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Morocco to host IMF, World Bank annual meeting despite earthquake

Published

1 year ago

September 19, 2023

The International Monetary Fund (IMF) and the World Bank have concluded plans to host the annual meetings of the two multilateral bodies in October in Marrakech, Morocco.

The meeting will be held between October 9 and 15 in Marrakech, just 45 miles (72 km) from the site of the 6.8-magnitude earthquake on September 8 that killed more than 2,900 people.

World Bank President, Ajay Banga, IMF Managing Director, Kristalina Georgieva, and Morocco’s Economy Minister, Nadia Fettah Alaoui said in a joint statement on Tuesday the decision was made in consideration of certain “circumstances.”

Top IMF and World Bank officials decided to proceed with the meeting, which is anticipated to bring between 10,000 and 15,000 people to the Moroccan tourist centre, at the direct request of Moroccan authorities, according to local sources quoted by Reuters.

“As we look ahead to the meetings, it is of utmost importance that we conduct them in a way that does not hamper the relief efforts underway and that is respectful to the victims and the Moroccan people,” the three officials said.

“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.”

Every three years, the IMF and World Bank convene their annual meetings in a developing nation that has proven that its economic policies and political structure are successful, and could serve as a model for other nations. IMF meetings of a similar nature were held in Peru in 2015 and Indonesia in 2018.

Related Topics:Featured IMF Morocco World Bank

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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”