Carlos Lopes

The annual meetings of the World Bank and International Monetary Fund (IMF) are due to take place in Marrakech, Morocco, in mid-October. The city and country are still reeling from a devastating earthquake in early September.

Hosting these meetings on the African continent for the first time in half a century under such circumstances carries immense symbolism, serving as a demonstration of resilience.

The two institutions are increasingly facing questions about their relevance in addressing current global challenges. One of their responses has been to commit to playing a more prominent role in the global climate response.

The call for reform of the IMF and World Bank is particularly urgent for Africa, where countries require increased access to public and private financing and debt relief. A transformed financial system is essential to support sustained growth that benefits everyone, and that bolsters climate resilience.

Unfortunately, many sources of finance,