2023-06-14 12:19:11
Morocco is “a good student” of International Financial Institutions (IFIs) such as the world Bank
world Bank
BM
The World Bank brings together two organizations, the IBRD (International Bank for Reconstruction and Development) and the IDA (International Development Association). The International Bank for Reconstruction and Development (IBRD) was created in July 1944 in Bretton Woods (United States), on the initiative of 45 countries meeting for the first United Nations Monetary and Financial Conference.
In 2022, 189 countries are members.
Click for details. (BM). The kingdom is mostly a good customer with regular loan and debt programs for six decades. “The service of the this
This
Multilateral debt : Debt that is owed to the World Bank, IMF, regional development banks like the African Development Bank, and other multilateral institutions like the European Development Fund.
Private debt : Loans contracted by private borrowers regardless of the lender.
Public debt : All loans contracted by public borrowers.
represents 192 billion DH in 2022″, recalls Omar Aziki, member of the Coordination of the Social Summit once morest FMI
FMI
International Monetary Fund
The IMF was created in 1944 in Bretton Woods (with the World Bank, its twin institution). Its purpose was to stabilize the international financial system by regulating the flow of capital.
To date, 190 countries are members (the same as at the World Bank).
Click for details. -BM, also Secretary General of ATTAC Morocco.
Debt service is eight times the health budget and three times the education budget
This activist compares the public resources dedicated to repaying the debt to those devoted to health and education. ” The debt service
Debt servicing
Repayments of interest and borrowed capital.
represents eight times the health budget and three times the education budget. No development is possible without a halt or a moratorium
Moratorium
Situation in which a debt is frozen by the creditor, who waives his right to demand payment within the agreed deadlines. However, generally during the moratorium period, interest continues to accrue.
A moratorium can also be decided by the debtor, as was the case in Russia in 1998, Argentina between 2001 and 2005, Ecuador in 2008-2009. In some cases, the country obtains thanks to the moratorium a reduction in the stock of its debt and a reduction in interest to be paid. on the payment of the public debt. Debt is an infernal spiral created by the IFIs to block any economic development in our countries”, insists the member of this Coordination, during his opening remarks at this press briefing, held on June 13, 2023 in Rabat. The National Coordination for a Social Summit once morest the WB and IMF Annual Meetings (Coordination) organized a press briefing to present its vision and objectives, as well as its plan foraction
Action
Actions
Securities issued by a corporation. This security represents a fraction of the share capital. It gives the holder (the shareholder) the right, in particular, to receive a share of the profits distributed (the dividend) and to participate in general meetings.
for the next four months.
” Everybody is concerned “
The presence of the WB is a hot topic. This institution is active in all areas of Moroccan life. For example, on June 9, the Board of Directors of the World Bank granted a loan of 350 million dollars to Morocco ” intended to accentuate and amplify the activities of Morocco’s Covid-19 Social Protection Emergency Response Project, in addition to the initial program of $400 million approved and disbursed in 2020 “. On the same day, the WB Board of Directors approved ” a $350 million loan to support measures taken by Morocco to combat climate change and improve the country’s resilience in the face of worsening climate impacts already felt “. For the Coordination, the presence of the WB and the IMF in public policies and economic choices has resulted in a ” bitter failure ». « Take the example of the Green Morocco Plan. It’s a total failure. While we had to gain in food sovereignty, we are condemned to import almost all of our consumption (milk, meat, wheat, oil, etc.). This failure cost us 104 billion DH of public money given to farmers “says Aziki. To show the extent of these neoliberal policies, this Coordination intends to mobilize social movements and Moroccan and international NGOs in the coming months. ” Contract teachers, agricultural workers, insecure civil servants, everyone is concerned. The Coordination wants to federate the militants, the social movements and all the wills wishing to engage once morest the IFIs and their effects, beyond the summit of Marrakech “says Aziki. The latter recalls the opposition of the Coordination to the “Zionist presence in Morocco, planned during this summit in October”, he warns.
Regional and continental mobilizations
For his part, Hamid Sayad, member of the Coordination, considers Morocco’s hosting of this summit as ” as a sign of blessing offered by the imperialist centers to our country. This is not good news, as it means more privatization of public services and natural resources, as well as new waves of repression of citizens and critical political opinions. »
The Coordination relies on a national, regional (MENA), continental (Africa) and global mobilization capacity. This collective was born two months ago. Its initiators are as follows: The aim of this initiative is to create a broad space for reflection to discuss together possible alternatives to the structural adjustment and neoliberal policies of the IMF and the WB. “. This Coordination relies on the expertise of networks such as ATTAC and the Committee for the Cancellation of Illegitimate Debts (CADTM) in Africa and internationally.
The Coordination also wants to bring together all the victims of the criminal policies of these two institutions and make our voice heard loud and clear by mobilizing and organizing a counter-summit at the summit of those responsible for these policies. We want to set up a popular and peaceful mobilization to say “no” to poverty and austerity and “yes” to social justice ».
As a reminder, Marrakech will host, from October 9 to 15, 2023, the Annual Meetings of the World Bank Group and the IMF, which take place mainly in Washington and, every three years, in a member country other than the United States, “in order to to mark the international character of the two institutions”, indicates the WB on its official website.
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