In a recent pronouncement, the International Monetary Fund (IMF) has called upon Middle Eastern and North African (MENA) states to reduce their stranglehold on their domestic economies, in a set of proposals designed to invigorate the region’s sluggish economic growth.
“Equalizing the playing field between public and private enterprises stands as a paramount objective,” affirmed Managing Director Kristalina Georgieva in a statement issued on Sunday. In addition to this call for economic balance, Georgieva emphasized the necessity for more efficient and precisely targeted social assistance programs. Furthermore, she recommended an overhaul of the education and training systems to meet the evolving demands of an estimated 100 million youths entering the workforce within the coming decade.
While concluding the IMF and World Bank meetings in Marrakech, Morocco – marking the first such event held on the African continent in half a century – Georgieva also highlighted that numerous countries within the MENA region continue to grapple with challenges in ensuring equitable opportunities for all.
The IMF’s recent adjustment to its economic growth forecast for the MENA region for the current year illustrates the urgency of these recommendations. The region’s expected growth rate has been revised downward from 3.1% to a more modest 2%, primarily due to diminished oil production, which has notably impacted major economies such as Saudi Arabia.
Georgieva further championed the greater involvement of women in the labor force and the utilization of green investments as a catalyst for job creation. She also suggested the potential need for a comprehensive overhaul of the region’s tax systems, with an emphasis on broadening their scope and minimizing distortions.
Georgieva’s vision concludes on a collaborative note, emphasizing the importance of collective efforts in addressing both established and emerging challenges. It is her hope that such endeavors will pave the way for a more sustainable and inclusive model of development in the region.
