MARRAKESH: The IMF and World Bank gather in Morocco Monday for their first annual meetings on African soil in 50 years, under pressure to reform to be...
A member of security stands guard at the entrance of the venue hosting the 2023 IMF and World Bank annual meetings in Marrakesh on October 8, 2023. AFPPIX: The IMF and World Bank gather in Morocco Monday for their first annual meetings on African soil in 50 years, under pressure to reform to better aid poor nations blighted by debt and climate change.
A powerful earthquake that killed nearly 3,000 people in the region south of Marrakesh last month threatened to derail the event again, but the government decided it could go ahead. “A prosperous world economy in the 21st century requires a prosperous Africa,“ IMF Managing Director Kristalina Georgieva said in a speech in Abidjan last week.In a symbolic move, the IMF and World Bank are poised to give Africa a third seat on their executive boards, which Georgieva said would give the continent a “stronger voice”.
The quotas, which are based on a country's economic performance, determine how much funding they should provide to the IMF, their voting power and the maximum amount of loans they can obtain.Activists plan to hold a march in Marrakesh to urge the Washington-based institutions to take bold steps against climate change and debt.
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