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Morocco the IMF and the WB gathered in Morocco

The International Monetary Fund (IMF) and the World Bank gathered in Marrakech, Morocco last week for their annual meeting, fifty years since their last gathering on the continent.

The two institutions traditionally hold their week-long meeting away from their Washington headquarters every two or three years.

After two postponements due to the COVID-19 pandemic, and the threat of a third delay due to last month's earthquake in Morocco, the meeting finally started last Monday.

The choice of location is particularly significant given the numerous challenges Africa is facing. Several countries are struggling with a debt crisis, while the consequences of climate change and a poverty rate which is reducing at a slower rate than elsewhere are hitting the continent hard.

A Royal message to the meeting

The King of Morocco, Mohammed VI, addressed a message to the participants in the Annual Meetings of the World Bank Group (WB) and the International Monetary Fund (IMF). Omar Kabbaj, advisor to His Majesty the King, oversaw delivering this message on the occasion of the conclave.

In his message, the King of Morocco said he was flattered and delighted by the presence of the Annual Meetings of the World Bank and the IMF in Marrakech, "a thousand-year-old city rich in history and cultural and civilizational heritage", which is a "privileged place for the organization of major meetings".

King Mohammed VI stressed the importance of holding these Annual Meetings at a time when "geo-economic fragmentation and the rise of sovereignism, driven in part by the desire to seek a rebalancing of global economic and political power relations, are jeopardizing the remarkable progress that multilateralism has made possible in recent decades".

The Moroccan monarch also wished to highlight the phenomenon of globalization, with its positive aspects, such as the commercial boom, and its negative aspects, such as the increase in inequalities, which must be fought, with the collaboration of all international actors, including nations and organizations such as the IMF and the World Bank. All this by promoting peaceful diplomacy, cooperation, and respect for the national sovereignty of each country.

A Royal audience

King Mohammed VI received, last Friday in Rabat, the President of the World Bank Group, Ajay Banga, and the Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva.

The audience took place just after the speech delivered by the Sovereign at the opening of the Fall session of the Parliament, to which the chiefs of the Bretton Woods institutions were invited.

Following the royal audience, the IMF Managing Director expressed, in a statement to the press, her gratitude to King Mohammed VI for the warm welcome extended to participants in the WB/IMF Annual Meetings.

“It is a great honor to be received by His Majesty the King. This Royal audience was an opportunity to express our gratitude to the Sovereign, the government, and the people of Morocco for their warm welcome at our Meetings,” she said.

The meeting held in the aftermath of the earthquake

Tobias Adrian, Director of Monetary and Capital Markets Department within the International Monetary Fund (IMF) emphasized the resilience of the Moroccan economy and its “impressive performance” in the aftermath of the earthquake that his central Morocco on September 8.

Tobias Adrian, praised the resilience of the Moroccan economy in the face of various shocks in recent years, pointing out that this resilience reflects “the strength of the economy and the financial system in Morocco,” and that the Kingdom “has demonstrated an impressive economic performance, especially during the earthquake.”

“We have been working closely with the authorities in Morocco since this tragedy. A resilience and sustainability fund was established this year to better prepare for various climate change risks,” Tobias Adrian said.

Central Banker Report Cards 2023

Morocco’s Central Bank Governor Abdellatif Jouahri received an award from the Global Finance Magazine.

Jouahri is the only Arab central banker to feature on “Central Banker Report Cards 2023,” a ranking that includes the world’s top central bank governors. He received a rating of “A-.”

He received the award on the sidelines of the World Bank and International Monetary Fund’s Annual Meetings held in Marrakech this year.

Published annually by Global Finance since 1994, the Central Banker Report Cards grade the central bank governors of 101 key countries in the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States.

A gala match ahead the meetings

Two gala matches were held on Sunday evening at the Marrakech Stadium, just a few hours before the opening of the 2023 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WB) scheduled for October 09-15.

Organized by the Royal Moroccan Football Federation (FRMF), the two 30-minute friendly matches pitted a host of former players (both men and women) against two mixed teams of WB and IMF executives.

The event was attended by IMF Managing Director Kristalina Georgieva, World Bank Group President Ajay Banga, Wali of Bank Al Maghrib (Central Bank/BAM), Abdellatif Jouahri, and Minister of Economy and Finance, Nadia Fettah.


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