The annual meetings of the two organisations will bring together representatives from 190 countries between 9 and 15 October

Moroccan Finance Minister Nadia Fettah Alaoui confirms that Marrakech is ready to host the IMF and World Bank meetings

PHOTO/REDES/@MoroccoAM2023 - Cartel oficial de las reuniones del FMI y el Banco Mundial en Marrakech
Official poster for the IMF and World Bank meetings in Marrakesh

Morocco's Minister of Economy and Finance, Nadie Fettah Alaoui, has assessed positively the resilience of the Kingdom's economy, which is recovering from the severe blow of the earthquake of 8 September.

In particular, Alaoui referred to the forthcoming annual meetings of the International Monetary Fund and the World Bank, which will be held in the city of Marrakech, one of the cities affected by the earthquake, between 8 and 15 October, as planned.

La Ministra de Finanzas marroquí, Nadia Fettah, habla con la prensa durante las Reuniones de Primavera en el edificio del Fondo Monetario Internacional (FMI) en Washington, DC, EE.UU., el 15 de abril de 2023
Nadia Fettah Alaoui, Morocco's Minister of Economy and Finance - REUTERS/KEN CEDENO

The minister made these statements on 27 September, just before embarking on a diplomatic mission to Washington, where she met with senior officials from the main international financial institutions, in preparation for the annual summits that Morocco will host.

The Moroccan Finance Minister's agenda included meetings with the President of the World Bank, Ajay Banga, the Managing Director of the IMF, Kristalina Georgieva, and Mokhtar Diop, Managing Director of the International Finance Corporation, which will also hold its annual meeting in Marrakesh from 12 to 14 October.

WORLD CONOMIC FORUM/BENEDIKT VON LOEBELL - Ajay Banga, presidente del Banco Mundial
Ajay Banga, President of the World Bank - WORLD ECONOMIC FORUM/BENEDIKT VON LOEBELL

During these meetings, Minister Alaoui briefed the heads of the financial institutions on the details of the emergency programme that Morocco launched under the directives of King Mohammed VI, which aims to ensure that those affected by the recent earthquake, especially in the Haouz region, receive the necessary aid, especially the most vulnerable groups.

The plan includes a project to rebuild the affected region, with a budget of 120 billion dirhams ($11.6 billion), and highlights, according to the minister, the capacity of the Moroccan authorities to meet the immediate and medium-term needs of the population.

Marrakech meetings

With regard to next October's meetings in Marrakech, the Minister of Economy and Finance expressed her satisfaction at the choice of the Moroccan city as the venue: "Marrakech is ready to host this major international event in the best conditions," she said.

In her opinion, the timing of these annual meetings of the IMF and the World Bank is crucial for the African continent, which is facing major challenges such as climate change, food security, health crises and geopolitical tensions.

La directora gerente del Fondo Monetario Internacional (FMI), Kristalina Georgieva
Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva - AFP/STEFANI REYNOLDS

Alaoui confirmed that all these issues will be discussed at the Marrakech meetings and expressed his hope that the meetings will come up with "real solutions" to meet the current challenges.

The annual meetings of the IMF and the World Bank are expected to bring together in Marrakech representatives from the 190 member countries, including public sector officials, including national central banks and finance ministries; parliamentarians; private sector representatives; civil society organisations; and members of academic institutions.

The Moroccan government is aware that this is a historic milestone, as it is the first time in half a century that such meetings have been held on the African continent, highlighting the growing importance of Africa in the global economic landscape, with Morocco at the forefront.