BM-IMF meetings: Morocco to support its financial inclusion strategy

Kiosk360. During a meeting between the Minister of Economy and Finance, Nadia Fattah, and the IMF Managing Director in Washington, Morocco, the IMF called on the IMF to support the implementation of the National Financial Inclusion Strategy. This article is a press review of the newspaper Les Inspirations ECO.

Great activity for the Moroccan delegation led by Nadia Fetta, Minister of Economy and Finance, participating in Washington in the work of the Spring Meetings of the World Bank Group (WBG) and International Monetary Fund (IMF) held on April 20-24.

In today’s edition, ECO Motivation reports that “the conference hosted a series of important meetings, including the meeting of the WBG-IMF Joint Development Committee and meetings of the African Advisory Group with WBG President David Malpass and IMF Managing Director Kristalina Georgieva.”

And it is, in addition to Morocco, Afghanistan, Algeria, Ghana, Iran, Pakistan and Tunisia, as chair of the group of countries within the development committee, which Nadia Fetta underlined, as the daily indicates, “emphasis on the one hand.” and the importance of using digitization to promote inclusive growth, and on the other hand implementing immediate collective action to address the scourge of crisis in developing countries.

It is indeed necessary to address the challenges of over-indebtedness and food insecurity. Not to mention “the fragility and adaptation to climate change, which has increased with the outbreak of the Ukrainian crisis and its impact on the prices of energy and food products”.

The newspaper called “the Bretton Woods Institute’s initiative to help vulnerable low- and middle-income countries meet these challenges, calling on these two institutions to review the current global financials, given their benchmark position.” architecture to adapt it to the specific development financing needs of African countries”.

See also  Migration crisis: Haitians have left the Mexican-US border

The daily note organizes a meeting between the Minister of Economy and Finance and the Director-General of the IMF with participation in the virtual mode of the Bank Al-Maghrib (BAM), Abdeltif Johri’s Wali. According to him, “an opportunity to highlight the Moroccan government’s desire to continue the momentum of reforms initiated by the Kingdom, in accordance with the King’s High Guidelines, in particular the program for the normalization of social security, according to the recovery plan” and reforms in the sector of public establishments and enterprises”. The initiative taken by the IMF to better meet the financial needs of developing countries should not be forgotten.

Similarly, he calls the National Strategy for Financial Inclusion “as a vehicle for economic integration specifically targeting women, youth and very small businesses”. ECO Motivation states that “Morocco seeks to accelerate the implementation of its National Financial Inclusion Strategy where significant progress has been made, but also where significant challenges have been faced to bridge the economic and social divide, where women, youth, rural people and and VSE”.

Hence the recommendation to develop alternative offerings like payment accounts, micro savings and micro insurance, which are more accessible to the excluded population, which will boost their financial inclusion. The newspaper recalls that VSEs, micro-enterprises and auto-entrepreneurs are also bad banks, “only 48% of them have a bank account and 6% use bank credit”. Among the brakes affecting their banking, are “their low activity rate (45%), their low need for financing (41%) and their lack of confidence in the banking sector”.

See also  Nigeria: 28 high school students freed by their captives in the North-West

You May Also Like

About the Author: Hanley Mallin

Internet geek. Wannabe bacon enthusiast. Web trailblazer. Music maven. Entrepreneur. Pop culture fan.

Leave a Reply

Your email address will not be published.