IMF, World Bank convene in Africa after 50 years

The World Bank and the International Monetary Fund (IMF) have begun their first meetings on African soil in half a century, emphasizing their belief that a thriving global economy hinges on Africa’s prosperity.

The meetings was held in the Southern Moroccan city of Marrakesh.

Multilateral institutions praised the resilience of Africans and faced increasing pressure to support impoverished nations grappling with debt and the impacts of climate change.

These institutions convene their annual meetings, which bring together finance ministers, financial sector representatives, development experts, and central bank governors, outside of their Washington headquarters once every three years.

Speaking at the Africa Inspired session of the meetings, IMF Managing Director, Kristalina Georgieva, described Africans as incredible, saying they have continually supported the content.

“In no other area is the need for international cooperation as evident as in addressing the existential threat of climate change. The world has a responsibility to stand with vulnerable countries as they deal with shocks they have not caused” she said.

The meetings were initially scheduled to take place in Marrakesh in 2021 but had to be postponed twice due to the COVID-19 pandemic.

The IMF and World Bank’s previous meetings in Africa were in 1973 when Kenya hosted them. Now, fifty years later, the continent grapples with a host of challenges, including conflicts, military coups, persistent poverty, and recurring natural disasters.