The International Monetary Fund (IMF) and the World Bank kick off their Annual Meetings in Marrakech, Morocco on Monday.
They return to Africa for the first time since 1973. IMF Executive Director Kristalina Giorgieva speaks at the opening.
She says the world economy is stronger than last year but warns of challenges in Africa.
Next, the World Bank predicts slower growth for Africa. Specifically, it forecasts a rate of 2.5% this year. This is down from 4.8% last year.
A World Bank report outlines the problems. For instance, it mentions instability and slow growth in major African economies.
On Monday, two key sessions take place. One focuses on African businesswomen. The other talks about managing public spending in Guinea-Bissau through blockchain.
Then, on Tuesday, new economic reports launch. These include a global economic outlook and discussions on poverty.
On Wednesday, World Bank President Ajay Banga holds a press conference. Also, there’s a talk on countries with a lot of debt.
Particularly, Zambia is in the spotlight for its financial struggles. Finally, the meetings wrap up on Saturday. At that time, the host for the 2026 meetings gets announced.
Background African Economy
Globally, the issue of debt is not unique to Africa. Many emerging markets are grappling with it.
Even more developed countries are discussing debt management. In Africa, though, the stakes are higher. This is due to weaker economies and fewer resources.
Compared to the world, Africa’s 2.5% growth seems modest. Yet, it’s crucial for the continent’s future.
Also, tech like blockchain in public spending is not a new idea. But its application in Africa could be groundbreaking.
Therefore, these meetings in Morocco are not just another yearly event. They set the tone for policy shifts that could affect millions of lives, both in Africa and globally.