In a recent announcement made in Marrakech, Morocco, member states of the International Monetary Fund (IMF) have unanimously agreed to boost their contributions to the global financial institution.

They also consented to allocate Africa an additional position on the IMF’s Executive Board. These decisions were the focal points of the annual IMF and World Bank meetings, set to conclude on Sunday.

IMF officials called on member nations to enhance their financial support for the institution, with an emphasis on its role in aiding governments combat poverty and tackle climate change.

Nadia Calvino, the IMFC Chair, emphasized their commitment to fostering inclusive and sustainable growth, advancing climate and digital initiatives, and addressing debt vulnerabilities.

They celebrated the successful closure of the financing gap for the Poverty Reduction and Growth Trust, which assists the most vulnerable members.

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The present distribution of quotas tends to favor advanced economies, particularly European nations, at the expense of major emerging economies such as China and India.

The latter have been advocating for a reform of the system, which Western nations theoretically support, although they remain cautious due to concerns of China’s strengthened role within the IMF.

The recent development also involves an expansion of the IMF’s Board, growing from 24 to 25 members, with the additional seat being allocated to Africa, which previously held two.

These meetings are particularly significant as they mark the first time the annual meetings of the IMF and World Bank have taken place on the African continent since 1973.