IMF/WBG annual meetings kick off in Marrakech with Egyptian participation

The meetings come amid severe challenges for the global economy, particularly for developing countries and emerging markets.

The meetings are being held in an African country for the first time in 50 years, the last time being in Kenya in 1973.

A high-level delegation from Egypt is participating in the meetings that include Governor of the Central Bank of Egypt (CBE) and the Governor of Egypt at the IMF Hassan Abdallah, the Deputy Governor of Egypt at the IMF and the Minister of Finance Mohamed Maait, and the Governor of Egypt at the WBG and the Minister of International Cooperation Rania Al-Mashat.

The Egyptian presence in the meetings comes as Egypt is engaged in an Extended Fund Facility (EFF) programme with the IMF to secure a $3 billion loan through FY2025/2026.

The Egyptian delegation is expected to consult with IMF officials during the event to push the deal forward, which has not witnessed any progress since the IMF approved it in December 2022.

Egypt has so far only secured only the first tranche of the loan valued at $347 million. Neither of the two scheduled reviews, one in March and the other in September, have been completed.