Governor Talks: Building Resilience Through Structural Reforms: Lessons from Morocco


Location: Cedar Hall, HQ1-1-660




Nadia Fettah
Minister of Economy and Finance, Morocco

H.E. Nadia Fettah, appointed by His Majesty King Mohammed VI on October 7, 2021, is the first woman appointed to this position in the Kingdom of Morocco. Born in 1971, H.E. Nadia Fettah was the Minister of Tourism, Handicrafts, Air Transport, and Social Economy between 2019 and 2021. A high school graduate from the “Ecole des Hautes Etudes Commerciales” in Paris in 1994, H.E. Nadia Fettah started her career as a consultant in one of the largest financial studies offices before founding an investment fund in Morocco, which she managed for five years. After managing a Moroccan insurance company, H.E. Nadia Fettah accompanied a global holding corporate in developing its capital in Africa and the Middle East. In 2017, H.E. Nadia Fettah was Chief Executive Manager of a group of companies in Africa before being appointed as Minister. In parallel to her ministerial mission, H.E. Nadia Fettah is active in the associative field, as she was one of the founders of the Women’s Club, members of the boards of directors, as well as the global network “Women Corporate Directors.” H.E. Nadia Fettah was crowned the 2018 title of “The Best Contracting Director” at the African level during a continental meeting organized in Abidjan.




Jihad Azour
Director of the Middle East and Central Asia Department

Mr. Jihad Azour is the Director of the Middle East and Central Asia Department at the International Monetary Fund where he oversees the Fund’s work in the Middle East, North Africa, Central Asia and Caucasus. Mr. Azour served as Lebanon’s Finance Minister in 2005-08, during which time he coordinated the implementation of important reforms, including modernizing the country’s tax and customs systems. Before and since his time as finance minister, he held a wide range of positions in the private sector, including McKinsey and Booz and Co. where he was a Vice-President and Senior Executive Advisor. Prior to joining the IMF in March 2017, he was a Managing Partner at investment firm Inventis Partners. Mr. Azour holds a PhD in International Finance and a post-graduate degree in International Economics and Finance, both from the Institut d'Etudes Politiques de Paris. He also did research on emerging economies and their integration into the global economy as a post-doctoral fellow at Harvard. Mr. Azour has published several books and articles on economic and financial issues and taught extensively.




Moderator: Jihad Azour, Director of the Middle East and Central Asia Department

IMF Guest: Nadia Fettah, Minister of Economy and Finance, Morocco

Key Points:

  • Crisis management, policy priorities, and the challenges ahead. Morocco’s diversified economic base along with its longstanding perseverance in advancing structural reforms, maintaining macroeconomic policy discipline, and shoring up public trust have been key in sustaining economic resilience and fostering growth amid recent successive shocks. Ensuring ownership and inclusiveness of reforms has been key to successful reform implementation. Looking ahead, policy priorities are centered on strengthening the education, health, and social protection systems, tackling water scarcity and climate issues, and fostering an environment conducive to private investment and job creation. At the global level, fragmentation and growing protectionism are a source of concern. Securing the global economic recovery, and ensuring fair and transparent regulatory systems, including in trade and decarbonization, remain challenging. 
  • Marrakesh 2023 Annual Meetings priorities. Integrating the priorities and challenges of the global south in the international community’s agenda is critical. This includes finding impactful solutions for the pressing challenges, particularly reducing poverty, mitigating climate risks, and harnessing digital transformation. Furthermore, fighting fragmentation, including through a firm commitment to multilateralism is also key. 


  • “Morocco, thanks to the partnership, thanks to the strong reforms that have been undertaken for two decades, was able to, I would say, have this crisis quite well managed and the economy resilient. But really the objective was not to stop the very strong agenda reform that we were having.” Nadia Fettah (3:43 – 4:10)
  •  “Hopefully in Marrakech we can raise the voice of the global south because we want to be part of the global conversation.” Nadia Fettah (25:16 - 25:23) Contributor: Fares Rawah