IMF, World Bank hold 2023 annual meetings in Marrakesh, 1st gatherings in Africa in 50yrs

The International Monetary Fund (IMF) and World Bank are holding their annual meetings in the Moroccan city of Marrakesh, the first gatherings for the two financial institutions in Africa in 50 years. The last time the meetings were held in Africa was in Kenya in 1973.

The 2023 meetings are taking place on October 9-15 in the light of amid ongoing global economic challenges, particularly for developing countries and emerging markets.

A high-level delegation from Egypt is taking part in the meetings. The delegation includes Hassan Abdalla, governor of the Central Bank of Egypt (CBE) and Egypt’s governor at the IMF; as well as Finance Minister Mohamed Maait, and Minister of International Cooperation Rania al-Mashat, who is also Egypt’s Governor to the World Bank.

The Egyptian delegation is taking part in the meetings as the country has reached in late 2022 an Extended Fund Facility (EFF) programme with the IMF to secure a $3 billion loan through the financial year 2025/2026. However, Egypt has only secured only the first tranche worth $347 million. Neither of the two reviews have been completed. They were supposed to take place last March and last September.

On the sidelines of the meetings, the Egyptian delegation will discuss with the IMF officials the latest updates on the loan agreement.