Members, Our Voice, Statements

Statement delivered by H.E. Prof. Njuguna Ndung’u, Cabinet Secretary of The National Treasury and Economic Planning, Kenya

11 Jun

Statement delivered by H.E. Prof. Njuguna Ndung’u, Cabinet Secretary of The National Treasury and Economic Planning, Kenya

V20 MINISTERIAL DIALOGUE XII

16 April 2024
Washington D.C., USA

H.E. Prof. Njuguna Ndung’u, Cabinet Secretary of The National Treasury and Economic Planning, Kenya

Thank you very much indeed.  And I am joining everyone else in terms of congratulating this V20 in terms of this initiative.  I make three points.

First, these countries that are vulnerable to climate change have actually had layers of negative persistent shocks that have actually created permanent effects.  It requires structural reforms to unwind them out.

Second, those layers have also been pushed even further by climate vulnerabilities.  It appears that we underestimated the effects of climate change, especially in terms of the impact on poverty and inequality, both at regional level and even household level, in some of the most vulnerable countries like the Horn of Africa.  This is quite devastating.  It’s going to take a long time to unwind. It has actually revised about 20 years of efforts in terms of poverty reduction and inequality, and fighting inequality.

Those are quite devastating effects.  That point that has come or has even born — created even more immeasurable damage to this is actually debt accumulation just to fight back in terms of saving lives.

In a sense, we need innovative measures to overcome these, and one of them is actually to equip the MDBs with the capacity to cope and fit for purpose in terms of providing support to these countries.  That is — that for us is very, very important.

I’m inviting the V20 Ministers of Finance to join us in Kenya on April 28th, 29th on the Summit of IDA Replenishment which the President of the Republic of Kenya Dr. William Samoei Ruto will be championing.  Please join us, and so that we can actually redefine our priorities, which are actually going to turn the whole set of parameters into opportunities.  I do believe that we can do that, and V20 will be counted to do that.

Thank you very much indeed.

[END]