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Ukrainian 500 hryvnia banknotes and a U.S. 100 dollar banknote are seen in this picture illustration taken in Kiev, Ukraine, October 31, 2016. But concerns that international backing for Ukraine may be waning and few indications that the conflict is close to abating have brought fresh momentum into debt talks, the sources said. Most of Ukraine's bilateral lenders have suspended repayment obligations until 2027 - and some analysts had expected Ukraine might ask its bondholders for a matching extension. FROM DEBT REWORK TO FRESH FUNDSAs part of a debt restructuring, Ukraine would issue new bonds to existing holders once losses on existing debt had been agreed upon. In addition to issuing bonds as part of the debt restructuring, Ukraine also told investors it is weighing options to raise fresh additional financing, the sources said.

Persons: Valentyn, Yuri Butsa, Butsa, Brady, Karin Strohecker, Olena, Philippa Fletcher Organizations: REUTERS, Kyiv, International Monetary Fund, Bank, Monetary Fund, Fund, U.S, Thomson Locations: U.S, Kiev, Ukraine, Israel, Gaza, Marrakech, Rosario, London, Kyiv

The International Monetary Fund and World Bank decided in 2018 to host their annual meeting in Marrakech, Morocco, bringing the affair to the African continent for the first time in 50 years. Their original timeline was delayed by the pandemic, but the meeting beginning Monday arrives at an apropos time. Those challenges are particularly pronounced in Africa, where many countries spend more on debt than health care and education combined. The earthquake, residents say, exacerbated disparities plaguing rural areas and compounded struggles facing already-impoverished communities. “Here’s it’s hidden behind.”___AP reporters Paul Wiseman in Washington and Yassine Oulhiq in Anerni, Morocco, contributed to this report.

Persons: Kristalina Georgieva, they've, ”, Iskander Erzini Vernoit, Morocco —, Brahim Ait Brahim —, he's, Ait Brahim, “, Paul Wiseman, Yassine Organizations: Monetary Fund, World Bank, IMF, Bank, Climate & Development, That’s Locations: MARRAKECH, Morocco, Marrakech, Ukraine, Africa, Egypt, Zambia, Anerni, That’s Marrakech, It’s, Washington

☆ IMF closely monitoring situation in Israel, Gaza
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

MARRAKECH, Morocco, Oct 8 (Reuters) - The International Monetary Fund on Sunday said it was closely monitoring developments in Israel and Gaza, and it was too early to assess any economic impact. “We are deeply saddened by the loss of life. We are monitoring this concerning situation closely," an IMF spokesperson said, adding that it was too early to say anything about the economic consequences. Reporting by David Lawder and Andrea Shalal; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: David Lawder, Andrea Shalal, Lisa Shumaker Organizations: Monetary Fund, Thomson Locations: MARRAKECH, Morocco, Israel, Gaza

☆ US Treasury pushing development banks for progress on next phase of reforms by April
▼ + stars: | 2023-10-08 | by ( Andrea Shalal | ) www.reuters.com time to read: +4 min

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. U.S. Treasury Secretary Janet Yellen has been pushing for reforms to expand the World Bank's lending for a year, after an expert panel review concluded that the institutions, government shareholders and credit rating agencies were too timid about financial risks. The Treasury official said World Bank governors were expected to sign off on the new measures this week and mapped out previously unreported details on the callable capital issue, including the timetable for action. Any new proposal on treatment of callable capital will require approval by the shareholders of each of the respective multilateral development banks, bank officials have said. "You've got to work on global challenges like climate fragility and pandemics and poverty and boosting shared prosperity all at once because they are all mutually reinforcing and intertwined," the Treasury official said.

Persons: Kevin Lamarque, MDBs, Janet Yellen, You've, Andrea Shalal, Mark Porter Organizations: Department of, U.S . Treasury, REUTERS, Treasury, U.S . Treasury Department, World Bank, Bank, Reuters, Rockefeller Foundation, International Monetary Fund, Thomson Locations: Washington , U.S, MARRAKECH, Morocco, U.S, Marrakech

☆ IMF-World Bank meeting: Old problems and new headwinds
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +1 min

The IMF-World Bank annual meeting takes place in Marrakech just weeks after a deadly Moroccan earthquake. The setting is apt for emerging markets and defaulting countries that are struggling with headwinds from all sides. Visit the Thomson Reuters Privacy Statement for information on our privacy and data protection practices. Further readingIMF-World Bank meetings: Which developing countries face debt crisis? In Libya's devastated Derna, families still search for the missingMarrakech prepares for IMF and World Bank meeting a month after deadly quakeYellen heads to Morocco IMF-World Bank meetings in shadow of US political chaosEmerging economies face China and rate pressures as IMF, World Bank meetEgypt's cratering economy drives many to risky migrant routeOur Standards: The Thomson Reuters Trust Principles.

