The World Bank (WB)-International Monetary Fund (IMF) Annual Meetings will take place from October 9 to 15 in Morocco, which, just a few weeks after the painful earthquake that struck several regions of the Kingdom, will host the international community “in a spirit of solidarity and commitment,” emphasized IMF Managing Director Kristalina Georgieva on Thursday in Abidjan.
“The Annual Meetings will be held in Marrakech, bringing together finance ministers and central bank governors from 190 countries. They will mark an important anniversary: half a century has passed since the last time these meetings took place in Africa, in Nairobi, in 1973,” noted Mrs. Kristalina Georgieva during the official curtain-raising ceremony of the IMF and WB Annual Meetings in Marrakech.
She added that just a few weeks after the devastating earthquake, Morocco will host the international community in a spirit of solidarity and engagement to “address the challenges we are facing.” She expressed her sincere condolences to the Moroccan people and her deep appreciation to the Kingdom for generously hosting these meetings.
Since the last time the Meetings were held in Africa, the world has changed significantly: “life expectancy has increased, global poverty has declined, the international monetary system has adapted to a flexible exchange rate regime, and technology has transformed the way we work, entertain ourselves, and communicate,” she said. However, she also stated that inequalities between countries and within countries have intensified, and we are also facing a climate crisis that threatens our existence, against the backdrop of declining growth over the past decade.
According to the head of the IMF, action must be taken to prepare for the next fifty years and strive to build “bridges that will lead us to robust, sustainable, and inclusive growth tomorrow.”
She continued by saying that Africa has abundant resources, inexhaustible creativity, and energy, noting that globally, Africa’s population is both the youngest and the fastest-growing.
“In essence, for the global economy to thrive in the 21st century, Africa must thrive. Advanced countries are experiencing rapid demographic aging but have immense capital. It will be essential to connect this capital with Africa’s abundant human resources to inject more dynamism into the current anemic global growth prospects,” she affirmed, stating that for Africa to prosper, the most important bridge of all must be preserved – the one that connects all countries, which is international cooperation.
Regarding global economic prospects, she stated that the economy is showing resilience but is being tested by weak growth and growing divergence.
In this regard, she reminded that the IMF has an important role to play in helping countries make choices and pursue growth strategies that bear fruit, emphasizing three priorities: strengthening economic and financial stability, laying the foundations for sustainable and inclusive growth through transformational reforms, and establishing strong public institutions. The third pillar relates to the necessary improvement of governance and the capacity of states to promote inclusive growth.
She also noted that almost all countries are members of the IMF, which plays a fundamental unifying role, and therefore, it must also contribute to amplifying the voices of emerging and developing countries.
“I look forward to seeing our member countries accept a third African seat on our board of directors,” assured Kristalina Georgieva.
Source: Agency Morocaine De Presse