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International Monetary Fund (IMF) Managing Director, Kristalina Georgieva, held discussions with several global leaders including Kenyan President William Ruto, French President Emmanuel Macron, US Treasury Secretary Janet Yellen, and World Bank President Ajay Banga, to mark the conclusion of the New Global Financial Agreement Summit. The discussions took place during a press conference held in Paris on June 23, 2023.
In an exclusive interview with Reuters, Georgieva mentioned that a decision on whether to hold the next meeting in October would be determined after the upcoming gathering. She also stated that she would thoroughly assess Morocco’s suitability to host the event. Meanwhile, the IMF has already reached a staff-level agreement to provide a $1.3 billion loan to support Morocco’s efforts in increasing resilience to climate-related disasters, through the Fund’s new Resilience and Sustainability Trust.
The International Monetary Fund and World Bank made the joint announcement on September 15, in Washington. They expressed their intention to evaluate the possibility of holding the upcoming meeting in October, considering the outcome of the next meeting. Georgieva expressed her commitment to review Morocco’s capacity to host the event thoroughly.
Furthermore, in her exclusive interview with Reuters, Georgieva highlighted that the IMF has agreed to provide a $1.3 billion loan to support Morocco’s endeavors in building resilience and sustainability to tackle climate-related disasters. This assistance will be channeled through the Fund’s newly established Resilience and Sustainability Trust.
The discussions and agreements made during the New Global Financial Agreement Summit and subsequent meetings demonstrate the commitment of global leaders to address the challenges posed by climate change and foster economic resilience in various regions, including Morocco. The IMF’s financial support will play a crucial role in supporting Morocco’s efforts and ensuring its ability to withstand and respond effectively to future climate-related disasters.