The annual meeting of the International Monetary Fund (IMF) and the World Bank, taking place in Marrakech, Morocco on Monday, is focusing on fostering global economic resilience amid disasters and universal economic problems such as inflation and debt. The summit, delayed due to the pandemic, marks the first of its kind in Africa in half a century.
The North African nation is currently grappling with the aftermath of a devastating earthquake that claimed nearly 3,000 lives and caused an estimated $11.7 billion in damages. The IMF has stepped in to provide a substantial aid package of $1.3 billion to assist Morocco in its recovery efforts, following a downturn in the country’s tourism sector due to the pandemic.
Monday’s discussions are centered on climate change and the financial challenges faced by developing nations, particularly those exacerbated by war-spurred rising costs such as those stemming from the ongoing conflict in Ukraine. The IMF’s managing director, Kristalina Georgieva, advocates for global cooperation on climate change issues.
Iskander Erzini Vernoit has highlighted the financial challenges for developing nations, while expressing concern over austerity measures impacting poorer nations. Despite these efforts, some residents like Brahim Ait Brahim from Anerni are still awaiting post-disaster relief.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.