Bank gather in Morocco Monday for their first annual meetings on African soil in 50 years, under pressure to reform to better aid poor nations blighted by debt and climate change.The southern Moroccan city of Marrakesh was supposed to host it in 2021, but the gathering was postponed twice because of the Covid pandemic.
The World Bank, however, is expected to confirm plans to boost lending by $50 billion over the next decade through balance sheet changes.World Bank President Ajay Banga wants to go even further and raise capacity by $100 billion or as much as $125 billion through contributions from advanced economies.The global lenders may use the meetings to reform their quota systems.
NGOs say the austerity-driven solutions offered by the IMF and World Bank are only widening the gap between the rich and the poor in the developing world.