The economic, social and political developments witnessed in recent years call for reforming the institutions and rules governing multilateralism, said King Mohammed VI.
In a message addressed to participants at the Annual Meetings of the World Bank Group (WB) and the International Monetary Fund (IMF), being held from October 09 to 15 in Marrakech, the Sovereign underlined that: “Today, geo-economic fragmentation and the rise of a sovereignty-driven sentiment – which can be explained, in part, by a desire to readjust the balance of both economic and political power at the global level – are jeopardizing the significant progress multilateralism has enabled us to make over the last few decades.”
Tthe King said, however, in the Message, which was read out by Omar Kabbaj, Advisor to the King, that the basic principles underlying multilateralism ought to be consolidated, and the spirit that drives it, revitalized, adding that they remain necessary “to preserve stability and world peace, and to boost synergies in order to meet the common challenges our planet and our peoples are facing.”
“However, and as we all know, global challenges call for global solutions. They can only be devised within a framework of unity and mutual respect between nations,” said the Sovereign, adding that it is a framework in which diversity is a valued component, a source of wealth rather than conflict, and in which the intrinsic characteristics of each state and each region are duly taken into account.
Similarly, the King stressed the importance of revisiting and improving the global financial architecture to make it more equitable and inclusive, believing that these Annual Meetings as the best forum for dialogue and constructive debate on the proposed overhaul.
The Sovereign also emphasized that globalization, which has prevailed since the 1980s and has helped reduce production costs and expand global trade, has contributed, in part, to mitigating inflation.
This phenomenon is now eroding household purchasing power across the world, despite aggressive monetary policies which, although they have been largely synchronized, have not been without consequences for economic activity, pointed out the Sovereign, noting globalization has led to tangible improvements in living standards, enabling large swathes of the world’s population to escape poverty, but it has not been without adverse effects, especially in terms of growing inequalities.