- President of the Eurogroup and Minister for Public Expenditure, National Development Plan Delivery, and Reform, Paschal Donohoe, will travel today, 12 October, to Marrakech, Morocco to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group and represent the euro area.
The meetings take place against the backdrop of the devastating earthquake in Morocco in September, and the resulting tragic loss of life, injuries, and damage. The management of the IMF and the World Bank, together with the Moroccan government, have agreed to proceed with hosting the 2023 Annual Meetings in Marrakech. This will also provide an opportunity for the international community to stand by Morocco and its people, who have once again shown resilience in the face of tragedy. The Irish government has allocated €2 million in emergency humanitarian assistance through Irish Aid, to support the work of the International Federation of the Red Cross (IFRC) and the Moroccan Red Crescent Society (MRCS) who are a pivotal part of the local response. There is also an initial allocation of €1 million of EU humanitarian assistance, which Ireland contributes through via the EU Budget.
As President of the Eurogroup, Minister Donohoe will participate in the G7 Finance Ministers and Central Bank Governors meeting as well as in a range of IMF and World Bank meetings. The main topics of discussion will include the state of the global economy and the European economic outlook, global financial stability, Russia’s war against Ukraine and support for Ukraine, global food security, the climate transition, and the sustainable development agenda.
Throughout his visit, Minister Donohoe will hold a range of bilateral meetings, including with senior officials of international organisations, international partners, and global business leaders. Minister Donohoe will also have a series of media engagements to communicate on the European economic and financial policy agenda to a global audience.
Speaking before his visit, Minister Donohoe commented:
“This year’s Annual meetings of the IMF and the World Bank mark an important anniversary as they are held in Africa again after 50 years. I and the whole international community are grateful to the Moroccan authorities and people for their generous hospitality against the background of the terrible earthquake which happened in Morocco just a few weeks ago. Our thoughts and deepest condolences go to the victims and their families.
The Annual Meetings and the G7 Finance Ministers and Central Bank Governors meeting are an important opportunity to meet in person with global partners, to discuss the state of the global economy, the challenges we face and the ways we can address them in a coordinated manner.
As President of the Eurogroup, I will highlight the resilience of the euro area economy in the face of unprecedented series of shocks, our ongoing work on coordination of economic and budgetary policies to address elevated inflation levels and ensure continuous stability of the euro area economy while continuing to protect the most vulnerable. This will also be an opportunity to highlight the work we are undertaking to consider the future of European capital and financial markets, to ensure they have the capacity to fund the EU’s investment and growth needs.
As usual, I expect that the support for Ukraine will feature prominently in our discussions, with the EU and G7 partners standing firmly by Ukraine and its people for as long as it takes. We remain determined to foster international cooperation to address the global economic hardships caused by Russia’s aggression against Ukraine and its weaponisation of food and energy.”
ENDS