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

October 11, 2023

Marrakech, Morocco:
On the occasion of the 2023 World Bank and International Monetary Fund
(IMF) Annual Meetings in Marrakech, the World Bank President Ajay Banga;
IMF Managing Director Kristalina Georgieva; Kingdom of Morocco Minister of
Economy and Finance Nadia Fettah; and Bank Al‑Maghrib Governor Abdellatif
Jouahri, today issued the following statement:

“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. Prospects for global growth in the medium-term are at their lowest
level in decades. The scarring effects of successive crises are
increasingly apparent, just as many countries are struggling to overcome
high inflation, high debt, and significant financing shortfalls to provide
basic services, support infrastructure and climate action, and address
rising poverty, inequality, and fragility.

“The world has become 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.

“Our understanding of the major risks and disruptive forces facing the
global economy has evolved: the existential threat posed by climate change,
growing disparities in income and opportunity, and geopolitical tensions
are intensifying. Rapid digitalization and technological transformations
create new challenges, but also opportunities, and no country should be
left behind.

“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.

“These 4 Marrakech Principles for Global Cooperation provide a
broad framework to help harness the power of multilateralism to the benefit
of all.

*****

1.

Reinvigorating Inclusive and Sustainable Growth

• Promoting growth-enhancing structural reformsaimed at
  strengthening governance, the rule of law, trade, and the business
  environment to attract new investment and generate jobs.
• Expanding financing sourcesby boosting domestic resource
  mobilization, upscaling the provision and effective use of concessional
  resources, leveraging donor resources, fostering foreign direct
  investment, and catalyzing private sector finance, while improving
  public expenditure efficiency.
• Addressing fragility by effectively utilizing mechanisms for
  supporting fragile and conflict-affected states and jointly addressing
  global sources of food and energy insecurity.

2. Building Resilience

• Strengthening institutional capacity by building stronger
  institutions and policy frameworks with support from international
  organizations.
• Maintaining external stabilitybypursuing sound
  macroeconomic policies and avoiding disruptive spillovers to other
  countries.
• Strengthening public debt management and resolution
  frameworksby enhancing external and domestic debt management and
  improving the efficiency and timeliness of debt restructuringprocesses.
• Enhancing global crisis preparedness and mitigationby
  increasing the resilience of supply chains, strengthening pandemic
  preparedness, strengthening financial sectors, undertaking timely
  macroeconomic adjustments, building adaptive social protection, and
  reinforcing the Global Financial Safety Net.
• Decoupling growth from climate riskby 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, and promoting
  sustainable land and water management practices.

3. Supporting Transformational Reforms

• Accelerating the green transitionthrough
  determinedefforts by all countries to advance decarbonization
  of their economies based on the principles the Paris Agreement, while
  ensuring energy security throughout the transition.
• Managing technological transformations to avoid digital
  fragmentation, narrow the digital divide, facilitate creation of
  modernized, efficient domestic and cross-border payment systems and
  foster financial inclusion. Internationally harmonized rules and
  regulations must also be developed in tandem on crypto assets, data
  protection, cyber security, and artificial intelligence.
• Enhancing health systems and preparedness through
  collaborative work towards enhancing global health security by
  improving universal health coverage, strengthening health systems, and
  establishing global mechanisms to ensure equitable access to vaccines
  and medications.
• Promoting equitable and quality education to advance global
  efforts toward inclusive and equitable quality education, broadening
  access to early childhood, primary, and secondary education, and
  boosting quality to ensure learning in the classroom.
• Building gender equality to expand and enable economic
  opportunities, empower, and engage women as leaders.”

4.

Strengthening and Modernizing Global Cooperation

• Strengthening the international monetary system and its rules,
  conventions, and institutions to respond to countries’ needs and to
  facilitate cross-border trade, payments, and investment flows.
• Strengthening the multilateral trading systemto support global
  economic cooperation and growth by ensuring that it is rules-based,
  non-discriminatory, fair, open, inclusive, sustainable, and transparent
  with effective dispute resolution mechanisms.
• Enhancing collaboration, as the IMF and the World Bank are
  
  committed
  
  to working closely together and with partners to help member countries
  address challenges and leverage opportunities.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER:

Phone: +1 202 623-7100Email: MEDIA@IMF.org

@IMFSpokesperson