Kenyan President William Ruto called for a fairer approach to restructuring the debts of struggling African nations and improved access to concessional lending amid shrinking development aid.

He said 21 countries in the region are already in or are at high risk of debt distress, with average debt service payments consuming 13.5% of government spending at the expense of essential services including healthcare and education.

“That is why refinancing, and, for the most distressed, restructuring, must be central to the reform agenda,” he told a climate summit in the Ethiopian capital, Addis Ababa. “Restructuring must be fair, timely and effective.”

Ghana, Zambia, Chad and Ethiopia have so far asked to restructure debt under the Group of 20 Common Framework.

Kenya, which is classified as at high risk of debt distress, plans to refinance some $5-billion in eurobonds falling due over the next nine years to spread out repayments.

It could also buy back another $3.5-billion of domestic bonds this fiscal year as the prospects of securing a quick International Monetary Fund financing program dim.

The Washington-based lender’s officials are expected in Kenya this month but fresh funding might only start to flow after elections in 2027, according to analysts.

Distressed economies have lost market access and are unable to secure new capital or refinancing at sustainable rates and tenors, according to Ruto. This also comes at a time of declining aid, geopolitical tensions, shrinking fiscal room and currency volatility, he said.

“The truth is that most African economies will remain dependent on IDA or IDA-blend resources for the foreseeable future,” he said, referring to the World Bank’s International Development Association, which extends low-interest loans to poor countries.