The International Monetary Fund and World Bank will decide on Monday whether to proceed with October's annual meetings in earthquake-hit Morocco after completing a “thorough review” of the country's ability to host them, the IMF's managing director has said.
The IMF has reached a staff-level agreement with Morocco to provide a $1.3 billion loan to bolster the country's resilience to climate-related disasters from the fund's new Resilience and Sustainability Trust, Kristalina Georgieva also said, in an exclusive interview with Reuters.
Questions have swirled over whether the IMF and World Bank would still hold their annual meetings in Morocco's tourist hub of Marrakesh on October 9-15 since the devastating, 6.8-magnitude earthquake struck in the High Atlas Mountains, killing more than 2,900 people.
Marrakesh, 72km from the quake's epicentre, suffered some damage in its ancient Madinah quarter, but Moroccan officials have pressed the IMF and World Bank to proceed with the gathering, which would bring some 10,000-15,000 people to the city.
“The Moroccan authorities are fully committed to the meetings,” Ms Georgieva said in her first public comments on the matter since the disaster.
Describing talks with Moroccan Prime Minister Aziz Akhannouch, Ms Georgieva said she had expressed concern that the IMF and World Bank “don't want to be a burden” to the country during recovery efforts.
The prime minister had told her it would be “quite devastating” for Morocco's hospitality sector if the meetings did not take place in Marrakesh.
Ms Georgieva agreed to look for ways to simplify the meetings, including possibly reducing their length and scaling back attendance.
By Monday, we will have made a decision, taking into account all factors - obviously physical capacity, how the logistics are going to work
Kristalina Georgieva,
IMF Managing Director
“Stay tuned. By Monday, we will have made a decision, taking into account all factors – obviously physical capacity, how the logistics are going to work,” Ms Georgieva said, adding that security was not a major concern.
She said the $1.3 billion Resilience and Sustainability Trust loan for Morocco needed approval from the IMF's executive board, but board consideration was likely to take place in about two weeks, before the annual meetings start.
While the loan would not be directly related to the earthquake, she said it would be aimed at building resilience to climate shocks, including drought, and help build the country's overall financial capacity.
Morocco also has access to a $5 billion flexible credit line from the IMF, approved in April, aimed at strengthening the country's crisis prevention capabilities.
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Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
The Greatest Royal Rumble card as it stands
50-man Royal Rumble
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Casket match The Undertaker v Chris Jericho
John Cena v Triple H
Matches to be announced
WWE World Heavyweight Championship, Raw Tag Team Championship, United States Championship and the Cruiserweight Championship are all due to be defended
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The Greatest Royal Rumble card as it stands
The Greatest Royal Rumble card as it stands
50-man Royal Rumble - names entered so far include Braun Strowman, Daniel Bryan, Kurt Angle, Big Show, Kane, Chris Jericho, The New Day and Elias
Universal Championship Brock Lesnar (champion) v Roman Reigns in a steel cage match
WWE World Heavyweight ChampionshipAJ Styles (champion) v Shinsuke Nakamura
Intercontinental Championship Seth Rollins (champion) v The Miz v Finn Balor v Samoa Joe
United States Championship Jeff Hardy (champion) v Jinder Mahal
SmackDown Tag Team Championship The Bludgeon Brothers (champions) v The Usos
Raw Tag Team Championship (currently vacant) Cesaro and Sheamus v Matt Hardy and Bray Wyatt
Casket match The Undertaker v Chris Jericho
Singles match John Cena v Triple H
Cruiserweight Championship Cedric Alexander v tba
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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UAE currency: the story behind the money in your pockets
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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Story of 2017-18 so far and schedule to come
Roll of Honour
Who has won what so far in the West Asia rugby season?
Western Clubs Champions League
Winners: Abu Dhabi Harlequins
Runners up: Bahrain
Dubai Rugby Sevens
Winners: Dubai Exiles
Runners up: Jebel Ali Dragons
West Asia Premiership
Winners: Jebel Ali Dragons
Runners up: Abu Dhabi Harlequins
UAE Premiership Cup
Winners: Abu Dhabi Harlequins
Runners up: Dubai Exiles
Fixtures
Friday
West Asia Cup final
5pm, Bahrain (6pm UAE time), Bahrain v Dubai Exiles
West Asia Trophy final
3pm, The Sevens, Dubai Hurricanes v Dubai Sports City Eagles
Friday, April 13
UAE Premiership final
5pm, Al Ain, Dubai Exiles v Abu Dhabi Harlequins
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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