Morocco Financial News

currency manipulators should be reviewed, said India’s central bank governor, who defended the need to buttress their economies from market swings. “There has to be a two-sided appreciation of the challenges” emerging markets face dealing with spillover effects of advanced economy policies, Reserve Bank of India Governor Shaktikanta Das said Thursday at the annual meetings of the International Monetary Fund and World Bank in Marrakech, Morocco. India was most recently on the US Treasury’s watchlist as a potential currency manipulator in late 2020 and was removed two years later. In its June update, Treasury didn’t label any major trading partner as a manipulator, however seven economies remained on its monitoring list including China, Germany and Switzerland. India’s central bank has been one of the most active dollar buyers in the market in recent years as it seeks to build reserves to fend off any speculative attack on the currency.

On Oct. 13, the Group of Twenty (G20) — an intergovernmental forum comprising 19 sovereign countries, the European Union and the African Union — unanimously adopted the “G20 Finance Ministers and Central Bank Governors Communique” during its meeting in Marrakesh, Morocco.

International Monetary Fund (IMF) for the end of September and is comfortably placed to meet others such as net international reserves and net domestic assets, the bank said as quoted by Reuters. The remarks came in a statement on comments by central bank chief Jameel Ahmad during events on the sidelines of the meetings of the International Monetary Fund (IMF) and the World Bank meetings in Morocco. The Washington-based financial body will also send its delegation to cash-strapped Pakistan to review the country's economic performance in the first three months of the current fiscal year, PTI had earlier reported.

G20 Finance Ministers and Central Bank Governors have issued a joint communique in Marrakech, Morocco announcing unanimous adoption of a comprehensive roadmap aimed at regulating crypto assets. 

G20 finance ministers and central bank governors Thursday adopted the roadmap to ensure effective, flexible, and coordinated implementation of the comprehensive policy framework for crypto assets. The roadmap is based on a synthesis paper bringing together separate recommendations by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The FSB has recommended regulations rather than an outright ban on crypto assets to prevent them from undermining macroeconomic and financial stability. “We adopt the roadmap proposed in the Synthesis Paper as a G20 Roadmap on Crypto Assets.

The prospect that high interest rates will keep constricting the global economy is worrying World Bank officials as they look to the impact on nations nursing large debts.

By Andrea Shalal

The International Monetary Fund says Middle East economies are gradually recovering as external shocks from the war in Ukraine and global inflation fade

Most of the population in conflict-affected countries like Niger, Mali, Burkina Faso, Chad and northern Nigeria depends on climate-vulnerable agriculture

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Nirmala Sitharaman on Thursday met Brazil's Minister of Economy Fernando Haddad and discussed various issues of mutual interest, including the strengthening of Multilateral Development Banks (MDBs). She also met UK Chancellor of Exchequer Jeremy Hunt and discussed Bilateral Investment Treaty among other issues.

By Andrea Shalal

Israel-Hamas war dragged on to the sixth day, many countries, including India, are making arrangements to repatriate their citizens from Israel. In a show of solidarity, US Secretary of State has arrived in Israel.

By Rachel Savage and Jorgelina do Rosario

Sitharaman held discussions with US Treasury Secretary Janet Yellen on the policy priorities of the International Monetary Fund and how the institution should support its membership. The two met on the sidelines of the ongoing IMF-World Bank Annual meetings in Marrakech, Morocco, the Union Ministry of Finance informed. In her intervention, Sitharaman spoke about IMF's mandate and lending policies, a strong, quota-based, and adequately resourced IMF, Poverty Reduction and Growth Trust (PRGT) Financing and IMF Governance reforms. In her address, she also highlighted the role of IMF in addressing debt restructuring process bottlenecks and fostering cooperation on debt issues, including through co-chairing the Global Sovereign Debt Roundtable (GSDR) with India and the World Bank, according to the Finance Ministry. The roundtable discussion was hosted by US Treasury Secretary Yellen. A high-level seminar on «Strengthening the Financial Capacity of MDBs» was also organised by the G20 India Presidency. Sitharaman drew attention to India's G20 Presidency's focus on the importance of multilateralism to move towards coordinated and consensus-based solutions to global challenges and also highlighted that in line with the evolving needs of the membership, the IMF's primary focus needs to be macroeconomic surveillance and policy guidance. The participants during the seminar deliberated on various options to enhance multi-lateral development banks (MDBs) financing and how these options can be implemented most effectively across the MDBs. The Union Finance Minister also underscored the importance of the IMF to remain well-capitalised through quota-based resources to remain central to the global financial safety net. Expressing