Organizations: Apple, Google, Reuters, IMF, Bank, Thomson, World Bank, Morocco IMF, Egypt's Locations: Marrakech, Argentina, Derna, Morocco, China

☆ US faces pushback on plan to bolster IMF funding without shareholding changes
▼ + stars: | 2023-10-06 | by ( David Lawder | ) www.reuters.com time to read: +5 min

[1/2] The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. Doing so, Ivory Coast President Alassane Ouattara said on Thursday, would "increase the voice and agency of member countries who are the most vulnerable" at the Fund. Martin Muhleisen, a former IMF strategy chief, said the plan "puts the Chinese on the spot to agree". A delay would be a major disappointment for the IMF after contentious 2019 negotiations left quota resources and shareholding untouched. "The Fund's not tight," said Mark Plant, a former IMF official now with the Center for Global Development.

Persons: Yuri Gripas, Joe Biden, Janet Yellen, Alassane Ouattara, Mark Sobel, Martin Muhleisen, Mark Plant, David Lawder, Andrea Shalal, Marcela Ayres, Peter Graff Organizations: Monetary Fund, REUTERS, Rights, International Monetary Fund, IMF, World Bank, Reuters, U.S . Congress, U.S, Treasury, U.S . Treasury, Brazilian, Center for Global Development, Thomson Locations: Washington , U.S, U.S, China, India, Brazil, Marrakech, Morocco, Ukraine, Saharan Africa, Coast, Washington, Beijing, Brasilia

[1/2] A view shows the entrance of the venue for the upcoming meetings of the International Monetary Fund and the World Bank, following last month's deadly earthquake, in Marrakech, Morocco October 1, 2023. Reuters GraphicsThe yield on the 30-year U.S. Treasury bond this week pierced 5% for the first time since 2007. Long-term U.S. yields have climbed roughly 1 percentage point in the past three months compared with a single quarter-percentage-point Fed rate hike during that period. Keeping the world's largest economy out of recession provides steadier demand for other countries' exports, as well as more certainty as Fed rate hikes hit a stopping point. The fallout depends on "how much further, and how quickly, bond yields rise," they said.

Persons: Abdelhak, China's, Goldman Sachs, Gene Tannuzzo, Tannuzzo, Karen Dynan, it's, Howard Schneider, Dan Burns, Paul Simao Organizations: International Monetary Fund, World Bank, REUTERS, Rights, U.S ., Treasuries, Reuters, Treasury, Federal Reserve, Columbia Threadneedle, Harvard University, Peterson Institute for International Economics, Capital Economics, Valley Bank, Thomson Locations: Marrakech, Morocco, U.S, Washington, California

How the $13 trillion economy's slowdown will affect other emerging markets is still an unanswered question for investors. "Lower for longer Chinese growth is shaping a new regime of investments," Amundi's head of emerging markets Yerlan Syzdykov told Reuters. The World Bank trimmed its 2024 China growth forecast to 4.4% from 4.8%. 6/DEVELOPING REFORMThe World Bank, IMF and other multilateral development banks are under pressure to boost lending to poorer countries to fund development and tackle climate change. China and other large emerging economies have long demanded a greater say in the global financial architecture, which is still dominated by parameters set out by the 1944 Bretton Woods meeting, where the IMF and World Bank were established.

