Norway backs Kenya's push for global financial reforms

Norway has thrown its support behind Kenya’s call for changes in the global financial infrastructure.

The changes aim to ease the stringent conditions that make it difficult for countries in the global south to secure affordable loans.

Norwegian Foreign Minister Espen Barth Eide observed that access to such financing should be more straightforward, particularly when the loan is intended for vital development projects.

“We need to overhaul the UN and the international financial institutions like the IMF, World Bank, and the regional development banks. Norway supports this because we’ve seen that access to capital is more challenging for countries like Kenya than in our countries,” Eide said on Spice FM.

Eide noted that there is some willingness among the leadership of the financial institutions to implement the reforms.

 However, he said, the decision to do so must be put to a vote by the member countries, a step that is yet to be taken.

The diplomat is currently in Kenya to commemorate sixty years of diplomatic relations that began immediately after Kenya gained self-rule.

He referred to Kenya as a ‘good partner’, with whom Norway has found common ground on key global issues including climate change, immigration, and global peace and security.

Just over a week ago, Norway joined Spain and Ireland in recognising the Palestinian State. They accused Israel of violating international law in its response to the infamous October 7 attack on Israeli revellers by Hamas militants.

“It was crucial for Norway to align with those who argue that we cannot have double standards. Human rights, humanitarian, and international laws apply to all countries. If we do not apply them equally, people will lose faith in them,” he explained.

In contrast, Kenya has adopted a pro-Israel stance. On June 3, President William Ruto announced his support for a US-backed two-state Gaza peace plan negotiated by Egypt and Qatar.