Highlights

Morocco's participation in the Annual Meetings 2016 of the IMF and the WB, October 07 to 09 2016 in Washington : 10/10/2016

Morocco

Mr. Mohammed BOUSSAID, Minister of Economy and Finance, went to Washington, heading a large delegation to attend the annual meetings of the World Bank (WB) and the International Monetary Fund (IMF), held from October 7th to 9th 2016. During this visit, Mr. Mohammed BOUSSAID participated in several meetings and events. As Governor of the World Bank Group (WBG) for Morocco and Chairman of the Group made up of Afghanistan, Algeria, Ghana, Iran, Morocco, Pakistan and Tunisia, Mr. BOUSSAID took part in the meeting of the development Committee and made a statement on behalf of the Group.

In his speech, the Minister of Economy and Finance recalled the main challenges countries face in terms of development and alternatives aimed at strengthening the role of the WBG to be in line with the calendar year 2030. At this regard, He called on the WBG to be part of a vision that is both inclusive and responsive to the needs and specificities of the different countries so as to upgrade their economies and restore their sources of growth.

At the regional level, Morocco chaired this year the group of Arab governors. On this occasion, Mr. Mohammed BOUSSAID gave a statement on behalf of the group, before the President of the World Bank.

During this meeting, Mr. BOUSSAID referred to the economic and social challenges facing the Arab countries and reported their recommendations to the World Bank. In this context, emphasis was on the negative impact of the economic crisis (unemployment, growing social disparities within the same countries), the threats related to public policy issues, increased conflicts and refugee movements.

In this context, the World Bank was called upon to play a proactive role in the region and to have a leadership in mobilizing resources, assistance and expertise to help Arab countries in general in achieving sustainable development goals and in particular those affected by the additional burden of refugees. Similarly, the Bank was asked to ensure under the dynamic formula to reorganize voting power within the bank and to allow a rebalancing as regards increasing the voting power including Arab countries within the bank.

Mr. BOUSSAID chose this opportunity to invite all the governors of Arab countries to COP22 that will be held in Morocco in November 2016. The Minister also took part in the meeting of African Governors with President of the World Bank and that of the IMF Managing Director with the finance ministers, central bank governors and heads of regional financial institutions in the MENA region.

In addition, the Minister of Economy and Finance participated in the ministerial meeting organized by the World Bank on climate finance.

In his speech as a panel member at the event, Mr. Mohammed BOUSSAID stated that Morocco was among the first countries to have submitted its Intended Nationally Determined Contributions (INDCs) within the framework of the 21th session of the Conference of the Parties held in Paris that targets a reduction of emissions of greenhouse height of 32% by 2030, requiring an estimated overall budget at 45 billion US dollars.

At the level of matching national budgets with the goals and ambitions of INDCS, the Minister of Economy and Finance stressed that budgetary and fiscal policies are effective ways to address environmental and climate challenges by directing the choice of economic actors to the implementation of commitments of Paris agreement.

Mr. Mohammed BOUSSAID took the opportunity to call for international support and the mobilization of sustainable concessional financing, particularly with the effects of levers on the mobilization of private resources.

On the other hand, Mr. BOUSSAID held a bilateral meeting with Mr. Hafez GHANEM Vice- President of MENA at the World Bank on this institution’s cooperative relations with Morocco and reviewed ways and means able to further strengthen these relations especially in supporting the reform programs undertaken by Morocco. Similarly, Mr. BOUSSAID met with Mr. Bandar Hajjar, new President of the Islamic Development Bank, to discuss ways to even further boost cooperation relations between Morocco and this financial institution.