IMF, World Bank hold meetings in Morocco weeks after devastating quake

The International Monetary Fund (IMF) and the World Bank are gathering in Morocco, weeks after a powerful earthquake killed nearly 3,000 people and threatened to derail the event. “A prosperous world economy in the 21st century requires a prosperous Africa,” IMF Managing Director Kristalina Georgieva said in a speech in Abidjan last week. In a symbolic move, the IMF and World Bank are poised to give Africa a third seat on their executive boards, which Georgieva said would give the continent a “stronger voice”. The World Bank, however, is expected to confirm plans to boost lending by $50bn over the next decade through balance sheet changes. World Bank President Ajay Banga wants to go even further and raise capacity by $100bn or as much as $125bn through contributions from advanced economies.