Deadly Quakes Unable To Stop Morocco From Hosting IMF-WB Meeting
The International Monetary Fund and World Bank hold their annual meetings every three years in a developing economy that has shown strong economic policies and governance.
While their 2018 meeting was in Indonesia, Peru hosted the 2015 event. Meanwhile, Morocco will be hosting the event this year from October 9 to 15.
While the meeting in Marrakech were originally scheduled for 2021, they were postponed twice owing to the COVID-19 pandemic. Nonetheless, the 2023 event is special. Read on to know why.
Importance Of Economic Resiliency During Times Of Crisis
The Government of Morocco didn’t hesitate to host the annual meeting despite September’s earthquake that killed nearly 3,000 and wreaked $11.7 billion in damages.
The event beginning Monday has come at an appropriate time, when both officials and civil society groups are eagerly awaiting discussions about how to promote economic resiliency.
“The world has a responsibility to stand with vulnerable countries as they deal with shocks they have not caused,” Kristalina Georgieva, the IMF’s managing director, noted on Thursday.
Institutions Criticised For Excluding The Neediest Countries
The IMF and the World Bank use billions in loans and assistance to encourage countries operating in deficit to implement reforms they say promote stability and growth.
Still, they have been criticised for excluding the neediest countries from their governance and decision-making processes, demanding painful spending cuts.
Critics say the terms of many loans offered compel governments to choose between paying debt or implementing unpopular spending cuts.
Morocco To Draw In Well Over 10,000 Visitors
The IMF and World Bank decided in 2018 to host their annual meeting in Marrakech, bringing the affair to the African continent for the first time in five decades.
The ongoing event is expected to draw well over 10,000 people to Morocco, from the delegations of their 190 member states to media, non-profit and civil society groups.
Less than a two-hour drive from where earthquake rubble remain in piles, the world’s most powerful financial institutions are gathering for a week of discussions during times of crisis.