Persons: Abdelhak, Joseph Cuthbertson, Syzdykov, Anna Gelpern, Gregory Smith, Smith, Mehmet Simsek, Tayyip Erdogan, Erdogan, drubbing, Timothy Ash, Jorgelina, Rosario, Rachel Savage, Marc Jones, Karin Strohecker, Christina Fincher Organizations: International Monetary Fund, World Bank, Palais des, REUTERS, Federal Reserve, International Monetary, PineBridge Investments, Reuters, Bank, Ukraine, U.S, Kyiv, Paris Club, IMF, American, London, G Investments, JPMorgan, Egypt IMF, Fitch, Reuters Graphics Reuters, Finance, BlueBay Asset Management, Thomson Locations: Palais, Palais des Congres, Marrakech, Morocco, Argentina, Pakistan, Kenya, Egypt, CHINA, China, UKRAINE, Ukraine, Zambia, Sri Lanka, Ghana, Georgetown, Nigeria, TURKEY, Ankara, New York, Washington, London, Woods

☆ Choppy waters as Europe navigates China-US rivalry
▼ + stars: | 2023-10-04 | by ( Mark John | ) www.reuters.com time to read: +6 min

The fracturing of the rules and bonds tying the global economy together - so-called "geo-economic fragmentation" - seemed implausible only a few years ago. Nowhere is it more pressing than for Europe, whose wealth has always relied on trade, from its rapacious colonial history through to its reinvention as self-styled champion of WTO rules. Both the United States and Europe have been hardening their stance towards Beijing while stressing the rules of world trade must be fairly applied. The main EU concern is that the U.S. proposals could break WTO rules by discriminating against third parties. "And we really hope ... that after the election in the United States this is going to continue."

Persons: Jon Nazca, Gordon Brown, Brown, Brad Setser, Biden, Joe Biden, Donald Trump, Trump, Wang Huiyao, Petra Sigmund, Philip Blenkinsop, Joe Cash, Belen Carreno, Mark John, Catherine Evans Organizations: Triple, Majestic, APM, REUTERS, Trade Organization, USA, International Monetary, European, Reuters, for, Thomson Locations: Algeciras, Spain, China, Europe, America, American, United States, Moroccan, Marrakech, Beijing, Washington, Brussels, U.S, EU, for China, IMF, Madrid

☆ Developing countries facing a debt crunch
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +6 min

EGYPTNorth Africa's largest economy needs to repay some $100 billion of hard-currency debt over the next five years. Egypt has a $3 billion IMF programme and has devalued the pound by roughly 50% since February 2022. Its progress in restructuring both domestic debt and $30 billion in external debt has been fairly swift and it secured a $3 billion IMF bailout in May. The next tranche of a $2.9 billion IMF bailout package could be delayed over a potential government revenue shortfall. A repair plan finally appeared imminent after Zambia clinched a $6.3 billion debt rework deal with the Paris Club creditor nations and China, its other big bilateral lender, in June.

Persons: Moody's, William Ruto's, Kais Saied, Libby George, Shri Navaratnam Organizations: World Bank, African Development Bank, IMF, UAE, SRI, SRI LANKA Sri, European Union, Zambia, Paris Club, Sri, Thomson Locations: Marrakech, EGYPT, Cairo, Egypt, ETHIOPIA, Ethiopia, China, GHANA Ghana, Accra, KENYA, Kenya, LEBANON Lebanon, PAKISTAN Pakistan, Saudi Arabia, SRI LANKA, SRI LANKA Sri Lanka, TUNISIA, Tunisia, UKRAINE Ukraine, Ukraine, United States, ZAMBIA, Zambia

☆ IMF sees signs China stabilizing, says reforms can boost medium-term growth
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +2 min

The Fund sees China's GDP growth slowing to about 3.5% over the medium term, but this can be accelerated with economic reforms, she added. Some analysts see growing risk that China will drift into an era of Japan-like stagnation with an aging population and slowing productivity growth. "We expect that China's growth will slow to around 3-1/2 percent against the backdrop of demographic headwinds and slowing productivity growth," Kozack said. "But we also think that higher growth over the medium term is within reach for China. China should seize the opportunity to rebalance its economy through short-term macroeconomic policy support and medium term reforms."

Persons: Julie Kozack, Kozack, David Lawder, David Gregorio Our Organizations: Monetary Fund, IMF, Bank, Thomson Locations: China, Marrakech, Morocco, COVID, Japan, Beijing

☆ World Bank chief sees $100 bln-plus lending boost from capital moves
▼ + stars: | 2023-09-26 | by ( David Lawder | ) www.reuters.com time to read: +4 min

Ajay Banga, World Bank president, participates in global infrastructure and investment forum in New York, Thursday, Sept. 21, 2023. They would include U.S. President Joe Biden's proposed $2.25 billion supplemental budget request for the World Bank, along with expected contributions from Germany, Japan, South Korea, Saudi Arabia and Nordic countries, he said. The bank is also examining other ways to expand lending, including providing more loan guarantees, lending against callable capital that is pledged but not paid-in, and special bonds that can serve as hybrid capital. China, India and Brazil got larger shareholdings in the bank in a 2018 capital increase and would likely want more say in a future capital increase, Banga said. "That is a pimple on a dimple on an ant's left cheek compared to what we need in the world," Banga said.

