The International Finance Institute (IFI) has confirmed that it will proceed with its annual meeting scheduled in Marrakech from October 12 to 14, following the International Monetary Fund (IMF) and World Bank's decision to maintain their plans for meetings in the Moroccan city despite the devastating earthquake that struck on September 8.
The IFI's parallel meeting will gather central bank governors, policymakers, and senior executives in the financial sector to discuss critical issues, including global economic forecasts, financing for climate transition, and debt in emerging markets.
The leading group in global banking has also expressed its commitment to providing opportunities for its members to support local vendors and artisans in the Marrakech region while contributing to relief efforts organized by the charitable organization World Central Kitchen in Morocco.
Tim Adams, the President and CEO of the International Finance Institute, stated in a press release that the meetings in Marrakech come at a time when their mission to enhance financial stability and sustainable growth is more crucial than ever. He emphasized, "The global financial industry is a driver of economic growth and resilience. This year, our mission gains greater significance following the tragic earthquake that struck Morocco."
The Moroccan government reported that the earthquake, which registered a magnitude of 6.8 and was centered 72 kilometers from Marrakech, resulted in the loss of over 2,900 lives and damaged approximately 60,000 homes across 2,930 villages, mainly in the High Atlas Mountains, which has a total population of 2.8 million.
While the historic parts of Marrakech suffered damage, the newer areas, including hotels and the IMF headquarters, remain intact. The meetings of the IMF, World Bank, and the International Finance Institute are expected to attract over 10,000 attendees to Marrakech.
On a related note, U.S. Energy Secretary Chris Wright confirmed on Monday that oil prices are likely to peak "within the next few weeks" once shipping through the Strait of Hormuz resumes. The IMF, World Bank, and International Energy Agency urged countries worldwide on Monday to avoid stockpiling energy supplies and imposing export restrictions.
Fatih Birol, the Executive Director of the International Energy Agency, expressed hope on Monday that there would not be a need for another draw from strategic oil reserves. Concerns are rising regarding the impact of the Iran war on the global economy as more countries announce emergency measures to tackle rising energy costs, while others seek international support.
As reported by alghad.tv.
