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| The IMF-WB Fall Meetings take place in Marrakesh, southern Morocco from October 9-15. (Source: AFP) |
In her opening remarks, IMF Managing Director Kristalina Georgieva called on rich nations to step up support for developing countries to tackle their debt burdens.
Ms. Georgieva assessed that holding the conference in Africa has important symbolic significance when the continent is still facing problems from 50 years ago, such as high inflation, political instability and debt burden.
The official said the IMF and the World Bank must increase their capacity to support countries in need, including providing interest-free loans “on a larger scale.” He also called for reform of the quota system for financial contributions by IMF member countries to increase support for lower-income countries.
The IMF is looking to add concessional lending facilities to low- and middle-income countries that have been hit hard by the Covid-19 pandemic and the Russia-Ukraine conflict. Meanwhile, the Fund will consider changes to its governance structure to give developing economies a greater voice, the IMF chief said.
The 2023 IMF-WB Fall Meetings take place from October 9-15. This is the first event to feature the new WB President Ajay Banga, who was elected with a commitment to increase private sector financing for the transition to renewable energy.
The World Bank is expected to announce plans to provide additional loans worth up to $50 billion over the next decade.
World Bank President Banga wants to raise lending by $100 billion or $125 billion through financial contributions from rich countries, but this is unlikely to be approved at the Marrakesh meeting.
This week, debates are expected to take place on thorny issues, including debt relief for poor countries, proposals for new contributions from rich countries, banking reform...
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