Persons: Ajay Banga, Seth Wenig, Banga, Joe Biden's, I'm, David Lawder, Paul Grant, Rosalba O'Brien Organizations: World Bank, Bank, Foreign Relations, International Development Association, MasterCard, CFR, Bank for Reconstruction, Development, Thomson Locations: New York, Germany, Japan, South Korea, Saudi Arabia, U.S, Marrakech, Morocco, United States, China, India, Brazil

☆ World’s 50 best hotels for 2023 revealed
▼ + stars: | 2023-09-20 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +7 min

London CNN —It opened just over a year ago, but a luxurious 24-key Italian property has already been named the best hotel in the world. Passalacqua, which overlooks Lake Como, beat off stiff competition to receive the top spot on the first-ever edition of the World’s 50 Best Hotels list, which was announced at an awards ceremony in the UK on Tuesday night. The highly-anticipated list honored 50 hotels from 35 destinations across the world. “After seeing the devastating impact of Covid-19 on the hospitality industry, it’s been especially fulfilling to see so many hoteliers from around the world gather in London to celebrate each other’s achievements under one roof for the first-ever awards ceremony of The World’s 50 Best Hotels,” Tim Brooke-Webb, managing director for the World’s 50 Best Hotels, said in a statement. The World’s 50 Best Hotels: Full list1.

Persons: –, Aman Tokyo, ’ Capello, Aman, Rosewood São, ” Valentina De Santis, Passalacqua, Silvio Vettorello, Vincenzo Bellini, ”, De Santis, it’s, Tim Brooke, Webb, Soneva, Chablé, Aman Venice, Le Sirenuse, Borgo, Royal Mansour, São, Cheval Blanc, Soneva Jani, Eden, Oberoi, Hôtel de Crillon Organizations: CNN, London CNN, Firenze, Rosewood, ’ Capello Bangkok, Capella, Hudson Yards, NoMad, CNN Travel, Somerset, Park, Eco, Hospitality, Lodges, Hotel Academy, Singita, Raffles, Madrid, Capella Singapore, Le Bristol Paris, Hyatt Kyoto, Hoshinoya, Atlantis, Equinox Locations: London, Lake Como, Europe, Florence, Asia, Rosewood Hong Kong, Bangkok, Chao Phraya, Hong Kong, Capella Bangkok, Aman New York, York, Hudson, Connaught, Rosewood São Paulo, Brisbane, South Africa, Scotland, Bruton , Somerset, Utah, Italy, Aman Tokyo, Mamounia, Marrakech, Morocco, Soneva Fushi, Maldives, Puerto Vallarta , Mexico, Australia, Chocholá, Mexico, Claridge’s, Raffles Singapore, Wanokaka, Indonesia, Tulum, France, São Paulo, Brazil, Kyoto, Japan, Réserve, Paris, Auchterarder, Du, Antibes, Somerset, Bruton, United Kingdom, Sri Lanka, Hoshinoya Tokyo, Bali, Barths, Siam, Badrutt’s, Moritz, Switzerland, Dubai, Agra, India, Spain

☆ Yellen says she trusts IMF, World Bank, Morocco to adjust annual meetings after disaster
▼ + stars: | 2023-09-20 | by ( David Lawder | ) www.reuters.com time to read: +2 min

FILE PHOTO: U.S. Treasury Secretary Janet Yellen speaks during a press conference at the U.S. embassy in Beijing, China, July 9, 2023. REUTERS/Thomas Peter/File PhotoNEW YORK (Reuters) - U.S. Treasury Secretary Janet Yellen said on Tuesday that she trusts the leaders of the World Bank and the International Monetary Fund to adjust their Oct. 9-15 annual meetings in Morocco in an appropriate way given the country’s devastating earthquake. IMF Managing Director Kristalina Georgieva, World Bank President Ajay Banga and Moroccan Economy Minister Nadia Fettah Alaoui announced on Monday that the meetings in Marrakech would proceed despite the Sept. 8 earthquake that killed over 2,900 people in the nearby High Atlas Mountains. In their statement, they said they would make some changes to their meeting plans to adapt content “to the circumstances,” of the disaster. It wants the meetings to go on and feels it’s able to do what’s necessary,” she said.

