IMF and World Bank Choose Morocco as Host for Annual Meetings After Quake

Highlights

• The International Monetary Fund and World Bank will stick with plans to hold their annual meetings in Morocco in October despite a devastating earthquake earlier this month that claimed about 3,000 lives.
• Both organizations said an assessment concluded that the meetings, scheduled for October 9-15 in Marrakech, wouldn’t disrupt relief and reconstruction.
• Rather, it would “provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy.”

Source: CNBC Africa

Our Takeaway

The IMF and World Bank’s planned Marrakech meetings mark a return to Africa for the first time in 50 years. Amidst the region’s many problems—from rising inflation and surging government debt levels to stagnating incomes and military coups—the summit presents an opportunity for global leaders to refocus on Africa. On the bright side, however, Africa is regaining major attention of leading nations, from North America and Europe to the Middle East. Just recently, the AU was granted permanent membership in the G20 bloc right after the new BRICS group invited Ethiopia and Egypt.