President William Ruto has emphasized the need for a comprehensive re-engineering of the international financial architecture to address global poverty and reduce inequality.

Speaking at the opening of the Second Session of the United Nations Habitat Assembly, Ruto highlighted the deficiencies and discrimination prevalent in current development financing, which he believes worsen the vulnerability of the majority of humanity.

In his impassioned address, Ruto referred to this situation as a "systemic injustice" that must be corrected to effectively achieve the Sustainable Development Goals.

He stressed that the re-engineering process would not only tackle poverty and inequality but also mobilize multilateralism to combat the urgent challenges of global net-zero emissions and the looming climate catastrophe.

“The change will also effectively mobilise multilateralism to achieve global net-zero emissions and avert a climate catastrophe," Ruto said.

Underscoring the importance of sufficient and affordable financing, the Head of State emphasized that such resources are essential for countries to promote economic transformation, climate action, and sustainable development. 

Ruto further revealed that Kenya has made housing a critical pillar of its Bottom-Up Economic Transformation agenda, integrating Universal Housing as a means to achieve sustainable urbanization.

“We have integrated Universal Housing as a critical pillar of the Bottom-Up Economic Transformation agenda,” he explained.

He also called for strengthening the United Nations Human Settlements Programme (UN-Habitat) to support member states in advancing sustainable urbanization and human settlement.

Ruto's commitment to this cause was echoed by Egypt's Minister for Housing, Utilities, and Urban Communities, Dr Assen El-Gazzar, and Malaysia's Minister of Local Government Development, Hono Nga Kor Ming.

During a subsequent meeting, the two ministers expressed their countries' willingness to support Kenya in its efforts to navigate the affordable housing and slum upgrading agenda.

Both Egypt and Malaysia affirmed that their leaders, Abdel Khalil el-Sisiel-Sisi and Prime Minister Anwar Ibrahim, respectively, had expressed a willingness to share their experience and best practices in the housing scheme.

This collaboration between nations underscores the global significance of addressing housing challenges and promoting sustainable urbanization.

Ruto's call for re-engineering the international financial architecture to combat poverty, inequality, and climate change sends a strong message to the global community.

As the world grapples with urgent challenges, it is imperative for nations to unite, mobilize resources, and adopt transformative approaches to secure a sustainable future for all.