The IMF and World Bank have convened in Marrakesh, Morocco for their annual meeting, 50 years since their last gathering in Africa.
This meeting occurs every two to three years away from their Washington headquarters after two COVID-19-related delays and an earthquake threat. Africa’s choice as the location is significant due to its pressing challenges, including debt crises and climate change impacts.
During the opening speech, IMF Managing Director Kristalina Georgieva emphasized Africa’s importance. One proposal is to grant African countries a third seat on both institutions’ boards, a symbolic gesture.
Their primary goals are poverty reduction, aiding struggling nations, and climate financing. However, securing funding is challenging, as major contributors hesitate to increase capital.
Despite their objectives, these institutions face criticism for promoting austerity and widening the wealth gap.
The meeting is unlikely to lead to major breakthroughs, particularly in climate financing, with NGOs expressing concerns about insufficient commitment.