Morocco welcomes annual meeting of IMF and World Bank a month after deadly earthquake

abcnews.go.com:

The International Monetary Fund and World Bank are holding their annual meetings in Morocco, one month after an earthquake killed nearly 3,000 people in the North African country

MARRAKECH, Morocco — In the shadow of a deadly earthquake in Morocco that caused nearly $12 billion in damage, the world's most powerful economic policymakers said they would focus on Africa as they work to grow and stabilizing the global economy during times of war, inequality and climate change.

The International Monetary Fund and World Bank are holding their annual meetings in Africa for the first time in 50 years as they face a growing chorus of criticism that poorer nations are underrepresented at the two institutions. Both have recently said they plan to give Africa additional seats on their executive boards. The conference theme was clear Monday during the gathering in Marrakech, although definitive details had yet to be discussed.

“We're here, Africa,” IMF Managing Director Kristalina Georgieva said on a panel with African entrepreneurs.

Often lenders of last resort, the IMF and the World Bank use billions in loans and assistance to buoy struggling economies and encourage countries operating in deficit to implement reforms they say promote stability and growth.

But critics — including officials from throughout Africa — have said policies that deny economies access to credit and loans in the absence of balanced budgets often require governments to make impossible choices, including tax reform or making cuts to subsidies for food or energy.

Though the policies often intend to prevent countries from defaulting, keeping up with high interest loans in Africa means less money for critical needs, youth and infrastructure, said Nadia Fettah,