World Bank, IMF meetings return to Africa after 50 years

The annual meetings of the World Bank and the International Monetary Fund will go ahead in Marrakech, Morocco, despite the devastating earthquake that took thousands of lives there this month, the two organizations said.

World Bank president Ajay Banga, IMF managing director Kristalina Georgieva and Morocco’s economy and finance minister Nadia Fettah Alaoui said it is important the meetings be conducted in a way that “does not hamper the relief efforts under way and that is respectful to the victims and the Moroccan people.”

“At this very difficult time, we believe that the Annual Meetings also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy. We also remain committed to ensuring the safety of all participants,” they said in a joint statement.

Key details to note

The meetings will be their first in Africa in 50 years and are scheduled for October 9 to 15.

Both organizations meet two consecutive years at their headquarters in Washington, D.C., United States, and every third year in another member country. The first and last time the meetings came to Africa was in 1973, when they met in Nairobi, Kenya.

The meetings typically hold in September/October and bring together central bankers, ministers, private sector executives, civil society, media, and academics to discuss economic issues of global concern.

Morocco was designated as the next host in October 2018, but the country was hit by its strongest quake in over 120 years on Sept. 8, tearing across some of its poorest regions and shaking Marakkech, a top tourist destination.

The quake killed thousands, leading to considerations about moving the World Bank and IMF meetings elsewhere. The Moroccan government insisted the country could host.

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The joint statement said a thorough assessment had been carried out after the disaster to evaluate Marrakech’s capacity to host the 2023 meetings.

“In undertaking this assessment, key considerations were that the Meetings would not disrupt vital relief and reconstruction efforts, and that the safety of the participants can be assured,” it said.

“Based on a careful review of the findings, the Managements of the World Bank and IMF, together with the Moroccan authorities, have agreed to proceed with holding the 2023 Annual Meetings in Marrakech from October 9 to 15, adapting the content to the circumstances.”