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Marrakesh Meetings: Raising Funds to Curb Poverty, Allocating New Seat for Africa

[From left to right] Deputy Director of the IMF Gita Gopinath, IMF Director Kristalina Georgieva, and Acting Spanish Minister of Economy, Nadia Calvino, in a session at the Fund’s meetings in Marrakesh, October 14, 2023. (AP)
[From left to right] Deputy Director of the IMF Gita Gopinath, IMF Director Kristalina Georgieva, and Acting Spanish Minister of Economy, Nadia Calvino, in a session at the Fund’s meetings in Marrakesh, October 14, 2023. (AP)
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Marrakesh Meetings: Raising Funds to Curb Poverty, Allocating New Seat for Africa

[From left to right] Deputy Director of the IMF Gita Gopinath, IMF Director Kristalina Georgieva, and Acting Spanish Minister of Economy, Nadia Calvino, in a session at the Fund’s meetings in Marrakesh, October 14, 2023. (AP)
[From left to right] Deputy Director of the IMF Gita Gopinath, IMF Director Kristalina Georgieva, and Acting Spanish Minister of Economy, Nadia Calvino, in a session at the Fund’s meetings in Marrakesh, October 14, 2023. (AP)

Two positive points can be taken from the annual meetings of the International Monetary Fund and World Bank in Marrakesh: The first is the success in raising the needed amounts for the Poverty Reduction and Growth Trust Fund (PRGT), which allows it to continue financing low-income countries with interest-free loans, and the second is the allocation of a new seat for Africa.

Finance ministers, central bank governors, representatives of financial institutions, and thousands of participants attended the meetings in Marrakesh, which successfully hosted the event, despite the deadly earthquake that struck Al-Haouz region in early September, claiming the lives of thousands of people.

IMF officials pointed to several goals achieved at the conclusion of the meetings.

The first goal is for IMF member states to agree to complete the Chapter 16 review with a significant increase in quotas in order to make the Fund financially strong in terms of its ability to move forward, in the event that the world is exposed to another shock.

Spanish Economy Minister Nadia Calvino, who chairs the IMF Financial Committee, said at a press conference that there was “agreement on a meaningful increase of quotas by the end of the year.”

The quotas, which are based on the size of a country’s economy, determine how much funding a nation should provide to the IMF, its voting power and the maximum amount of loans it can obtain.

In this regard, IMF chief Kristalina Georgieva said: “Demand for Fund support from low‑income countries and vulnerable middle‑income countries is at a record high. To be able to provide meaningful support, we need more resources for our Poverty Reduction and Growth Trust, especially subsidy resources, so we can provide zero interest rate loans.”

Calvino noted that an agreement was reached on “our common priorities‑‑to safeguard financial stability, to reduce inflation, to ensure fiscal sustainability, while protecting the most vulnerable.”

She added: “There is also agreement on a meaningful increase of quotas by the end of the year, at least maintaining the size of the Fund. And this is a key to put on track a quota‑‑a strong, quota‑based, and adequately resourced IMF that can ensure financial stability but also better support the most vulnerable countries.”

Calvino also announced an agreement to give sub-Saharan Africa a third seat on its executive board at its first meetings in the continent since 1973.

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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
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FAO Aims for Key Outcomes at COP16 in Saudi Arabia

Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)
Preparations in the Saudi capital ahead of hosting the COP16 conference on combating desertification (from the “COP16” page on the X platform)

Dr. Abdul Hakim Elwaer, Assistant Director-General of the Food and Agriculture Organization (FAO), stated that the organization will take an active role at COP16, the UN conference on combating desertification, scheduled to take place in Saudi Arabia in early December.

In remarks to Asharq Al-Awsat, he expressed confidence that the conference—the first of its kind in the Middle East—would produce significant outcomes.

Elwaer’s comments came during a roundtable organized by FAO’s regional office in Cairo, attended by a select group of media representatives. The session focused on FAO’s participation in the upcoming conference and the importance of the Rio Trio —the integrated framework of the three major UN conventions addressing climate change, biodiversity conservation, and desertification.

Fida Haddad, FAO’s Program Officer for Land Rehabilitation and Climate Change, highlighted the interconnectedness of the three conventions and noted that COP16 would place a strong emphasis on land and water rehabilitation and their sustainable management.

Haddad pointed out that approximately 90% of the Middle East is affected by arid conditions. Despite this, local communities and Arab governments have made notable progress in addressing desertification and drought. She also announced that, for the first time, FAO has successfully placed food systems on the COP16 agenda, enabling discussions on how land rehabilitation can enhance food supply chains and systems.

Elwaer underscored FAO’s central role in achieving the second Sustainable Development Goal (SDG): eradicating hunger. He emphasized that FAO actively engages in the UN conventions on climate change, biodiversity, and desertification, which collectively contribute to this mission.

FAO’s focus, according to Elwaer, is on transforming food and agricultural systems to become more inclusive, efficient, and sustainable, aiming for better production, nutrition, and livelihoods. He highlighted the organization’s success in integrating these priorities into the agendas of the three conventions and collaborating with host countries on joint initiatives.

He further noted that Saudi Arabia’s hosting of COP16 is particularly significant for the region, which faces pressing challenges such as water scarcity, desertification, and food insecurity. The conference presents an opportunity for Middle Eastern nations to highlight these issues, explore solutions, and ensure their inclusion in global environmental discussions, not only at this event but in future COP sessions, he underlined.

Elwaer emphasized the growing global attention on desertification, as it is now impacting regions previously unaffected, such as southern Europe and parts of Latin America. These areas are witnessing alarming declines in arable land and forests, prompting them to seek lessons from the Arab world, which has developed resilience strategies to combat desertification over centuries.

FAO will have a strong presence at COP16, with two dedicated pavilions—one in the Blue Zone for official delegations and another in the Green Zone to engage civil society and conference participants, he said.

He added that in collaboration with Saudi Arabia and the UN, FAO will lead coordination on Food Day and Governance Day, scheduled for December 5 and 6, respectively. The organization will also participate in other specialized sessions throughout the conference.