Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), scored a goal in a friendly football match organised last Sunday at the Grand Marrakech Stadium in solidarity with Morocco and the children affected by the recent earthquake in the country, on the eve of the opening of the annual meeting of the Fund and the World Bank, she continued the show throughout the week, moving gracefully from one hall to another.
She distributed her ever-present smiles in Bab Ighli, where the meetings took place. She delivered subtle or direct financial, monetary, and political messages, focusing on the Fund's traditional recipes regarding structural reforms and resorting to debt under the usual conditions.
She also highlighted the importance of the role of youth and greater involvement of women in the economic and labour market, especially in the face of an exhausted international economy plagued by conflicts, wars, pandemics, climate change, water shortages, rising prices, inflation, and debt costs, low growth, growing inequality between countries, fires, increasingly frequent fires, floods and natural disasters.
Georgieva wore colourful and patterned Moroccan clothing all the time. She constantly encouraged the quiet audience to applaud whenever she liked a statement or a position consistent with the IMF objectives. She greeted the "crowd" by raising her hands, reminiscent of political leaders at election rallies.
She was proud of Morocco as a "model student" among the institutions of "Bretton Woods," which received praise for its economic and development policies that no other country had received in the past four days.
At the same time, she criticised, blamed, and reprimanded the worst examples of failed countries such as Zambia, Ghana, and Lebanon (although yesterday, during the afternoon session, Georgieva announced to the audience the debt restructuring agreement with Zambia, which we will return to in a subsequent article about the African economy and its concerns).
In addition, she rebuked Egypt and called for further devaluation of the Egyptian pound and the withdrawal of state institutions from the economy; "otherwise, the situation will worsen."