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Rabat – Moroccan Minister of Economy and Finance, Nadia Fettah Alaoui, has hailed the resilience of Morocco’s economy as the country recovers from a devastating September 8 earthquake, stressing in particular that the city of Marrakech is ready to host the upcoming World Bank & IMF Annual Meetings.
Minister Nadia Fettah Alaoui made these remarks on Wednesday, September 27, as she embarked on a diplomatic mission to Washington, D.C., where she held high-level talks with senior officials from key international financial institutions.
These exchanges set the stage for the annual meetings of the World Bank Group and the International Monetary Fund (IMF), which are scheduled to be held in Marrakech from October 9 to 15.
Minister Alaoui’s schedule in her Wahsington visit included important talks with World Bank Group President Ajay Banga and IMF Managing Director Kristalina Georgieva. Additionally, she held discussions with Mokhtar Diop, Managing Director of the International Finance Corporation (IFC), which will also host its annual meeting in Marrakech from October 12 to 14, in parallel with the other major meetings.
The main focus of these discussions was to inform international financial institutions of Morocco’s emergency program initiated under the directives of King Mohammed VI. This program aims to provide relief to those affected by the recent Haouz earthquake, prioritizing the needs of the most vulnerable groups. The ambitious plan also outlines a five-year commitment to rebuild the affected region, with a total projected budget of 120 billion dirhams ($11.6 billion).
Minister Alaoui underscored the rapid response of Moroccan authorities in addressing the immediate and medium-term requirements of the affected population. She emphasized that this series of meetings in Washington was an invaluable opportunity to showcase Morocco’s commitment to addressing its pressing challenges.
With regard to the upcoming annual meetings in Marrakech, Minister Alaoui expressed her satisfaction with the choice of the Moroccan city to host these important events. “Marrakech is ready to host this major international event in the best conditions,” she declared. During her discussions with senior officials from the IMF and the World Bank, key topics for the upcoming Marrakech meetings were identified.
Read also: IIF to Hold Meeting in Marrakech Despite Recent Earthquake
For Minister Alaoui, the timing of these meetings is crucial for the African continent, which faces an array of challenges, including climate change, food security, health crises, and geopolitical tensions. She expressed the hope that the annual meetings in Morocco would lead to the formulation of “real solutions” that are commensurate with the current challenges.
The World Bank and IMF Annual Meetings in Marrakech will convene representatives from the 190 member countries of these two institutions. Attendees will encompass leaders from the public sector, including central banks, finance and development ministries, and parliamentarians, as well as representatives from the private sector, civil society organizations, and academia.
Notably, these meetings in Marrakech mark a historic occasion as the first time such gatherings have been held on the African continent in half a century. This milestone underscores the growing importance of Africa in the global economic landscape and Morocco’s commitment to fostering international cooperation and development on the continent.
