Morocco Welcomed the Annual IMF and World Bank Meeting After One Month From the Devastating Earthquake.
The International Monetary Fund and the World Bank decided in 2018 to host their annual meeting in Marrakech, Morocco.
In order to bring this issue to the African continent for the first time in 50 years.
The Moroccan government has welcomed the annual meeting of the International Monetary Fund (IMF) and the World Bank.
Which begins today in Marrakech.
The meeting comes just one month after a devastating earthquake struck the country, killing nearly 3,000 people and destroying infrastructure.
“IMF and World Bank Meeting in Morocco is an opportunity to strengthen international cooperation”
Moroccan Finance Minister Mohamed Benchaaboun said on this occasion:
“The IMF and World Bank Meeting represents an opportunity to strengthen international cooperation.
And also to discuss ways to help developing countries in facing the economic challenges.”
Benchaaboun added:
“Morocco is committed to support the developing countries affected by natural disasters”
As per expectations the meeting will discuss a range of important economic issues.
Including the war in Ukraine, climate change, and inequality.
Calls for concrete action
Moreover, officials and civil society organizations have called for concrete action.
In order to help the developing countries in facing the economic challenges.
Iskander Rezene Fournou, director of the Morocco-based climate and development initiative Imal said:
“This is a time of multiple crises.
Especially for Arab and African countries that have been subjected to various external shocks that are not made by them,”
Fournou added: “There is a huge funding gap of trillions of dollars for developing countries.
While the main question is whether financing can be provided in an affordable way.
The IMF and World Bank will issue a closing statement at the end of the meeting.
As well as recommendations on how to address global economic challenges.
Kristalina Georgieva, managing director of the IMF Speech on Thursday.
“There is a need for international cooperation to address the existential threat of climate change,”
“The world has a responsibility to stand with vulnerable countries as they deal with shocks they did not cause.”
Lenders of last resort, such as the IMF and the World Bank, often use billions of dollars in loans and aid.
In order to support struggling economies.
And also to encourage deficit-ridden countries to implement reforms they say will boost stability and growth.
However, they have been criticized for excluding the most needy countries from the governance.
And also from the decision-making process, demanding painful spending cuts.
In fact, those shocks include the pandemic and the rise in energy and food costs caused by the war in Ukraine.
The challenges are particularly evident in Africa, where many countries spend more on debt than they do on healthcare and education combined.
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