Mr Hunt is anticipated to emphasize the UK’s dedication to fiscal accountability when he attends this yr’s IMF and World Bank annual conferences forward of his autumn assertion subsequent month.
Morocco will host the occasions regardless of being hit by a devastating earthquake on September 8, which struck near Marrakech, and which reportedly killed greater than 3,000 individuals and has affected thousands and thousands of others.
Mr Hunt mentioned: “I’m in Marrakech to discuss the global fight against inflation, and how we are putting Britain back on the path to growth.
“It is because of our solid economic foundation at home that we can support our friends around the world.
“I am full of admiration for the Moroccan people’s resilience following the terrible earthquake in September, and want to reiterate Britain’s backing to support the victims.”
The world’s finance ministers meet as bosses on the IMF mentioned the worldwide financial system is “limping along” amid stress from persistent inflation and better borrowing prices in its newest financial outlook.
The finance physique has marginally upgraded its development forecast for UK gross home product (GDP) this yr to 0.5%, from 0.4%.
But it downgraded its forecasts for the UK’s financial development subsequent yr.
It had beforehand pointed in the direction of 1% development for 2024, however on Tuesday diminished this forecast to 0.6% amid stress from greater rates of interest, which represents the bottom predicted development fee throughout the G7.
The newest forecast appeared to immediate a dispute between the Government and the IMF over whether or not the most recent knowledge had been used.
Government sources advised the IMF had not taken account of the most recent rates of interest expectations and, and pointed to the Office for National Statistics (ONS) having upgrades its evaluation of the UK’s post-pandemic restoration, based on the BBC.
But IMF chief economist Pierre Olivier Gourinchas instructed the broadcaster the forecast had factored in rates of interest peaking final month, and {that a} “preliminary read” of the ONS’s revised knowledge had led him to conclude that there would “probably” be “not much” of an influence on the present evaluation.
Minister for growth and Africa Andrew Mitchell, and Bank of England Governor Andrew Bailey, are additionally as a consequence of attend the annual conferences.
The gathering is the primary time the IMF and World Bank annual conferences have been held in Africa since 1973.
