Marrakesh WB-IMF Meetings: Morocco’s King calls for strengthening multilateralism for world peace

Marrakesh WB-IMF Meetings: Morocco’s King calls for strengthening multilateralism for world peace

King Mohammed VI has called for strengthening the spirit that drives multilateralism to preserve the world’s stability and peace, stressing the need to boost synergies to address common global climate and socioeconomic challenges.

In a message to the main plenary of the Annual Meetings of the World Bank and the International Monetary Fund (IMF) that began this Friday, October 13,  in Marrakesh, the Monarch said the economic, social, and political developments witnessed in recent years require a reform of the institutions and rules governing multilateralism whose basic principles should be consolidated.

Global challenges necessitate for global solutions which can only be devised within a framework of unity and mutual respect between nations, said the Moroccan Sovereign in his message read out by Royal Advisor Omar Kabbaj.

The King also stressed the need to improve the global financial architecture to make it more equitable and inclusive, describing the WB-IFM Annual Meetings as the best forum for dialogue and constructive debate on the proposed overhaul.

“Since it is our common destiny to live on this planet, there is no way for any country to shape its future without taking into account that of other countries,” said the Monarch.

During the Covid-19 pandemic, the WB and the IMF, together with the international agencies and institutions forming the pillars of the global multilateral system, showed great diligence and responsiveness, said the King, noting that these international financial institutions provided crucial support to many member countries trying to mitigate the economic and social impact of the pandemic.

As an African nation, Morocco fervently hopes that the Continent – which now has a voice within the G20 through the African Union – will be able to hold its rightful place in other international bodies and push forward its economic and social agendas, said the Monarch in his message.

African countries are among the nations that are suffering the most from the consequences of climate change, even though they are among the countries whose activities contribute the least to global warming, added the King, calling for a revision of the rules and frameworks governing debt which should to take account of the constraints affecting the ability of the most indebted low-income countries.

By 2050, Africa will be home to a quarter of the world’s population. It should benefit, today, from conditions that enable it to broaden its room for maneuver and harness its potential to meet the needs of African populations in an increasingly uncertain, unsettled world marked by profound paradigm shifts, said the King.

He also shed light on globalization which has led to tangible improvements in living standards, enabling large swathes of the world’s population to escape poverty, stressing that globalization has not been without adverse effects, especially in terms of growing inequalities.

Morocco is a land of peace, cultural cross-fertilization and coexistence between different faiths and cultures, besides its unique geographical position at the crossroads of Africa, the Middle East and Europe, said the royal message, hailing the country’s economic openness and cooperation.

“We are committed to the different agendas of the international community, whether they concern economic development, the fight against climate change, combating terrorism and money laundering, or addressing the growing cyber security threat brought about by the digital revolution,” said the Monarch.

“I have made South-South cooperation a priority in our open-door policy, pursuing in this regard an approach based on co-development with our sister nations and friends on the Continent”, he stressed.

At the domestic level, and since the early 2000s, “we have implemented major social and economic reforms in Morocco as well as a large-scale infrastructure program. Concurrently with this, we have made sure to preserve macroeconomic balance because we consider that this guarantees economic sovereignty and resilience,” underlined the Monarch.

Morocco has adopted a balanced economic policy that serves human development. “I have made the latter a foremost priority since I ascended the throne, and this policy has been reinforced since the Covid-19 pandemic. In this regard, I have launched an unprecedented project to achieve universal access to social protection,” said the King, citing the benefits of this policy.

“Our economy has shown remarkable resilience in a complex, uncertain global environment marked by a succession of inconceivable shocks in recent years,” said the King, noting that Morocco has strengthened its position as a haven of peace, security, and stability, as a credible partner and as a regional and continental economic and financial hub.

Hosting the Annual Meetings of the WB & IMF in Morocco is the result of a longstanding partnership with the Bretton Woods institutions, a sign of trust in Morocco’s institutions, infrastructures, and recognition of the Kingdom’s commitment to stronger international relations.

The plenary session brought together a large number of figures from the world of finance, leaders and policy makers, as well as economic experts and representatives of civil society from around the world.

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