Statement by the International Monetary Fund, Arab Fund for Economic and Social Development, and Arab Monetary Fund at the Conclusion of the Conference on Promoting Growth, Jobs, and Inclusiveness in the Arab World
IMF News, January 30, 2018
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- Statement by the International Monetary Fund, Arab Fund for Economic and Social Development, and Arab Monetary Fund at the Conclusion of the Conference on Promoting Growth, Jobs, and Inclusiveness in the Arab World
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Bibliographic details
- Published: January 30, 2018
Overview
- Press Release No. 18/31
- Date: January 30, 2018
- Issued by: IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Wafa Amr
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
- Occasion: Conclusion of the conference “Opportunity for All: Promoting Growth, Jobs, and Inclusiveness in the Arab World,” co-hosted by the Government of Morocco, IMF, AFESD, and AMF in Marrakesh.
Major findings and regional challenges
- The Arab world and other countries in the region possess significant potential: a young and talented population, a rich culture and history, and resource-abundant economies.
- Persistent constraints identified:
- Protracted regional conflicts.
- Low commodity prices.
- Weak productivity.
- Poor governance.
- Growth has not been strong enough to reduce unemployment significantly.
- A stated statistic: 25 percent of young people are jobless.
- The region faces both a challenge and an opportunity to harness the talent of youth and women and to take advantage of the global upswing to accelerate reforms and spur growth and job creation.
Marrakesh Call for Action — Priority reforms (summarized)
The conference called on governments to “ACT NOW” by pursuing actions or reforms that promote:
- Accountability:
- Increase transparency.
- Strengthen institutions to improve governance.
- Tackle corruption and ensure responsibility for inclusive policies.
- Competition:
- Foster a more vibrant private sector.
- Improve access to finance.
- Create a better business environment with fewer barriers and less red tape.
- Technology & Trade:
- Leverage technology.
- Nurture trade to generate new sources of growth, create jobs, and foster prosperity.
- No one left behind:
- Build strong safety nets.
- Strengthen legal rights to empower disadvantaged groups, including youth, women, rural populations, and refugees.
- Opportunity:
- Increase and improve the quality of social and investment spending.
- Pursue fairer taxation to support growth, lift-up citizens and share the burden of reform more equitably.
- Workers:
- Invest in people.
- Reform education to equip workers for the new economy.
Conference conclusions, commitments, and recommended actions
- The Marrakesh conference built on the Amman conference in 2014 and focused on specific policies needed to:
- Identify new sources of growth.
- Overcome obstacles to implementation.
- Make growth more inclusive.
- The Marrakesh Call for Action will guide IMF, AFESD, and AMF engagement with policymakers and stakeholders in the region.
- These priorities will form the basis for a set of recommended policy actions for governments, together with the private sector, civil society, and international financial institutions, to raise growth and living standards and generate a more prosperous future.
- Additional external financing, preferably as grants, will be needed to support the region, particularly to help post-conflict countries and those displaced by war.
- The statement emphasizes that more robust and inclusive growth is a shared responsibility and is vitally important for both the region and the rest of the world.
Institutional engagement and acknowledgements
- The IMF, AFESD, and AMF committed to using the Marrakesh Call for Action in ongoing partnerships with the region.
- Expressions of appreciation:
- The Kingdom of Morocco, the King, the government and the people of Morocco for generosity and hospitality.
- Prime Minister Saad Eddine El Otmani and Finance Minister Mohamed Boussaid and his dedicated team for organizing the conference.
- All participants for making the conference a success and for their commitment to advance the inclusive growth agenda.
Statement by the International Monetary Fund, Arab Fund for Economic and Social Development, and Arab Monetary Fund at the Conclusion of the Conference on Promoting Growth, Jobs, and Inclusiveness in the Arab World — Press Release No. 18/31, January 30, 2018.
Content in this bundle
- VACANCY ANNOUNCEMENT — ECONOMIST, IMF Resident Representative Office for Jordan