IMF Launches Advisory Council on Entrepreneurship and Growth

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has inaugurated an Advisory Council on Entrepreneurship and Growth to enhance global economic development.

According to a statement from the IMF Press Centre on Thursday, the council will provide strategic insights on fostering entrepreneurship and boosting productivity through effective macroeconomic and financial policies.

The initiative aims to identify policies that enhance resource allocation, drive innovation, and stimulate private sector-led economic growth. As part of its mandate, the council will support the IMF’s broader efforts to assist its 191 member countries to create favourable economic conditions for sustainable growth.

Georgieva convened the inaugural meeting of the council on Thursday, emphasizing the importance of productivity-driven policies in achieving long-term economic stability and prosperity.

In her remarks, Georgieva stated, “The medium-term outlook for world economic growth is at its lowest in several decades.

“Much of the slowdown can be attributed to declining productivity growth.

She highlighted that the Council brought together a distinguished group of business, finance, academic, and policymaking leaders to share perspectives on how macroeconomic and financial policies could foster a supportive environment for innovation, entrepreneurship, and productivity.

“These are key ingredients for a thriving private sector and strong economic growth,” she emphasised.

The confirmed members of the Advisory Council include Prof. Ufuk Akcigit, Professor of Economics at the University of Chicago and Amb. Reema Al-Saud, Ambassador of the Kingdom of Saudi Arabia to the United States.

Others are Marc Benioff, Chair, CEO, and Co-Founder of Salesforce; Ana Botín, Executive Chair of Banco Santander; Natarajan Chandrasekaran, Chairman of Tata Group; and Margherita Della Valle, Chief Executive of Vodafone Group.

Additionally, the Council includes Tony Elumelu, Founder and Chairman of Heirs Holdings; Robert Smith, Founder, Chairman, and CEO of Vista Equity Partners; and Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.

The IMF Managing Director’s Advisory Council is scheduled to meet approximately once every three months for structured discussions under Chatham House rules.

“These discussions are expected to inform the IMF’s analytical agenda and policy research aimed at promoting macroeconomic and financial policies that encourage higher productivity growth and support stronger medium-term economic prospects across its member countries.”