With Israeli airstrikes marking thefifth day of escalating conflict between Israel and Hamas on Wednesday, experts are warning of rising oil prices and inflationary pressure as a potential consequence of the ongoing hostilities.

WARNING—GRAPHIC FOOTAGE: The Punaro Group CEO Gen. Arnold Punaro (ret.) discusses the attacks on Israel from Hamas and reacts to the White House being grilled over refreezing the $6 billion from the Iran prisoner swap deal.

World Bank's new president, Ajay Banga, said Wednesday that the global lender must become «better» and «bigger» to boost its capacity to help developing countries battle climate change, poverty and pandemics. Banga, who was appointed in June, made his plea at the annual meetings of the IMF and World Bank in the southern Moroccan city of Marrakesh where reform of the Washington-based institutions is a major agenda item. The former CEO of Mastercard has previously vowed to «fix the plumbing» at the bank, saying it was «dysfunctional» despite a dedicated staff. Banga said at a press conference on Wednesday that a «deep cultural change» is needed at an «institution that has a proud history and done an amazing job over the last 78 years.» He noted that countries have to deal with various departments and that it can take 27 months between the time a project is discussed and is finally approved. «The idea of a better bank is a bank that works better with itself, is more efficient in its own processes,» Banga said. The Indian-born, naturalised US citizen has vowed to made climate change a top priority after he took over from David Malpass, a former US Treasury official who stepped down early from his five-year term amid questions about his stance on the issue. Banga wants to redefine the vision of the bank towards «eradicating poverty on a liveable planet». He said poverty, pandemics and climate change were «almost like a perfect storm» that can no longer be treated separately. Oscar Soria, campaign director for the non-profit Avaaz, said the IMF and World Bank are not moving fast enough. «While changes are promised, they are too incremental, timid and slow,» Soria told AFP, adding that countries hit by several crises

Indonesia is in discussions with Australia about a possible joint bid to host the 2034 World Cup along with Malaysia and Singapore, the president of the country's football federation (PSSI) said on Wednesday. World football's governing body FIFA invited member associations from Asia and Oceania to bid for the rights to the 2034 edition last week. «We are discussing (a bid) with Australia,» PSSI President Erick Thohir was quoted as saying by the Sydney Morning Herald. «When I visited Malaysia and Singapore both countries expressed interest to join Indonesia and Australia.» When asked for comment on a possible joint bid, Football Australia referred Reuters to a statement last week that said it was «exploring the possibility of bidding for the 2029 FIFA Club World Cup and/or the FIFA World Cup 2034». The PSSI has not responded to a Reuters request for comment. After announcing Spain, Morocco and Portugal would host the 2030 World Cup, with Uruguay, Paraguay and Argentina staging the opening games, FIFA invited Asia and Oceania to bid for 2034. Saudi Arabia quickly announced its intention to bid for the hosting rights and FIFA have set a deadline of Oct. 31 for other interested parties to make their intentions known. With Qatar having hosted the 2022 edition, Thohir said it might be too soon for the World Cup to return to the Middle East. «We are quite strong,» he said.

Breitbart economics and finance editor John Carney breaks down Fed Chair Powell's policies on 'Kudlow.'

MARRAKECH, (Reuters) — Morocco's state-owned phosphates and fertiliser producer OCP said on Tuesday it had signed an agreement with the International Finance Corporation (IFC), the World Bank's investment arm, on a 100 million-euro ($106 million) loan to build two solar plants to increase production of low-carbon fertilizers.