WB/IMF Annual Meetings in Marrakech: ‘Another Key Moment’ for World – US Treasury Secretary

One month after the African Union became an official member of the G20, we are setting the course at another key moment” in Marrakech, emphasized Yellen, speaking at the opening of “The Voice of Africa” series of meetings and conferences at the Mohammed VI Polytechnic University (UM6P).

“The Annual Meetings have only been held in Africa once since 1947. That was 50 years ago, in 1973, in Nairobi. It was another moment of change in the world and for the World Bank,” recalled the U.S. official.

During the meeting, which was conducted on the sidelines of the WB and IMF Annual Meetings, Yellen underscored the necessity of addressing several global challenges to achieve sustainable development, including the fight against climate change.

She added that one of the primary objectives of multilateral engagement is to assist the poorest and most vulnerable, explaining that it involves creating the conditions to ensure a prosperous life for people and future generations.

The U.S. Secretary lamented the “slowness” and “deadlock” in achieving several of the Sustainable Development Goals, attributed in part to “global challenges that no single country can solve alone.”

Regarding the issue of debt, she noted that the proportion of low-income countries in a situation or at high risk of debt distress has doubled since 2015. She called for greater efforts to advance reforms, within the framework of the Global Roundtable on Sovereign Debt.

“We need an international financial architecture that delivers on the promises of multilateral engagement. The past year has given me hope that together we will harness the tools and shared political will we have to build a better world,” she concluded.

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