Editor’s note: This story is part of Mariblock’s “State of Fiat” coverage. Digital assets such as bitcoin are seen as competitors to central bank money. Therefore, we consider informing our audience of the state of their local currencies worthwhile.
Despite the recent devastating earthquake in Morocco, the International Monetary Fund (IMF) and World Bank have opted to proceed with their annual meetings in Marrakech, scheduled for October.
- According to Reuters, top officials from the IMF and the World Bank decided to continue with the annual meetings following approvals from Moroccan authorities.
- There are concerns about the earthquake affecting the meetings in Marrakech since it is expected to bring a crowd of 10,000-15,000 people to the city.
- IMF managing director Georgieva said that Morocco’s prime minister told her it would be devastating for Morocco’s hospitality sector if the meeting is moved to a different location.
- World Bank president Ajay Banga, IMF managing director Kristalina Georgieva and Morocco’s Economy Minister Nadia Fettah Alaoui said in a joint statement:
“As we look ahead to the meetings, it is of utmost importance that we conduct them in a way that does not hamper the relief efforts underway and that is respectful to the victims and the Moroccan people.”
Adjusting to the situation
- Given the recent earthquake in Morocco, the IMF and World Bank have been working closely with Moroccan authorities to assess the feasibility of holding the meetings in Marrakech.
- The primary consideration was to ensure that the meetings would not disrupt relief and reconstruction efforts and prioritize the safety of participants.
- After carefully reviewing all these, the IMF and World Bank have agreed to proceed with the annual meetings.
- The World Bank and IMF annual meetings will be held in Africa for the first time in 50 years.