Persons: Janet Yellen, Thomas Peter, Kristalina Georgieva, Ajay Banga, Nadia Fettah Alaoui, Yellen, “, who’ve, ”, ” Georgieva Organizations: Treasury, U.S, REUTERS, . Treasury, World Bank, International Monetary Fund, IMF, World, Friday, Reuters Locations: Beijing, China, Morocco, Moroccan, Marrakech, New York

☆ Morocco to spend $11.7 billion on five-year post-quake reconstruction plan
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +1 min

Ait Abdellah Brahim, 86, gestures among rubble, in the aftermath of a deadly earthquake, in Talat N'Yaaqoub, Morocco, September 16, 2023. REUTERS/Ammar Awad Acquire Licensing RightsRABAT, Sept 20 (Reuters) - Morocco plans to spend at least 120 billion dirhams ($11.7 billion) in a post-earthquake reconstruction plan over the next five years, the royal palace said on Wednesday. A 6.8 magnitude earthquake struck on Sept 8, killing more than 2,900 people, mostly in the hard-to-reach villages of the High Atlas mountains. The plan would target 4.2 million people in the worst-hit provinces of Al Haouz, Chichaoua, Taroudant, Marrakech, Ouarzazate and Azizlal, the royal palace said, following a meeting of King Mohammed VI with government and army officials. The royal palace said the plan would be funded by the govenrment's budget, international aid and by a fund set up in response to the quake.

Persons: Ait Abdellah Brahim, Talat, Ammar Awad, Al Haouz, King Mohammed VI, households.It, Ahmed Eljechtimi, William Maclean Organizations: REUTERS, Thomson Locations: Talat N'Yaaqoub, Morocco, Al, Taroudant, Marrakech, Ouarzazate

☆ IMF, World Bank to proceed with annual meetings in Morocco in October
▼ + stars: | 2023-09-18 | by ( Andrea Shalal | ) www.reuters.com time to read: +2 min

The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsWASHINGTON, Sept 18 (Reuters) - The International Monetary Fund (IMF), the World Bank and Morocco on Monday announced the annual meetings of the two global institutions would proceed in October in Marrakech, despite a recent nearby earthquake that killed more than 2,900 people. Senior IMF and World Bank officials made the decision, first reported by Reuters, at the direct request of the Moroccan authorities who had pressed the global institutions to proceed with the gathering which is expected to bring some 10,000-15,000 to the Moroccan tourist hub. "At this very difficult time, we believe that the Annual Meetings 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. Reporting by Andrea Shalal Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

Persons: Yuri Gripas, Ajay Banga, Kristalina Georgieva, Nadia Fettah Alaoui, ” Georgieva, Andrea Shalal, Chris Reese Organizations: Monetary Fund, REUTERS, Rights, World Bank, Monday, Morocco's, IMF, Reuters, Moroccan, Thomson Locations: Washington , U.S, Morocco, Marrakech

☆ Morocco’s quake survivors must rebuild their homes and lives. But decimated communities can do little to help
▼ + stars: | 2023-09-16 | by ( Ivana Kottasová | ) edition.cnn.com time to read: +9 min

Atlas Mountains, Morocco CNN —Khadija Ait Si Ali was just starting to rebuild her life when the earthquake struck. He told CNN he was determined to rebuild a home for his family. He told CNN the financial assistance would be a significant help for people living in the mountains. Back in Tinzert, Khadija Ait Si Ali said that for now, she was just trying to focus on her baby and get through each day. Ait Si Ali said she felt lost with nobody to turn to.

Persons: Morocco CNN —, Ait Si Ali, “, ”, Amal Zniber, Amis Des Écoles, ” Zniber, Abdu Brahim, Hanan Ait Brahim, Ivana Kottasová, ” Hanan Ait, Hanan Ait, Abdelkarim Ait, Adil Akanour, ” Akanour, Akia, Akia Nayet, Fatme, CNN Mariam Maroi, Mariam Maroi, Brahim Organizations: Morocco CNN, CNN, Amis, Moroccan, United Nations Locations: Morocco, Tinzert, Tafeghaghte, Marrakech, Abdelkarim Ait Amkhaine’s, Ouirgane, Akanour, Asni, Turkey, Syria

