IMF, World Bank hold first meetings in Africa in 50 years

The International Monetary Fund and World Bank are convening in Morocco for their first annual meetings on African soil in 50 years. This significant gathering is taking place under mounting pressure for these institutions to undergo reforms that would better support impoverished nations grappling with issues such as debt burdens and the impact of climate change.

Traditionally, they host their annual meetings outside the Washington, D.C., headquarters every three years. Marrakesh, located in southern Morocco, was initially chosen as the host city for the 2021 meeting but had to postpone twice due to the COVID-19 pandemic. Additionally, a recent powerful earthquake that caused substantial devastation in the region raised concerns about hosting the event. Nevertheless, the Moroccan government decided to proceed.

The last time these meetings were held in Africa was in 1973 when Kenya hosted the event, and several nations were still under colonial rule. Today, Africa faces a complex array of challenges, including conflicts, military coups, persistent poverty, and natural disasters, making these meetings especially pertinent.