Morocco Prepares to Host IMF-World Bank Meetings, a ‘Rite of Passage for a Rising Power’
The announcement that Morocco would host the 2023 meeting was “a marker of that country’s growing soft power status”, Snell underlines in an analysis published by US TV channel Newsmax.
In recent years, Morocco “has enjoyed considerable diplomatic successes”, the former diplomat points out, recalling the United States’s recognition of the Kingdom’s sovereignty over its Sahara and the restoration of relations with Israel, which has also recognised the Moroccanness of the Sahara.
In Europe, Spain, Germany and the UK have expressed support for Morocco’s autonomy plan in the Sahara under Moroccan sovereignty, the analyst stresses.
Commenting on the WB-IMF Annual meetings, which will be held from October 9 – 15 in Marrakech, Snell notes that this event comes at a time when Morocco “is determined to showcase its increasingly sophisticated economy.”
“To get a large city ready for a major event such a short time after a huge natural disaster would be a challenge for any country, however wealthy,” he says, referring to the powerful earthquake that hit Al Haouz province.
“The fact that Morocco insists it is able to do so points to a country that believes it is on the up,” underlines the former UK High Commissioner to Trinidad and Tobago.
Morocco “is not, like its neighbor Algeria, dependent on the oil and gas sector and as is often the case, this has proved a benefit: Morocco has consistently higher employment, higher growth and higher rates of foreign direct investment,” the analyst points out.
“Businesses like the fact that Morocco has a stable political system with King Mohammed VI on the throne since 1999, contrasting with the turbulence and unpredictability seen across the rest of North Africa,” Snell adds.
“Since 2018, Morocco has been Africa’s largest exporter of cars, combining physical proximity to Europe and efficient logistics with a much lower cost base,” notes the former diplomat, who underlines the strength of the aerospace sector in the Kingdom.
Regarding Morocco’s transition to green energy, Snell stresses that the Kingdom “has become one of Africa’s leaders in renewable energy, notably solar and wind power.”
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