President William Ruto has fingered the International Monetary Fund (IMF) and the World Bank on what he terms as an unfair allocation of funds in the war on combating climate change.

Reiterating his call for reforms in the fund allocation framework, President Ruto cried foul that the international financial system is favoring polluters and punishing the least emitting nations.

Decrying on emitter bias, President Ruto said that the current financial structure requires nations in Africa to pay back money loans at extremely high rates compared to the nations in the north.

"The multilateral financial banks and the entire international financial system has not been just, fair and accountable," said President Ruto speaking to Aljazeera on Sunday.

"As things stand today, the current financial setup favours the global north against the global south. All sovereign states that have gone to the international financial market are paying anywhere around 10%. Our compatriots in the global north are paying anywhere between 0.05% and 0.1%," he added. 

"Clearly we are accessing development finances 100 times more expensively than they do."

The clearly agitated President Ruto stated that the precipice that African nations currently sit on needs to be urgently addressed and a fairground be provided by the international financial institutions.

So much dire is the situation, that Kenya has been forced to restructure its expenditure and dedicate funds to combat the perennial drought crisis and ultimately affecting development.

"That is not fair and that is why we have found ourselves where we are and that is why we are saying the current financial setup is rigged against those in the global south, especially in Africa," he said. 

"If we have to fund the developments that we have then we have to change the financial system. It is not fit for purpose, it is unjust and not accountable," he said.

"We are going to reorganize our budget because the situation is not getting better. We are reassigning resources meant for development, schools and hospitals to feed people."

President Ruto noted that there is a need to hold the polluters to account and have a fair system and not one that favours Africa.

"We need a new system that understands and make those who have brought us here to the climate crisis that we have the emitters and polluters to be held to account," said Ruto.

"All we are asking is that we want to have an even conversation. We do not want a financial system that favours us but we want a fair one."