With focus now shifting to the forthcoming World Bank-International Monetary Fund annual meet to be hosted in Morocco this month, India, which has positioned itself as a credible voice of the Global South, is expected to adhere to the One earth-One familiy-One future ethos that it carved out as the G20 chair. While New Delhi is set to amplify issues related to the Global South and its economy at the annual event, it is set to further push for reforms of the multilateral lenders to benefit the world community as a whole.
Notably, Morocco, hit by a devastating earthquake on September 8, is continuing to grapple with the aftermath and preparations are going on in full swing for the mega event.
IMF Chief Kristalina Georgieva told AFP recently that Sub-Saharan Africa will have a “stronger voice” at the Fund with a third seat on the global lender’s executive board.
“I have some good news for Africa. We are advancing a preparation to have a third representative of Sub-Saharan Africa in our executive board,” Georgieva said.
This is the first time in 50 years that the meetings will be held in an African country. In 1973, the annual event of the multilateral lenders was held in Nairobi in Kenya.
African Union was given membership to G20 last month under Indian’s presidency. Rich in natural resources and minerals, Africa’s role is steadily increasing in shaping global economic contours in the new emerging world order.
The 55 member African Continental Free Trade Area (AfCFTA)– the mega trade pushing intra-continental investment, which kicked off in January 2021 is also a reflection of the changing dynamics in the continent.
Touted as one of the biggest trade deals in the world, the trade deal is aimed at creating a single market with a combined GDP of about $3.4 trillion and serving as a gateway to 1.3 billion strong population and a ready market.
“In a way many of the issues that have already been taken up for discussion at the G20 summit will be the focus at the World Bank-IMF annual meet too…this includes Africa as a whole and the challenges faced by the poorer countries along with issues of climate change,” a person familiar with the development told India Narrative.
Meanwhile, Finance Minister Nirmala Sitharaman held a meeting on Friday ahead of the annual event.
The World Bank and IMF last month issued a rare joint press statement hours before the G20 summit kicked off, reiterating their commitments towards expanding cooperation to deal with challenges relating to climate change, debt vulnerabilities and countries’ digital transitions.
Also read: How India can expand footprint in Global South by tapping Africa’s mega trade pact
