By Riches Soberekon
The IMF and World Bank are gathering in Marrakech, Morocco for their annual meeting, fifty years since their last gathering on the continent.
The meeting was postponed twice due to the COVID-19 pandemic and the recent earthquake in Morocco.
The choice of location is significant given the challenges Africa is facing, including a debt crisis, climate change, and a slow reduction in poverty rates compared to other regions.
During the opening speech in Abidjan, Côte d’Ivoire, IMF Managing Director Kristalina Georgieva emphasized the importance of a prosperous Africa for a prosperous 21st century.
One of the measures to be discussed is the creation of a third seat for African countries on the boards of directors of both institutions.
The main goals of the meeting are poverty reduction, assisting countries in difficulty, and climate financing.
However, funding remains a challenge, as major countries are hesitant to increase capital or give more influence to emerging countries like China and India.
Both the IMF and World Bank provide billions in loans and assistance to support struggling economies. An additional $50 billion is expected to be confirmed this week for use over the next ten years.
World Bank President Ajay Banga aims to increase the total amount of funding available.
The meeting aims to address the challenges faced by Africa and find solutions to promote economic growth and development on the continent.