WB-IMF Annual Meetings, opportunity to showcase Morocco’s and Africa’s immense diversity, vibrance (Senior UN Official)

The Annual Meetings of the World Bank Group (WB) and the International Monetary Fund (IMF) are an opportunity to showcase the “immense” diversity, vibrance, and economic potential of Morocco and Africa, underlined the United Nations  .

On the eve of the meetings hosted by Marrakesh (Oct 9-15), Junhua applauded the leadership being shown by Morocco and developing countries towards the transformation of the economic and financial systems.

“From Morocco’s decision to host these meetings, to India’s push in the G20 for reform of international financial institutions”, to the role of Barbados in bringing forward proposals on financing climate change, developing countries are shaping the future of finance, he told MAP news Agency.

“Developing countries are the majority of the world’s economy and population and should be setting the agenda when it comes to developing a fit for purpose international architecture.”

He further stressed that the WB/IMF meetings are an opportunity for the international community to focus on the unique and mounting challenges that Africa is facing, including food and energy security, climate change and access to finance.

The UN official said that many African countries are constrained by limited fiscal space and high borrowing costs, and have been unable to invest in recovery, climate action, and sustainable development.

“Out of the 39 least developed and low-income countries in Africa, more than half are at high risk or already in debt distress”, he added, stressing that the international community should seize this opportunity to make meaningful progress on discussions and reform measures to deliver on promises made to the people of Africa for prosperity, equality, and sustainability.