Morocco: The International Monetary Fund (IMF) and the World Bank have begun its annual gathering in Morocco. The meeting comes weeks after a powerful earthquake killed nearly 3,000 people and threatened to derail the event.
The global lenders hold their annual meeting of finance ministers and central bank governors outside their Washington headquarters every three years. This is the first meeting in an African country in 50 years.
The southern Moroccan city of Marrakesh was supposed to host the gathering in 2021, but the meeting was postponed twice because of the COVID pandemic.
“A prosperous world economy in the 21st century requires a prosperous Africa,” IMF Managing Director Ms. Kristalina Georgieva said in a speech in Abidjan last week.
In a symbolic move, the IMF and World Bank are poised to give Africa a third seat on their executive boards. According to Ms. Georgieva, the move would give the continent a “stronger voice.”
The World Bank, however, is expected to confirm plans to boost lending by $50 billion over the next decade through balance sheet changes. World Bank President Mr. Ajay Banga wants to go even further and raise capacity by $100 billion, or as much as $125 billion, through contributions from advanced economies.
Following the earthquake in Morocco, the IMF approved a $1.3 billion loan to “help strengthen its preparedness and resilience against natural disasters.” Morocco is a longtime borrower who has used loans and credit to weather economic downturns, including most recently when the pandemic hit tourism and exports particularly hard.
TOP PICKS | Poland & Hungary clash with EU over migration law
