Marrakech: world financial capital
Morocco will be the focus of the world economy the week of 9-15 October as it hosts the meetings of the International Monetary Fund (IMF) and the World Bank in Marrakech. The choice of the Moroccan kingdom is no coincidence. The world's most important financial and economic event, to be held on African soil for the first time in 50 years, sends a message of hope and support to Morocco.
The meetings shine a light on the Moroccan people in the eyes of the whole world. Solidarity, resilience and courage are the values that the country exports to the world, especially after the tragedy the North African country suffered with the 8 September earthquakes.
By hosting these Annual Meetings, Morocco is demonstrating to both institutions its appreciation for the leadership of King Mohammed VI and the significant progress the Kingdom has made over the past 24 years. The meetings will take place at Bab Ighli, the former main entrance to the old city (the medina), named after the guards who guarded its entrance.
Bab Ighli, a sizeable area of more than 300 hectares outside the city walls towards the Ourika Valley, served as the venue for COP22 for Climate in November 2016, and welcomed some 30,000 participants, as well as events such as the First African Summit on Climate Action.
In the ochre city, more than 14,000 participants from around the world, 4,500 representatives from 189 official delegations led by finance ministers and central bank governors responsible for public and private sector decision making, legislators, NGO representatives, economists, academics and international media representatives will gather to discuss financial policies in the context of a global economic slowdown that is worsening due to rising geopolitical tensions.
Morocco, which has long hosted numerous international meetings, retains its enviable status as one of the best options for hosting protests with significant global resonance. In light of this, the decision by the Bretton Woods institutions to hold these annual meetings in Marrakech, eleven days after a major earthquake struck parts of the Kingdom, sends a powerful message to the rest of the world and demonstrates their faith in the future and in the ability of the Moroccan people to overcome obstacles.
The 2023 Annual Meetings present the Kingdom with the opportunity to enhance its attractiveness and promote its image as a stable and tolerant nation, open and dynamic, rich in its intangible heritage, its centuries-old history, its culture and its gastronomy, as well as one that is marked by the progress made over the past 20 years at the democratic, social and economic levels. This is due to the high level of stakeholder involvement.
Confidence and security are the keys that the Moroccan government presented to the heads of the world's two main financial institutions: the International Monetary Fund (IMF) and the World Bank (WB). This was confirmed in a joint communiqué by Ajay Banga, President of the World Bank, Kristalina Georgieva, Managing Director of the IMF, and Nadia Fettah Alaoui, Minister of Economy and Finance of the Kingdom of Morocco.
According to Banga, the World Bank and IMF services have carried out a comprehensive assessment of Marrakech's capacity to host the 2023 Assemblies' annual reports in close coordination with the Moroccan authorities and a team of experts since the devastating earthquake that struck the country on 8 September, focusing primarily on ensuring that the holding of the Assemblies does not interfere with crucial relief and reconstruction efforts and that the safety of participants can be assured.
"After careful consideration of the findings, the World Bank and IMF management decided, in coordination with the Moroccan government, to maintain the Annual Meetings scheduled in Marrakech from 9 to 15 October, while modifying the agenda of the event to reflect the situation," the WB chief confirmed.
"It is crucial that we set up the Assemblies in a way that respects the victims and the Moroccan people without hampering relief efforts," said Nadia Fettah, Morocco's Minister of Economy. "The Annual Meetings, in our view, also present an opportunity for the international community to express its support for Morocco and its people, who are once again showing strength in the face of tragedy, during this very difficult time," she continued.
In efforts to eradicate extreme poverty and promote shared prosperity on a global scale, the World Bank is a key player. Operating in more than 100 countries, the World Bank provides resources such as financing, guidance and other assistance to help nations address their most pressing development challenges.
However, the IMF, comprising 190 countries, is an international organisation that works to ensure sustainable growth and prosperity for all. It does this by supporting economic policies that promote monetary cooperation and stability, which are necessary to increase economic welfare, productivity and job creation. The IMF is governed by, and accountable to, its member countries.
The calendar of this international meeting includes a series of side events that will be devoted to discussing a variety of pressing issues, including the energy crisis, climate change, migration, international cooperation, post-COVID recovery and global and internationally recognised political and economic issues.
These annual meetings, according to their organisers, focus on six main themes: financial and digital inclusion, sustainable development, reforms of international financial institutions, entrepreneurship and innovation, social safety nets, tolerance and coexistence.
