Statement by World Bank President Ajay Banga, IMF Managing Director Kristalina Georgieva, Morocco’s Minister of Economy and Finance Nadia Fettah, and Bank Al‑Maghrib Governor Abdellatif Jouahri on the Marrakech Principles for Global Cooperation
October 11, 2023
Marrakech, Morocco:
On the occasion of the 2023 World Bank and International Monetary Fund
(IMF) Annual Meetings in Marrakech, the World Bank President Ajay Banga;
IMF Managing Director Kristalina Georgieva; Kingdom of Morocco Minister of
Economy and Finance Nadia Fettah; and Bank Al‑Maghrib Governor Abdellatif
Jouahri, today issued the following statement:
“As the global community gathers in Marrakech, we need to stand together,
united in the goal of protecting our future prosperity and ending extreme
poverty. Prospects for global growth in the medium-term are at their lowest
level in decades. The scarring effects of successive crises are
increasingly apparent, just as many countries are struggling to overcome
high inflation, high debt, and significant financing shortfalls to provide
basic services, support infrastructure and climate action, and address
rising poverty, inequality, and fragility.
“The world has become more shock-prone, with increased risks to growth,
development, jobs, and living standards that widen inequalities within and
across countries. Emerging market and developing economies have been
especially hard hit.
Income divergence with advanced economies has deepened further,
and the world is not on a path to eliminate extreme poverty by 2030.
“Our understanding of the major risks and disruptive forces facing the
global economy has evolved: the existential threat posed by climate change,
growing disparities in income and opportunity, and geopolitical tensions
are intensifying. Rapid digitalization and technological transformations
create new challenges, but also opportunities, and no country should be
left behind.
“Marrakech 2023 is a call for enhanced global collaborative action on
common challenges, so we can build resilience and expand opportunities for
a better future.
“These 4 Marrakech Principles for Global Cooperation provide a
broad framework to help harness the power of multilateralism to the benefit
of all.
*****
1.
Reinvigorating Inclusive and Sustainable Growth
-
Promoting growth-enhancing structural reformsaimed at
strengthening governance, the rule of law, trade, and the business
environment to attract new investment and generate jobs. -
Expanding financing sourcesby boosting domestic resource
mobilization, upscaling the provision and effective use of concessional
resources, leveraging donor resources, fostering foreign direct
investment, and catalyzing private sector finance, while improving
public expenditure efficiency. -
Addressing fragility by effectively utilizing mechanisms for
supporting fragile and conflict-affected states and jointly addressing
global sources of food and energy insecurity.
2. Building Resilience
-
Strengthening institutional capacity by building stronger
institutions and policy frameworks with support from international
organizations. -
Maintaining external stabilitybypursuing sound
macroeconomic policies and avoiding disruptive spillovers to other
countries. -
Strengthening public debt management and resolution
frameworksby enhancing external and domestic debt management and
improving the efficiency and timeliness of debt restructuringprocesses. -
Enhancing global crisis preparedness and mitigationby
increasing the resilience of supply chains, strengthening pandemic
preparedness, strengthening financial sectors, undertaking timely
macroeconomic adjustments, building adaptive social protection, and
reinforcing the Global Financial Safety Net. -
Decoupling growth from climate riskby developing capacities to
manage and implement cost-effective strategies for disaster risk
reduction and planning, enabling construction and maintenance of
climate and disaster shock resilient infrastructure,strengthening
regional efforts against ecological challenges that might lead to
forced migration, including by preserving biodiversity, and promoting
sustainable land and water management practices.
3. Supporting Transformational Reforms
-
Accelerating the green transitionthrough
determinedefforts by all countries to advance decarbonization
of their economies based on the principles the Paris Agreement, while
ensuring energy security throughout the transition. -
Managing technological transformations to avoid digital
fragmentation, narrow the digital divide, facilitate creation of
modernized, efficient domestic and cross-border payment systems and
foster financial inclusion. Internationally harmonized rules and
regulations must also be developed in tandem on crypto assets, data
protection, cyber security, and artificial intelligence. -
Enhancing health systems and preparedness through
collaborative work towards enhancing global health security by
improving universal health coverage, strengthening health systems, and
establishing global mechanisms to ensure equitable access to vaccines
and medications. -
Promoting equitable and quality education to advance global
efforts toward inclusive and equitable quality education, broadening
access to early childhood, primary, and secondary education, and
boosting quality to ensure learning in the classroom. -
Building gender equality to expand and enable economic
opportunities, empower, and engage women as leaders.”
4.
Strengthening and Modernizing Global Cooperation
-
Strengthening the international monetary system and its rules,
conventions, and institutions to respond to countries’ needs and to
facilitate cross-border trade, payments, and investment flows. -
Strengthening the multilateral trading systemto support global
economic cooperation and growth by ensuring that it is rules-based,
non-discriminatory, fair, open, inclusive, sustainable, and transparent
with effective dispute resolution mechanisms. -
Enhancing collaboration, as the IMF and the World Bank are
committed
to working closely together and with partners to help member countries
address challenges and leverage opportunities.
IMF Communications Department
MEDIA RELATIONS
PRESS OFFICER:
Phone: +1 202 623-7100Email: MEDIA@IMF.org
