IMF Managing Director: Morocco, Brilliant Embodiment of Africa’s Greatest Potential

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, described Morocco as a “brilliant” example of Africa’s greatest potential.

“I had the chance to visit the Noor Ouarzazate solar power plant, one of the largest in the world, and I was impressed by Morocco’s engineering and its development,” stated Georgieva on the sidelines of her visit to Morocco as part of the preparations for the annual meetings of the World Bank (WB) and the International Monetary Fund (IMF), scheduled to be held in October in Marrakech, adding that “I have no doubt that Morocco has a promising future ahead of it.”

Georgieva also noted that Morocco has undertaken several reforms in recent years, which positively impacted the competitiveness of the Moroccan economy while maintaining solid macroeconomic fundamentals, noting that “today, there is a great determination to pursue this path of reform.”

The IMF Managing Director emphasized that Morocco, similar to other countries, has been impacted by the consequences of the COVID-19 pandemic and the rise in energy prices following the Russian-Ukrainian conflict, pointing out that the Kingdom possesses a clear vision of how to revitalize its economy and create new opportunities. 

In a similar context, the Managing Director shed light on the New Development Model (NMD), considered a major initiative to invest in human capital, particularly in education and social protection, stressing that such a dynamic had established a favorable climate for entrepreneurship.

“Morocco must continue to diversify its economy on this basis,” Georgieva recommended.

Recalling that Morocco was the first African country to obtain a flexible credit line against economic shocks, the IMF official stressed that this credit line is only accessible to high-performing countries.

“The International Monetary Fund (IMF) supports Morocco in its journey towards establishing a greener economy, adapted to the consequences of climate change,” affirmed Georgieva. 

During her visit, Georgieva held a series of meetings and carried out several activities, including her participation in a high-level round table on the Central Bank’s digital currencies (MNBC), organized by Bank Al-Maghrib and the International Monetary Fund (IMF).

The Marrakech Annual Meetings mark their return to Africa following an absence of fifty years, bringing together over 15.000 high-level, including Ministers of Economy and Finance, Governors of the Central Banks of member countries, and representatives of civil society, the private sector, international media, and academia.

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