The International Monetary Fund (IMF) and the World Bank are performing their yearly conferences in Marrakesh, Morocco, for the veryfirst time in half a century. The conferences, which were atfirst slated for 2021 however postponed due to the COVID-19 pandemic, mark a considerable return to Africa, with Kenya being the last African country to host these conferences throughout colonial guideline in 1973.
On Monday, the 2 organizations, led by IMF’s Kristalina Georgieva and World Bank’s President Ajay Banga, revealed their objective to enhance Africa’s representation on their executive boards by including a 3rd seat. This effort linesup with Georgieva’s belief that a flourishing Africa is important for a prospering world economy. However, the primary factors have withstood this capital boost as it would need more funds and possibly provide more impact to emerging economies like China and India.
The World Bank hasactually proposed a $50 billion len