The meetings are to be held in Marrakech in October 2021, according to state-owned media outlet Maghreb Arab Press (MAP).
Morocco will be the first African country to host the meetings since 1973, when the meetings were held in Kenya.
The IMF and the WBG chose Morocco for its plural identity and shared modern values. IMF Managing Director Christine Lagarde declared in a speech at the official signing ceremony, “Morocco is one of the most hospitable, generous and historically entrenched countries in the world, an African, Arab and oriental country remarkably open to modernity, a country that perfectly illustrates the convergence of the humanitarian values that unite us all.”
She later added that “Morocco is an incredible point of convergence for all our values—a perfect illustration of tolerance, openness, respect, generosity and hospitality—such qualities that make the Kingdom’s legendary fame known to the international community.”
Lagarde has shown interest in the Moroccan economy at previous events. In January, she commented on Moroccan currency liberalization reform during the Marrakech economic conference.
“The taxation policies should be made in such a way as to foster development in this region.” She also said, “International markets and foreign investors will appreciate this decision taken by the Moroccan government.”
World Bank President Jim Young Kim, Lagarde, and Moroccan Minister of Finance Mohamed Benchaaboun, signed the agreement after the conclusion of the annual joint meeting in Bali on Sunday.
In April, the boards of governors of the two institutions voted for Morocco, marking the 60th anniversary of the country’s membership in both organizations.
The meetings will give Morocco an opportunity to show its improvements and structural developments to central banks, international finance ministers, and private sector executives.
Representatives will discuss global financial stability, eradicating poverty, inclusive economic growth and job creation, climate change, and the world economic outlook.