The General Director of the IMF visited Morocco on a two-day trip to prepare for the upcoming annual IMF meeting, set to take place in Marrakech.
Rabat – General Director of the International Monetary Fund (IMF) Kristalina Georgieva expressed satisfaction with Morocco’s reform projects, citing the Special Committee for the New Development Model (CSMD) and the Integrated Program for Enterprise Support and Financing.
Georgieva made the statement on Wednesday, February 19, during her meeting with Morocco’s Head of Government Saad Eddine El Othmani in Rabat.
The CSMD, created in December 2019, is charged with preparing a report on the best reforms to address social and economic disparities in Morocco, as well as gaps in the education, health, business, and investment sectors.
The committee is set to present its report in June 2020.
Meanwhile, the Integrated Program for Enterprise Support and Financing, launched in January 2020, is an initiative aiming to help entrepreneurs by reducing the interest rates of bank loans.
Moroccan banks contributed to the project with MAD 6 billion (€566 million), while the Hassan II Fund for Economic and Social Development granted MAD 2 billion (€189 million) to the initiative.
The IMF is “impressed” by Morocco’s determination to continue its structural reform, stressed Georgieva.
During her talks with El Othmani, the head of the IMF commended the Moroccan experience and the progress made in various fields, expressing the IMF’s pride in cooperating with Morocco. She called the country a source of stability in the region.
Marrakech turns into a ‘world financial capital’
IMF’s director said she is looking forward to seeing the results of the upcoming annual meetings contribute to Morocco’s development and strengthen its leadership in the region.
“After several years, at last, this event will be organized on African soil,” said Georgieva, explaining that the choice of Morocco as a host was based on its history, culture, and economic dynamism.
Thanks to the meetings, Marrakech will become a world economic and financial capital, she announced, expressing her satisfaction with the progress made so far in preparation for the events.
Meanwhile, the Head of Government affirmed that Morocco will spare no effort to ensure the success of the international events.
Morocco is looking forward to strengthening cooperation with its partners, both governmental and non-governmental, in order to serve the interests of the Kingdom, said El Othmani.
The country has already undertaken several political, economic, and social reforms, while others are planned or already underway, added the senior official.
Morocco has adopted a proactive, pan-African policy based on continental development, continued El Othmani, recalling that it will be the first time that an African country will host the annual meetings of the World Bank and the IMF in 47 years.
The meetings are set to bring together the ministers of economy and finance of 188 member states, in addition to the directors of central banks, international investors, and businessmen.