- The Ministry of Economy and Finance, represented by the Treasury and External Finance Directorate, engaged in the African Caucus Meeting in Abuja from August 1-3, 2024.
- The meeting highlighted key strategies to enhance intra-African trade, including improved Pan-African payment systems and energy access.
- A memorandum will be presented at the World Bank and IMF annual meetings, advocating for a $120 billion replenishment of IDA21 to address development challenges.
During the 2024 African Caucus Meeting held in Abuja, Nigeria, from August 1 to 3, the Ministry of Economy and Finance of Morocco, including members from the Treasury and External Finance Directorate, actively participated. The conference, themed “Facilitating Intra-African Trade: A Catalyst for Sustainable Development in Africa,” focused on advancing trade and economic integration across the continent.
Enhancing Intra-African trade
The meeting underscored the need for strengthening Pan-African payment systems and accelerating digitalisation to boost trade. Key recommendations included improving access to energy and connectivity, leveraging partnerships with multilateral development banks, and reforming global financial architecture. These measures aim to drive sustainable economic growth and enhance trade facilitation across Africa.
Additionally, the Governors called upon the World Bank Group (WBG) and the International Monetary Fund (IMF) to deploy their expertise and resources to support these initiatives, ensuring effective development and implementation of these strategies.
Funding and development priorities
The delegates emphasised the necessity for a robust replenishment of IDA21, targeting $120 billion. This funding is critical to address pressing issues such as climate change, food security, energy deficits, and digital transformation. The aim is to strengthen efforts against these challenges and promote regional integration and stability.
A memorandum detailing the discussions and resolutions will be presented to the heads of the WBG and IMF during their annual meetings in October 2024. This document will encapsulate the collective views and concerns of the African Governors and outline the strategic priorities for future support and collaboration.
This participation highlights Morocco’s commitment to regional economic integration and sustainable development, aligning with broader international goals and reinforcing its role in the African economic landscape.
About Ministry of Economy and Finance
The Ministry of Finance plays a pivotal role in Morocco’s economic framework, encompassing a broad spectrum of responsibilities crucial for the country’s fiscal and financial stability. Its core mission includes the development and implementation of the Finance Act, which sets the foundation for budgetary planning and public revenue management. The Ministry is instrumental in shaping tax and customs policies, ensuring their effective application, and overseeing the collection and allocation of public funds. In addition, it establishes financial stability criteria, regulates financial institutions, and represents Morocco in international financial forums. The Ministry also undertakes rigorous control of public expenditures, audits state entities, and manages the privatization and restructuring of public assets. Through these comprehensive functions, the Ministry of Finance ensures robust economic governance, contributing to Morocco’s overall fiscal health and strategic economic development.
