"The financial system is, to put it bluntly, rigged against the Global South," the president of Kenya William Ruto said at the Mo Ibrahim Governance event hosted in Nairobi last week.
He was referring to the fact that poor countries pay much higher borrowing costs than wealthy countries—often between 10 and 20 percent, instead of just a little over zero—which is hampering their ability to deal with other crises such as climate change.
"At 10, 12, 15 percent it becomes impossible...
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