Morocco’s earthquake fund exceeds MAD 12 billion, Kingdom praised for exceptional response

Morocco’s earthquake fund exceeds MAD 12 billion, Kingdom praised for exceptional response

Moroccans have donated a total of MAD 12 billion to the 126 Fund dedicated to dealing with the aftermath of the earthquake that struck the Al Haouz region on September 8. This was revealed on Monday by Abdellatif Jouahri, Wali of Bank Al-Maghrib (BAM), on the occasion of the Annual Meetings being held from October 9 to 15 in the ochre city.

The annual meetings of the World Bank Group and the International Monetary Fund (IMF) kicked off this Monday in Marrakech, with the participation of eminent economists and financial experts from around the world, to discuss major issues relating in particular to financing policies, economic growth and climate change.

This global event, which returns to Africa after an absence of almost 50 years, will enable economic and financial decision-makers to closely monitor the achievements and progress made by Morocco under the leadership of King Mohammed VI in various fields.

Holding this major event in the Ochre City is a strong signal of the confidence of the “Bretton Woods” institutions in the Kingdom’s capabilities, under the enlightened leadership of the King, and will also highlight the major projects launched by Morocco, such as the generalization of social protection and the reconstruction of regions affected by the Al Haouz earthquake.

In this regard, Director of the International Monetary Fund renewed her praise for Morocco’s efforts for “sustainable work for rebuilding and reconstruction operations,” appreciating the step of “starting to disburse direct monthly support to families affected by the earthquake,” recalling her visit to Al Haouz schools accompanied by the Minister Finance and Economics Nadia Fattah and her meeting with the children of the region, saying that she was “amazed that studies returned to normal in a record time.”

Speaking before a large Moroccan official audience, Georgieva added, “Smiles and enthusiasm for learning are what distinguished the region after my visit there one month after the most violent earthquake,” stressing the need to “build ambitiously for the sake of children and a better future for them, as well as a radiant future for Morocco.”

She noted that “the economic dynamism, resilience, advancement, and flexibility against crises demonstrated by the Kingdom with its various components is so inspiring that we would like to see more of it.”

This important meeting, which will bring together finance ministers and central bank governors from 190 countries, will provide an opportunity to listen to the voice of Africa and the countries of the South, as well as to highlight Morocco’s ongoing commitment to African countries through the Royal vision of South-South cooperation.

The event will also provide an opportunity for the world’s financial and banking elites to discuss, address and tackle the problems and challenges facing the countries of the South, particularly those related to Africa.

Speaking at the opening ceremony, the Head of Government, Aziz Akhannouch, began by expressing his sincere thanks to all the participants in this event, who have honored us with their presence, as well as to all our partners and brotherly and friendly countries who have expressed their solidarity and compassion towards our country, following the earthquake that struck the Al Haouz region on September 8, 2023, causing significant human and material losses in several provinces of the Kingdom.

He also expressed the Kingdom of Morocco’s deep gratitude to the IMF and the World Bank for their confidence and support, notably in maintaining the organization of the 2023 Annual Meetings in Marrakech.

“Our presence here today testifies to our country’s resilience in the face of multiple crises: emergency logistical and humanitarian measures were put in place immediately after the earthquake struck, under the High Directives of King Mohammed VI”, said the head of government, noting that citizens, including Moroccans living abroad, showed a remarkable spirit of spontaneous solidarity by mobilizing from the very first hours to provide support and assistance to the stricken population.

In addition, the Head of the Executive stressed that the reconstruction and economic and social development of the disaster-stricken areas are being structured, as a matter of urgency, within an ambitious, proactive and integrated program aimed at rebuilding damaged homes, rehabilitating infrastructures, opening up territories, reducing social deficits and promoting local economic activity.

“We are now getting down to implementing this ambitious program, with the strength of our determination and will, and the ongoing confidence and support of our partners”, he insisted.

After the opening ceremony, the program for the first day included the “Livre Maroc” launch ceremony, attended by the Head of Government, IMF Managing Director Kristalina Georgieva, Bank Al Maghrib Wali Abdelaltif Jouahri, Minister of Economy and Finance Nadia Fettah Alaoui, and several other Moroccan and foreign ministers, as well as the world’s economic and financial elite.

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