US Treasury Secretary Janet Yellen is expected at the annual meeting of the International Monetary Fund (IMF) and World Bank in Marrakech, in which she will give a speech in the presence of international decision-makers and actors from several fields.
According to Bloomberg, Yellen might attempt to push her reform agenda for the World Bank, which includes pledging more money to help countries deal with climate change and urging other nations to follow these steps.
This agenda, first brought to light a year ago, hopes to tackle poverty and reduce serious issues that the world is facing.
On October 11, Yellen will host an “IMF Roundtable” with participants from emerging economies.
Bloomberg expects to receive feedback on a recent US request to raise IMF quotas without adjusting country shares to account for the expansion of numerous developing economies, most notably China.
Even though China today contributes around 18% of the world’s economic production, it only has a 6% vote share in the IMF.
A U.S. Treasury official also said Yellen would argue for countries and institutions at the meetings to provide as much funding as Ukraine needs to battle Russia’s invasion, reported Reuters.
Additionally, still at the IMF-WB annual meetings, the US Treasury Secretary is meeting with senior Chinese officials in light of the improving US-China ties, and may discuss new ways to limit Russia’s revenue from oil sales, stated Bloomberg
Around 12,200 participants from more than 180 countries will be taking part in the event from October 9 to 15.
Despite the devastating Al Haouz earthquake, the Moroccan government made sure that Marraekch would still hold such a grand event, further positioning Morocco as a resilient country in the face of quake repercussions, COVID-19, inflation, and very sparse rainfalls.
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