☆ Moroccans in Earthquake-Hit Tourist Area Grieve Losses, Fret About Future
▼ + stars: | 2023-09-15 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

"The earthquake killed people and destroyed villages on which our tourism activity depends," said Abderrahim Bouchbouk, owner of the nine-room guesthouse that was once run by his grandfather. Tourism offered vital extra earnings for many, with few other work opportunities outside tilling the land on smallholdings. "That was a way for many local farmers to make additional revenue," said Bouchbouk, whose Kasbah La Dame guesthouse employs 14 people. Ahmed Bassim, a tourist guide in the Ouirgane area who has been forced to live in a tent for shelter since the earthquake, said the region was in desperate need of reconstruction. The region, one of Morocco's poorest, lies close to Marrakech, a popular tourist destination with luxurious hotels, fancy shopping centres and a historic souk.

Persons: Ahmed Eljechtimi, Abderrahim Bouchbouk, Mohamed Aznag, Tasa Ouirgane, Ahmed Bassim, Zelmat, Edmund Blair Organizations: Dame, Tourism, World Bank, International Monetary Fund Locations: Ahmed Eljechtimi OUIRGANE VALLEY, Morocco, Tasa, Dar Izergane, Marrakech, souk

☆ Moroccans in earthquake-hit tourist area grieve losses, fret about future
▼ + stars: | 2023-09-15 | by ( Ahmed Eljechtimi | ) www.reuters.com time to read: +3 min

"The earthquake killed people and destroyed villages on which our tourism activity depends," said Abderrahim Bouchbouk, owner of the nine-room guesthouse that was once run by his grandfather. "That was a way for many local farmers to make additional revenue," said Bouchbouk, whose Kasbah La Dame guesthouse employs 14 people. Ahmed Bassim, a tourist guide in the Ouirgane area who has been forced to live in a tent for shelter since the earthquake, said the region was in desperate need of reconstruction. The region, one of Morocco's poorest, lies close to Marrakech, a popular tourist destination with luxurious hotels, fancy shopping centres and a historic souk. Lahcen Zelmat, head of the Morocco's tourism industry federation, said the long-planned event "would be a chance for Morocco to promote Marrakech destination again after the earthquake."

Persons: Abderrahim Bouchbouk, Mohamed Aznag, Tasa Ouirgane, Ahmed Bassim, Zelmat, Edmund Blair Organizations: Dame, REUTERS, Tourism, World Bank, International Monetary Fund, Thomson Locations: VALLEY, Morocco, Tasa, Dar Izergane, Ouirgane, Marrakech, souk

☆ IMF, World Bank to decide Monday on October meetings in earthquake-hit Morocco
▼ + stars: | 2023-09-15 | by ( Andrea Shalal | ) www.reuters.com time to read: +3 min

Questions have swirled over whether the IMF and World Bank would still hold their annual meetings in Morocco's tourist hub of Marrakech since a devastating, 6.8-magnitude earthquake struck in the High Atlas Mountains, killing more than 2,900 people. Marrakech, 45 miles (72 km) from the quake's epicenter, suffered some damage in its ancient Medina quarter, but Moroccan officials have pressed the IMF and World Bank to proceed with the gathering, which would bring some 10,000-15,000 to the city. "The Moroccan authorities are fully committed to the meetings," Georgieva said in her first public comments on the matter since the disaster. In describing discussions with Moroccan Prime Minister Aziz Akhannouch, Georgieva expressed concern that the IMF and World Bank "don't want to be a burden" to the country as it deals with recovery efforts. Morocco also has access to a $5 billion flexible creditline from the IMF, approved in April, that is aimed at strengthening the countries' crisis prevention capabilities.

Persons: Kristalina Georgieva, William Ruto, Emmanuel Macron, Janet Yellen, Ajay Banga, Georgieva, Aziz Akhannouch, Andrea Shalal, David Lawder, Chris Reese, Diane Craft Organizations: International Monetary Fund, Treasury, World Bank, New Global Financial, Monetary Fund, Bank, Reuters, IMF, Sustainability Trust, Moroccan, World, IMF's, Thomson Locations: Kenya, U.S, Paris, WASHINGTON, Morocco, Marrakech, Medina

☆ Morocco's king keeps regal distance even in earthquake crisis
▼ + stars: | 2023-09-15 | by ( Aidan Lewis | ) www.reuters.com time to read: +5 min

Analysts and rights groups say the political class has been largely co-opted, while real power rests with the king and his "Makhzen", or Morocco's old political establishment. The tremor has, however, shown the unevenness of Morocco's economic development. Meanwhile, Forbes ranked the king in 2015 among Africa's richest men, with personal wealth valued at more than $5 billion. The king ordered Almada to donate 1 billion dirhams ($100 million) to an earthquake response fund. While the king has made few appearances since the earthquake, government officials have also kept a low profile.

