Morocco is fully prepared to host, starting next Monday and for a week, the elite of the world of finance on the occasion of the Annual Meetings of the International Monetary Fund (IMF) and the World Bank, a crucial gathering to discuss major development issues in a particularly sensitive global context.
According to Economy and Finance Minister Nadia Fettah, the organization of this global event in Marrakech demonstrates the strength and resilience of Morocco and represents “recognition and confidence in the Kingdom, under the leadership of His Majesty King Mohammed VI, in its democracy, economic and social trajectory, as well as its legitimacy as an emblem and crossroads of the African continent.”
“Multiple crises occurred during the five years between Morocco’s candidacy to host these meetings and the actual holding of the meetings, but the Kingdom once again asserted itself in these difficult times as a strong country, a model of resilience, and a very credible partner,” Fettah stated in an interview with MAP.
In this interview, the minister provided an overview of the specific development model desired by Morocco and the topics that will be at the heart of discussions at this global forum. She also discussed the long-standing partnership between Morocco and the two Bretton Woods institutions and the Kingdom’s commitment to representing the voice of Africa at these meetings and promoting African solutions to the continent’s challenges.
1. Global financial decision-makers are gathering in Morocco. What does this mean for you?
We are honored to host the Annual Meetings of the IMF and the World Bank starting on October 9th. Morocco’s candidacy was approved in 2018, which is a recognition and trust in our country, under the leadership of His Majesty King Mohammed VI, in the Kingdom’s democracy, economic and social trajectory, as well as its legitimacy as an emblem and crossroads of the African continent.
Multiple crises have shaken the world over the past five years, but Morocco has overcome them to once again establish itself as a strong country, a model of resilience, and a “very credible” partner for the IMF and the World Bank. I am convinced that we would have secured the organization of this global event even if Morocco’s candidacy had been presented during these times of crises. This is a recognition of the Moroccan model.
A month will have passed since the tragedy of the Al Haouz earthquake on Monday. We have successfully convinced that Morocco, in accordance with the enlightened Vision of His Majesty King Mohammed VI, can safely host these annual meetings. This demonstrates a double trust: historical trust in a country that has shown from the time of its candidacy to today that the development trajectory and dynamics are serious, reforms are on track, and it is a country that knows how to manage crises and fulfill its commitments under all circumstances.
2. These Meetings will discuss major development challenges at a time when the global economy faces a series of shocks. Will Morocco seize this unique opportunity to present its development model and the Royal Vision to address current and future challenges to the world?
Absolutely, I believe Morocco is not a country that adheres to rigid standards. Morocco has the strength, ambition, and the Vision of His Majesty King Mohammed VI to formulate its own approach and development strategy. This approach is being executed and implemented, providing real solutions to the challenges at hand. This message, of utmost importance, has been shared with the leaders of the IMF and the World Bank since Morocco joined these two institutions over 60 years ago.
Over the past 20 years, Morocco has made significant progress in social, societal, and economic areas, in a context marked by numerous challenges related to food security, climate change, and geopolitical tensions.
Morocco has shown that, despite limited natural resources, development challenges, and human challenges, dynamism, vision, and sectoral strategies have led to tangible achievements. The Kingdom has effectively utilized its toolbox of financial partnership instruments at an excellent level.
Morocco knows how to draw its energy, dynamism, and determination from within and with its own capabilities, but international cooperation remains a supported orientation, promoted by His Majesty King Mohammed VI, may God assist him. This openness is a true winning choice that we demonstrate every day. In particular, cooperation with the African continent is the most emblematic, as it is in our DNA. It’s not a strategy; it’s our present, our past, and our future.
3. What does this continental dimension mean for Morocco? And to what extent will African issues and priorities be at the heart of the discussions in Marrakech?
It is worth noting that it has been 50 years since these meetings were last held on African soil. The gathering in Marrakech is therefore an opportunity to highlight the ambitions, challenges, and priorities of the continent. It is also an opportunity to explain that in Africa, at the crossroads of Europe and the rest of the world, there is a country that has succeeded in distinguishing itself through its own development model. Morocco thus proves that it is entirely possible to succeed on the African continent and carve out a place in the global economy.
