Highlights

Participation of the Minister of Economy and Finance in the Spring Meetings of the World Bank Group and the International Monetary Fund

24/04/2022
Participation of the Minister of Economy and Finance in the Spring Meetings of the World Bank Group and the International Monetary Fund

Mrs. Nadia FETTAH, Minister of Economy and Finance, led on April 20th to 24th 2022 a Moroccan delegation to participate in the Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington.

The spring meetings host several formal meetings, including: (i) the WBG/IMF Joint Development Committee (JDC) meeting and (ii) the African Consultative Group meetings with the WBG Chair and with the IMF Managing Director. As chair of the group of countries within the DC, made up of Afghanistan, Algeria, Ghana, Iran, Pakistan and Tunisia in addition to Morocco, Mrs. Nadia FETTAH made a statement on the issues on the agenda of the DC.
Within this framework, the Minister emphasized the relevance of using digitization to promote vigorous and inclusive growth on the one hand, and to have an immediate collective action to address the looming debt crisis in developing countries, on the other.
In addition, the Minister of Economy and Finance chaired the meetings of the African Consultative Group with the Managing Director of the IMF and with the President of the WBG, held on April 21st and 22nd 2022, respectively.
During these meetings, Mrs. Nadia FETTAH, as Chair of the African Caucus for the year 2022, stressed the challenges faced by most African countries including over-indebtedness, food insecurity, fragility and adaptation to climate change, and which have been accentuated by the outbreak of the Ukrainian crisis and its impact on the price of energy and food products.
In this regard, the Minister of Economy and Finance welcomed the initiatives of the Bretton Woods institutions to help fragile low- and middle-income countries face these challenges. She also called on these two institutions, by virtue of their reference position, to review the current global financial architecture to adapt it to the specific development financing needs of African countries.
On the sidelines of this event, the Minister of Economy and Finance held a meeting with Mrs. Kristalina Georgieva, Managing Director of the IMF, with the virtual participation of Mr. Abdellatif Jouahri, Wali of BAM. At this meeting, Mrs. Nadia FETTAH, underlined the willingness of the Moroccan government to continue the momentum of the reforms undertaken by our country, in accordance with the high guidance of his majesty the king, in particular the program of generalization of social protection, the economic recovery plan and the reform of the sector of public establishments and enterprises. Mrs. FETTAH, also welcomed the initiatives launched by the IMF, under the leadership of Mrs. Kristalina Georgieva, to better meet the financing needs of developing countries.
Similarly, while welcoming the efforts of the IMF, the Wali of Bank Al-Maghrib recalled the national strategy for financial inclusion as a vehicle for economic integration, targeting in particular women, youth and very small businesses. Mrs Georgieva, for her part, congratulated Morocco for the success of the vaccination campaign conducted to address the pandemic. She also praised the country's proactive strategy to mitigate the effects of the crisis and stimulate the economy. The Minister of Economy and Finance also held bilateral meetings with other WBG and IMF officials.
During the meeting with Mr. Axel Van Trotsenburg, Managing Director of Operations of the World Bank, discussions focused on cooperation relations with the WBG and its role in the economic and social dynamics of Morocco. The meeting with Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC), was devoted to the role of private financing in the Kingdom's development strategy. In this regard, the Minister called on the IFC to strengthen its financial and technical support to accompany the government's efforts in terms of innovative financing and improving market access conditions.
During the meeting with Mrs. Vera Songwe, the Executive Secretary of the Economic Commission for Africa (ECA), discussions covered the challenges facing African countries in the current crisis.
The meeting with Mrs. Diariétou Gaye, Vice President and Secretary General of the World Bank Group, was an opportunity to discuss the progress of preparations for the organization of the Annual Meetings of the World Bank and the IMF to be held in October 2023 in Marrakech. In this respect, Mrs Nadia FETTAH reiterated the commitment of the Kingdom to ensure the success of this great event.
Moreover, as the host country of the October 2023 edition of the Annual Meetings of the World Bank Group and the International Monetary Fund, several key events promoted the economic and cultural attractiveness of Morocco within the two institutions, including information booths, musical performances and tastings of Moroccan cuisine.
These promotional actions have attracted a large number of participants to these Spring Meetings who have been able to discover the many economic and cultural assets of the Kingdom, as a foretaste of the Annual Meetings of the World Bank Group and the IMF scheduled in Marrakech in October 2023.



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