Persons: King Mohammed VI, Hassan II, isn't, Aboubakr Jamai, Mohammed, Almada, Manar, Aidan Lewis, Edmund Blair Organizations: Royal Armed Forces, American College of, Forbes, Africa's, Thomson Locations: Rabat, Marrakech, Morocco, Africa, France, Tunisia, Egypt, Moroccan, Tangier, Casablanca, Almada, London

A photo of the town of Adassil, Morocco, showing severe damage to many houses, which have collapsed after the earthquake. Almost a week after the most powerful earthquake to strike inside its borders since at least 1900, Morocco is still counting the dead. These traditional construction techniques are often praised for their ability to help regulate heat in the hot weather conditions of the region. With poverty levels high in the region, cost is often a driving factor, too. But the benefits of the earthen materials used to address local climate and economic conditions are also uniquely vulnerable to earthquakes.

Organizations: ” Locations: Adassil, Morocco, Marrakech

☆ Isolated Morocco earthquake survivors feel forgotten by state as they await help
▼ + stars: | 2023-09-14 | by ( Alexander Cornwell | ) www.reuters.com time to read: +4 min

"We Amazigh feel like foreigners in our country. We feel isolated. The government has said it is doing everything it can to help all earthquake victims. But in the Amazigh villages there was little sign of help from the authorities materialising or of life returning to normal anytime soon. [1/9]People affected by a deadly earthquake stand on a house, in the rural village of Azermoun, Morocco September 14, 2023.

Persons: Hannah McKay, Mohamed Zidane, Zidane, Mohamed Oufkir, Ibrahim Meghashi's, Estelle Shirbon, Andrew Heavens Organizations: Bank, World Bank, International Monetary Fund, REUTERS, Thomson Locations: Marrakech AZERMOUN, Morocco, Amazigh, Azermoun, Marrakech, Morocco's, Aoufour, Anzelfi, Tagsdirt

☆ I took a semester off during my junior year at Yale. It's one of the best decisions I've ever made.
▼ + stars: | 2023-09-13 | by ( Simisola Fagbemi | ) www.businessinsider.com time to read: +5 min

She was considering a gap semester to help. AdvertisementAdvertisementA gap semester is a semester-long period in which a student takes a break from their studies to pursue personal interests — whether that be an internship, travel, or time at home with family. In 2020, 23% of Yale students took a semester off — most likely because of the pandemic, but I've noticed the trend continue. Unlike a postgraduate gap year, if I took a gap semester, I would be guaranteed a return to the relative security of student life — rather than unemployment. Taking a gap semester isn't for everyone; I have friends who can't wait to get out of college and into the real world.

Persons: I'd, she'd, I've, —, wouldn't, haven't Organizations: Yale University, Service, Yale, New Locations: New Haven , Connecticut, Wall, Silicon, New York City, Marrakech, Tangier, Morocco, London, Toronto, Los Angeles

☆ Moroccan man finds childhood home destroyed by quake
▼ + stars: | 2023-09-12 | by ( Alexander Cornwell | ) www.reuters.com time to read: +3 min

REUTERS/Hannah McKay Acquire Licensing RightsTINMEL, Morocco, Sept 12 (Reuters) - Said Hartattouch was at work in Marrakech when the 6.8 magnitude earthquake struck. "Man, it is something that I cannot explain,” Hartattouch said, who is among many across the High Atlas Mountains who have lost their loved ones and their homes. With nowhere to go, the villagers have slept out in the open since the earthquake struck on Friday. “The problem for Atlas Mountains is that it is big,” he said. “It’s not possible to help everyone.”Reporting by Alexander Cornwell; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Said Hartattouch, Hannah McKay, ”, ” Hartattouch, Hartattouch, “ It’s, Alexander Cornwell, Stephen Coates Organizations: REUTERS, Thomson Locations: Marrakech, Tinmel, Morocco, Hartattouch

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