The success achieved in the automotive industry, where we have integrated into global value chains, is proof that we are not only a long-standing partner but also capable of excelling in different areas. Similarly, our success in logistics as a crossroads between the Mediterranean and the Atlantic gives hope to everyone.
The gas pipeline between Nigeria and Morocco is another good example showing that with Moroccan and Nigerian leadership and well-managed cooperation, Africa can provide solutions in terms of resource utilization, expertise, and value creation for multiple countries simultaneously. This notion of a model, a standard designed by Morocco for Morocco and to be shared with Africa, is extremely important.
On the other hand, with the recent crises, there is a legitimate momentum within these financial institutions to reconsider the model and partnership with countries that need the IMF and the World Bank.
Issues related to human development and poverty reduction are unfortunately still relevant, given the crises related to food security and inflation. Climate change and its consequences for Africa, which is bearing the brunt of environmental degradation, and the need for more financing, are another important topic that will strongly feature in the discussions.
There are also social themes that are extremely important and deserve examination and attention. We need better education, more universities, a stronger healthcare system, and social protection.
These themes will be at the heart of discussions during the institutional meetings of the IMF and the World Bank. I hope that addressing them in Morocco will give even more prominence to what the African continent needs.
First and foremost, we want to tell the world that Africa must always remain a priority. We cannot focus on Africa for a few years and then deal with major crises elsewhere. Our path of development cannot wait and cannot accumulate delays.
We also should not ask African countries to choose between servicing their debt, feeding their populations, educating their children, adapting to climate change, and creating jobs. Today, there are voices calling for climate change to be financed by the private sector or others. Solutions must be found for the African continent because we cannot choose between all these vital priorities for the continent. We know that these discussions have been ongoing for months within the institutions, and we hope that strong decisions and announcements will be made during these meetings. We will remind them that we are on the continent, and our voice must be heard during these meetings.
4. What can such meetings offer to African youth, considering that topics such as debt and the digital divide impact the youth of the continent?
Youth are a crucial focus during these meetings, as our ambassadors to the delegations consist of approximately 450 students from 5 Moroccan universities who will have the opportunity to meet with delegations from 189 countries. We ensured that these Moroccan students are associated with students from the rest of Africa within Moroccan universities.
We explained to them that they are not only ambassadors of Morocco but also of African youth. Themes related to youth education, youth employment, and the digital world unite the youth of the continent.
Morocco has given hope to this youth when the national team reached the semi-finals of the World Cup in Qatar, and it will give them hope with the 2030 World Cup. The successes of the Kingdom are inspiring and should be shared with the entire continent, especially with the youth for whom we have a duty to prepare a better world.
Another thing we want to convey to the institutions is, “Don’t ask us, as Africans, to focus only on servicing debt. When you don’t default on paying your debt, you default on the youth if you don’t provide them with good schools, good universities, and an ecosystem that allows them to find jobs.”
5. Are topics related to the earthquake context and the ambitious reconstruction project launched by the Sovereign on the agenda of the Meetings?
The context of this human tragedy caused by the earthquake is relevant during these meetings, but the program launched by His Majesty King Mohammed VI, encompassing both emergency relief and reconstruction, with a clear focus on efficiency, transparency, speed, and the strength of programs, has clearly convinced.
We have a clear vision for both reconstruction and improving the living conditions of the populations affected by the Al Haouz earthquake. The Grand Atlas Agency is clearly there to illustrate all this determination, coordination, and clear directions provided by His Majesty King Mohammed VI, may God assist him.
This is one crisis among others that have occurred and will strengthen our regular cooperation with financial institutions. When we talk about climate risk, there are also catastrophic risks. Therefore, we must further regulate the offerings of financial institutions to enable countries to manage crises peacefully, and Morocco is indeed at ease in managing this crisis.
We must continue to manage crises when they occur, but we must also support us when we have the determination, and continue structural reforms. Morocco is a good example because with everything we have experienced, we have a clear agenda, we say what we will do, and we do what we have said, and we can demonstrate this at every stage of our development, our budget laws, and our strategic plans.
Source: Agency Morocaine De Presse