About the Event

Interpretation: English · française · عربي

Many countries in the Middle East and North Africa, or MENA, were already struggling with low growth, low health and education spending, macroeconomic instability, governance challenges, and a lack of transparency before the COVID-19 pandemic hit. But while some economies have started to recover, MENA countries are increasingly feeling the burden of the the high costs of borrowing to meet public budget demands. Public debt across the region is soaring — Egypt’s debt has reached 88% of GDP, Tunisia’s 79%, and Morocco’s 69%.

Recurrent programs by the International Monetary Fund have been a constant in several low- and middle-income MENA countries over the past decade, with some countries currently negotiating or enacting new programs. Programs have consistently failed to account for the political context in which economies operate, and to address the root structural causes that hamper economic development. Harsh austerity measures have not only undermined political stability but also depressed domestic demand, deterring investment while ultimately hampering much-needed economic growth. The biggest burden has fallen on the general public while sparing elites — this imbalance precludes the achievement of sustainable development and generates public pushback that can derail necessary reforms. The current approach is neither politically nor economically sound.

This event, co-hosted by Open Society Foundations and Devex on the occasion of the World Bank annual meetings in Marrakech, will explore how the economic reform agendas of the IMF and other development finance institutions can better respond to the political and economic realities of MENA countries. It will also explore how program design can move away from austerity and toward supporting inclusive economic growth that promotes job creation, economic diversification, and reduced inequalities.

The event will be preceded by a networking lunch, where you will have the opportunity to engage in meaningful conversations with experts, civil society representatives, policymakers, and fellow participants, fostering collaboration and sharing insights on the vital topics shaping MENA's economic future.

Join us in Marrakech or online.