WB Tag

Marrakech Hosts Prestigious IMF and World Bank Assemblies : A Landmark Event for Africa

Event Marrakech, It has been fifty years since the World Bank (WB) and the International Monetary Fund ( IMF ) held their annual meetings on the African continent. This time, it is in Marrakech that their big rally will take place, from Monday October 9 to October 15 , focused on climate reform and financing.

Marrakech event, Marrakech at the heart of the event: Return of the IMF and WB Assemblies in Africa

Tradition dictates that these two institutions relocate their meetings every three years outside Washington to be closer to their areas of intervention. Initially scheduled for 2021, the Moroccan edition was postponed twice due to the Covid-19 pandemic and a devastating earthquake in the region. Despite these challenges, the Moroccan government confirmed the holding of the event, emphasizing the importance of this meeting in Africa, faced with multiple challenges such as the debt crisis, global warming and poverty reduction.

The speech by Kristalina Georgieva, Managing Director of the IMF, in Abidjan, highlights the need for a prosperous Africa for a prosperous 21st century. The first symbolic measures should include the creation of a third seat for African countries on the boards of directors of the two institutions.

However, the central question concerns financing, both for the traditional missions of eradicating poverty and helping countries in difficulty and for climate financing. The debates will revolve around the money available, with proposals such as the confirmation of an additional 50 billion dollars over ten years for the WB. Climate finance remains a sensitive subject, with mixed expectations regarding concrete progress.

The week’s program in Marrakech includes discussions on reforms in Morocco, resilience and inclusiveness of growth, as well as the importance of Africa as a source of inspiration. The eagerly awaited Marrakech declaration is expected to evolve over the course of the week, addressing crucial themes such as Morocco’s role as a privileged land for private investment.