IMF and World Bank Meeting Concludes in Morocco

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The International Monetary Fund(IMF) and World Bank wrapped up their annual meeting in Morocco on Sunday, Oct 15, 2023 with some progress towards increasing their lending resources globally and to give Africa a third seat on its Executive Board.

Discussions in the tourist hub of Marrakech, not far from the central point of the devastating September earthquake, focused on a flagging global economy weighed down by debt, inflation and conflict, a growing wealth gap between the rich and the poor countries as well as the struggles to tackle climate change.

IMF member countries made a commitment to increase their quota contributions by the end of the year, in order to ensure that the fund has adequate lending firepower to respond to another large-scale crisis.

They however fell short of agreeing to a U.S. plan that will delay shareholding changes that will relinquish more influence to China, with more talks in the next two months.

The new vision statement of the World Bank’s governing body which is to “create world free of poverty on a liveable planet” was approved, incorporating its new mission to tackle climate change, and endorse new steps to allow the use of debt-like hybrid capital and a new portfolio guarantee platform that could together yield up to $100 billion in new lending for over a decade.

Currently, the distribution of quotas is in favour of the advanced economies, particularly the European countries, to the detriment of the major emerging countries, with China and India topping the list, which have been calling for a reform of the system for several years. The meeting was held on the African continent for the first time since 1973.

 

 

 

 

 

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