Musings From Abroad

IMF, World Bank set date to decide on Morocco hosting their annual meeting

Published

1 year ago

September 16, 2023

The International Monetary Fund and the World Bank have set a date to decide if they would hold their next annual meetings in Morocco following the massive impact of the recent earthquake in the North African country.

The multilateral bodies will on Monday decide on the proposed Oct. 9-15 meeting after completing a “thorough review” of the country’s ability to host the meetings, IMF Managing Director, Kristalina Georgieva said.

“Stay tuned. By Monday, we will have made a decision in taking into account all factors. Obviously, physical capacity, how the logistics are going to work,” Georgieva said, adding that security for participants was not a major concern.

Reports emerged during the week that Morocco was not backing out of hosting the meeting despite Friday’s devastating earthquake. A source close to the Moroccan government quoted by Reuters said, “From the viewpoint of the Moroccan authorities, the annual meetings of the IMF and World Bank will take place as scheduled: October 9-15, 2023. There is no change of plan as of now.”

Georgieva further revealed that the IMF’s new Resilience and Sustainability Trust would provide a $1.3 billion loan to Morocco. This loan aims to enhance the country’s capacity to withstand climate-related disasters. This is a significant step towards building a more sustainable and resilient future for Morocco.

Georgieva stated that the IMF Executive Board would need to approve the $1.3 billion RST loan for Morocco, but that this would most likely happen in the two weeks prior to the start of the annual meetings.

Georgieva also expressed concern that the IMF and World Bank “don’t want to be a burden” to the country as it dealt with recovery efforts, in her account of conversations with Moroccan Prime Minister, Aziz Akhannouch.

Marrakech’s historic city centre sustained considerable damage, while the majority of the city’s more contemporary areas were spared.

The IMF and World Bank hold their annual meetings every three years in a developing country that has shown that its economic policies and system of government are effective and may be used as a model by other countries. Similar IMF meetings took place in Indonesia in 2018 and Peru in 2015.

Related Topics:Featured IMF Morocco World Bank

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Musings From Abroad

Swiss company Mercuria partners Zambia’s IDC in new metals trading firm

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

According to a statement released by Swiss commodities trader, Mercuria, on Thursday, it has established a metals trading arm with Zambia, the second-largest producer of copper in Africa.

The trading unit is jointly owned by Mercuria and an arm of Zambia’s Industrial Development Company (IDC), and its purpose is to allow Zambia to engage directly in the minerals trading market.

The joint venture “envisages the establishment of a vehicle to market and trade Zambian copper by mutual leverage,” according to a statement from Cornwell Muleya, the CEO of IDC.

The southern African nation wants to increase copper output to roughly 3 million metric tonnes within the next ten years, and in 2023, it produced roughly 698,000 tonnes of copper, down from 763,000 metric tonnes the year before.

In June, the Zambian government announced that it would establish a minerals trading unit.

Investors including First Quantum Minerals and Barrick Gold are ramping up production, with output set to receive a further boost once Vedanta Resources’ Konkola Copper Mines restart activity.

“Our joint venture with IDC marks a significant milestone for Zambia as it positions itself more strategically in the global minerals market,” Kostas Bintas, Mercuria’s global head of metals and minerals, said in the statement.

Musings From Abroad

Blinken to reveal UN Sudan funding additions

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

Additional financing for humanitarian aid to Sudan and initiatives to strengthen civil society in the nation, where a conflict has killed tens of thousands of people and displaced millions, will be announced by U.S. Secretary of State Antony Blinken at the United Nations on Thursday.

Blinken will make many announcements when he leads a UN Security Council meeting on Sudan on Thursday, which will centre on humanitarian aid and civilian protection, Deputy U.S. Representative to the UN Ned Price told reporters on Wednesday.

According to Price, the announcements would include more money for humanitarian help, initiatives to strengthen civil society, and the return of democracy.

“Sudan, unfortunately, has risked becoming a forgotten conflict,” Price said.

“So part of the reason the secretary … opted to convene a signature event on this very topic is to make sure it remains in the spotlight,” Price said.

For almost 18 months, the paramilitary Rapid Support Forces and Sudan’s army have been engaged in combat, resulting in a severe humanitarian crisis that has forced over 12 million people from their homes and made it difficult for U.N. organisations to provide aid.

A power struggle between the RSF and the Sudanese Armed Forces preceded a planned shift to civilian administration, which sparked the conflict in April 2023.

Although the army declined to join this year’s U.S.-mediated peace negotiations in Geneva, the warring parties did pledge to increase assistance access, which prevented any movement towards a ceasefire.

Price stated that before President Joe Biden’s term ends next month, the United States would keep collaborating with allies to enhance humanitarian access in Sudan and eventually end hostilities.

“We are going to leave nothing on the field in our efforts to work with allies, with partners, with the Sudanese stakeholders themselves, on the issues that matter most – humanitarian access, the provision of humanitarian assistance, ultimately, the process by which we can work to get to a cessation of hostilities, which is most urgently needed,” he said.