IMF and World Bank annual meetings open in Marrakech, Morocco

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IMF and World Bank annual meetings open in Marrakech, Morocco: Ghana News

The 2023 annual meetings of the () and the Group (WBG) commenced in Marrakech, marking the second time an African nation has hosted these global finance institutions. The last time was in 1973 when hosted the meetings.

Given the ongoing global economic crisis, this year's meetings revolve around the theme “Global Action, Global Impact.” The theme aims to inspire actions that support poverty eradication, economic development, and aid effectiveness.

Running from October 9 to 16, the meetings are expected to draw approximately 12,000 participants, including global central bankers, ministers, private sector executives, civil society representatives, youth leaders, academics, and various stakeholders.

Key topics for discussion during the meetings include job creation, digital infrastructure, and climate action.

The event will also delve into developing a new playbook for addressing interconnected global challenges, with a focus on solutions proven effective in developing countries.

The World Economic Outlook report will be released during the meetings.

During her opening speech, Kristalina Georgieva, Managing Director of the , emphasized the need for global cooperation to address economic fragmentation, which she identified as a threat to growth prospects.

She highlighted the importance of reinforcing economic and financial stability through sustained higher interest rates, promoting inclusive, sustainable growth through transformative reforms, strengthening institutions, and enhancing collective resilience through international cooperation.

For Ghana, these meetings present a pivotal moment to finalize discussions for signing a (MoU) with the country's external creditors for debt treatment.

This MoU is a crucial step in securing Ghana's second tranche of $600 million from a total $3 billion loan support program.

The recent Staff-Level Agreement between Ghana and the IMF Staff Mission on economic policies and reforms has paved the way for the release of the financing upon approval by IMF Management and formal completion by the IMF Executive Board.

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