative financial instruments to support investments in people and climate resilience.