Washington, D.C.: Morocco Can Use Crises as ‘Pedals’ for Emergence, Economy Minister Says

« We have in Morocco the ability to use these crises as pedals of our emergence, » Fettah told MAP in reference to the successive crises of COVID-19 and 2022’s « acute » drought experience, noting the Kingdom’s exemplary resilience marked by the highest growth rate in the MENA region in 2021 (8%).

The Minister has, in this sense, highlighted various elements marking the year 2022. These show Morocco’s anticipation of a new level of economic and social development.

Namely, these elements concern public investment, which should reach a record level alongside public deficit reduction, the maintenance of structural reforms and the human and material means allocated for the reform of the education and health sectors.

Fettah held on Tuesday in Washington, D.C. a series of meetings with World Bank Group President David Malpass, and several directors of this institution, to review the « exceptional partnership » between the World Bank and Morocco.

These talks were also an opportunity to review the preparations for the Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) scheduled to take place in Marrakech in October 2023.

The Annual Meetings of the World Bank Group and the IMF are held primarily in Washington, D.C., and every three years in a member country other than the United States, to reflect the international character of the two institutions. The last meeting in Africa was held in 1973 in Nairobi.

The meetings bring together central bank governors, finance ministers, academics, business leaders, parliamentarians, civil society organizations, and journalists for a week to discuss global issues, including financial stability, the impact of climate change, and the effectiveness of development assistance.