At the Fourth Financing for Development Forum (FFD4), two pioneering African thinkers from Nairobi, Kenya, have taken a decisive step toward reshaping the global financial architecture. Prof Attiya Waris and Dr Lyla Latif officially introduced the House of Fiscal Wisdom (HFW) through various side events and roundtable discussions, presenting their vision for a decolonial alternative to existing international financial institutions.
The launch represents the culmination of extensive work by Prof Attiya Waris and Dr Lyla Latif, who have spent years analyzing and deconstructing the structural problems within institutions like the World Bank and International Monetary Fund. Their research has focused on how these institutions, born from colonial history, continue to produce asymmetries and imbalances that disproportionately impact the Global South.
Rather than attempting to reform existing institutions, the two Kenyan visionaries recognized the need for an entirely new institutional foundation. The House of Fiscal Wisdom emerges from their conviction that true change requires dismantling institutions with colonial undertones and building alternatives from the ground up.
Throughout FFD4’s various forums, Prof Attiya Waris and Dr Lyla Latif have been actively presenting the House of Fiscal Wisdom concept, engaging with international stakeholders about the critical importance of having a genuine alternative to traditional development finance institutions. Their presentations have highlighted the urgent need for institutional architecture that serves the interests of developing nations without the historical baggage of colonialism.
The next phase of HFW’s development involves establishing a Commission on Financing Development. This commission will serve as the strategic brain trust for the institution, with commissioners tasked with identifying and developing the most crucial themes and frameworks needed to build HFW into a viable institutional rival to the IMF and World Bank.
The commissioners will focus on designing the foundational elements that will enable HFW to operate as a truly decolonial institution, addressing the core issues that have made traditional institutions ineffective for Global South development needs.
What began as critical analysis and visionary thinking in Nairobi has now taken concrete form on the international stage. The introduction of HFW at FFD4 marks the transition from theoretical framework to practical institution-building, with Waris and Latif leading the charge toward creating new possibilities for international financial cooperation.
The establishment of the Commission on Financing Development represents just the beginning of HFW’s institutional development. As commissioners begin their work on foundational themes and architectural design, the international community will be watching to see how this Kenyan-led initiative challenges and potentially transforms the landscape of development finance.
Dirish K. Noonaram, founder of VENDI Group which owns ionnews, a media agency based in Mauritius, says that was being represented in FFD4 in Seville is an honour. Our colleague Yash Saurty had the privilege to participate in the event and of course obtain valuable experience in such an organisation, regrouping major leaders. Dirish Noonaram end by mentioning that being invited to such forums will only allow Mauritius to be represented in major forums.