In the wake of the devastating earthquake that struck Morocco earlier this month, the World Bank and International Monetary Fund (IMF) have confirmed their annual meetings will proceed as planned in Marrakech from October 9 to 15. This decision was announced on Monday by IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga, and Moroccan Economy Minister Nadia Fettah Alaoui, despite a 6.8-magnitude earthquake hitting Al-Haouz province on September 8, resulting in nearly 3,000 fatalities and injuring thousands.
The leaders stated they had conducted a thorough assessment of Marrakech’s capacity to host the meetings and had agreed to adapt the content of the meetings to suit the current circumstances. They expressed their belief that these annual meetings could serve as an opportunity for the international community to support Morocco and its people in these challenging times.
On Tuesday, US Treasury Secretary Janet Yellen voiced her trust in the World Bank and IMF leaders to adjust their meeting plans appropriately considering the recent disaster. Yellen controls the dominant US shareholding in both institutions and stated she would have understood if a decision had been made to hold the meetings elsewhere. However, she affirmed her support for any changes deemed necessary by the Moroccan government, IMF, and World Bank.
Yellen emphasized that while it is crucial to respect the tragedies that occurred due to the earthquake, it is also important for first responders to attend to those affected by this disaster. She further added that the Moroccan government strongly wishes for the meetings to proceed as planned and feels capable of doing what is necessary.
This year’s meeting marks a significant event as it will be the first one since Ajay Banga, former Mastercard (NYSE:) chief executive, took over leadership of the World Bank with a pledge to bring more private sector funding into development and climate financing. It’s noteworthy that the annual gathering was initially scheduled to be held in Marrakech in 2021 but was postponed twice due to the Covid-19 pandemic.
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