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Economy

Morocco's Economic Resilience Showcased at IMF-World Bank Anniversary Event

Thursday 10 - 13:50

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Washington D.C. witnessed a celebration of the enduring partnership between Morocco and the International Monetary Fund (IMF) and World Bank Group on Wednesday evening. The event, hosted by the Moroccan Embassy, marked the first anniversary of the prestigious annual meetings held in Marrakech last year.

Addressing a distinguished gathering of administrators and high-ranking officials, including IMF Deputy Managing Director Gita Gopinath and World Bank Executive Director Syed Tauqir Hussain Shah, Moroccan Ambassador to the United States Youssef Amrani lauded the "remarkable success" of the Marrakech assemblies. He emphasized that this achievement underscores the "long-standing partnership" between Morocco and the Bretton Woods institutions.

The fact that Morocco hosted this global event in December 2023, shortly after the devastating earthquake in the Al Haouz region, speaks volumes about the international community's recognition of the country's determination and resilience. Ambassador Amrani noted that this also reflects the high level of confidence in Morocco's political and economic landscape under the visionary leadership of His Majesty King Mohammed VI.

Expressing satisfaction with the "fruitful cooperation" with both financial institutions, which support Morocco's economic and social development trajectory, Amrani highlighted the crucial role of the IMF and World Bank Group in shaping economic policies and advancing global development.

The ambassador also commended recent progress in improving representation of Southern countries within the IMF, specifically mentioning the decision to grant Africa a third seat on the Fund's Executive Board. He believes this step will help address the growing wealth disparity between developed and developing nations.

In her remarks, Gita Gopinath conveyed the IMF's gratitude to Morocco and His Majesty King Mohammed VI for the exemplary organization of the Marrakech assemblies, describing them as "the best ever held outside Washington."

Echoing these sentiments, Syed Tauqir Hussain Shah expressed his admiration for Morocco's ability to successfully host such a high-level event, particularly in the wake of the Al-Haouz earthquake. He praised the country's organizational prowess in managing an event that brought together thousands of participants under challenging circumstances.

The annual meetings of the IMF and World Bank Group in Marrakech attracted approximately 14,000 attendees representing 189 delegations. Participants included finance and development ministers, senior officials from both global financial institutions, central bank governors, parliamentarians, private sector executives, civil society organization representatives, and academics.

This gathering not only reinforced Morocco's position on the global economic stage but also highlighted the country's resilience and commitment to international financial cooperation, even in the face of adversity.