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
IMF News, October 11, 2023
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- 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
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Bibliographic details
- Published: October 11, 2023
Context and key messages
- Occasion: 2023 World Bank and International Monetary Fund (IMF) Annual Meetings in Marrakech.
- Issuers: World Bank President Ajay Banga; IMF Managing Director Kristalina Georgieva; Kingdom of Morocco Minister of Economy and Finance Nadia Fettah; Bank Al‑Maghrib Governor Abdellatif Jouahri.
- Press Release No. 23/345.
- Date: October 11, 2023.
- Central claim: “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.”
- Framing of challenges:
- Prospects for global growth in the medium-term are “at their lowest level in decades.”
- Successive crises have produced “scarring effects,” with many countries struggling with high inflation, high debt, and significant financing shortfalls.
- Consequences include reduced ability to provide basic services, support infrastructure and climate action, and address rising poverty, inequality, and fragility.
- The world is “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.”
- Major risks and disruptive forces identified: the existential threat posed by climate change, growing disparities in income and opportunity, geopolitical tensions, rapid digitalization and technological transformations.
- Purpose: “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.”
The 4 Marrakech Principles for Global Cooperation — summary and policy priorities
- “These 4 Marrakech Principles for Global Cooperation provide a broad framework to help harness the power of multilateralism to the benefit of all.”
H3 is reserved by the overlay rules, so the four principles are presented below as H3 subsections.
1. Reinvigorating Inclusive and Sustainable Growth
- Promote growth-enhancing structural reforms aimed at:
- Strengthening governance, the rule of law, trade, and the business environment to attract new investment and generate jobs.
- Expand financing sources by:
- Boosting domestic resource mobilization.
- Upscaling the provision and effective use of concessional resources.
- Leveraging donor resources.
- Fostering foreign direct investment.
- Catalyzing private sector finance.
- Improving public expenditure efficiency.
- Address fragility by:
- Effectively utilizing mechanisms for supporting fragile and conflict-affected states.
- Jointly addressing global sources of food and energy insecurity.
2. Building Resilience
- Strengthen institutional capacity:
- Build stronger institutions and policy frameworks with support from international organizations.
- Maintain external stability:
- Pursue sound macroeconomic policies and avoid disruptive spillovers to other countries.
- Strengthen public debt management and resolution frameworks:
- Enhance external and domestic debt management.
- Improve the efficiency and timeliness of debt restructuring processes.
- Enhance global crisis preparedness and mitigation by:
- Increasing the resilience of supply chains.
- Strengthening pandemic preparedness.
- Strengthening financial sectors.
- Undertaking timely macroeconomic adjustments.
- Building adaptive social protection.
- Reinforcing the Global Financial Safety Net.
- Decouple growth from climate risk by:
- 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.
- Promoting sustainable land and water management practices.
3. Supporting Transformational Reforms
- Accelerate the green transition:
- Determined efforts by all countries to advance decarbonization based on the principles of the Paris Agreement while ensuring energy security throughout the transition.
- Manage technological transformations:
- Avoid digital fragmentation and narrow the digital divide.
- Facilitate creation of modernized, efficient domestic and cross-border payment systems and foster financial inclusion.
- Develop internationally harmonized rules and regulations on crypto assets, data protection, cyber security, and artificial intelligence.
- Enhance health systems and preparedness:
- Collaborate to enhance global health security by improving universal health coverage, strengthening health systems, and establishing global mechanisms to ensure equitable access to vaccines and medications.
- Promote equitable and quality education:
- Advance global efforts toward inclusive and equitable quality education, broaden access to early childhood, primary, and secondary education, and boost quality to ensure learning in the classroom.
- Build gender equality:
- Expand and enable economic opportunities, empower, and engage women as leaders.
4. Strengthening and Modernizing Global Cooperation
- Strengthen the international monetary system:
- Reinforce rules, conventions, and institutions to respond to countries’ needs and to facilitate cross-border trade, payments, and investment flows.
- Strengthen the multilateral trading system:
- Support global economic cooperation and growth by ensuring the system is rules-based, non-discriminatory, fair, open, inclusive, sustainable, and transparent with effective dispute resolution mechanisms.
- Enhance collaboration:
- IMF and the World Bank commit to working closely together and with partners to help member countries address challenges and leverage opportunities.
Statement issued at the 2023 World Bank and IMF Annual Meetings in Marrakech; Press Release No. 23/345; dated October 11, 2023.
Content in this bundle
- Pr23345 Marrakech Principles for Global Cooperation
- مبادئ مراكش للتعاون العالمي
- DÉCLARATION PR23/345 — Déclaration à propos des principes de Marrakech pour la coopération mondiale