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Nigerian economist and international development expert, Ngozi Okonjo Iweala, has bagged another appointment as member of the External Advisory Group constituted by the Managing Director of global financial body, International Monetary Fund, IMF, Kristalina Georgieva. The group which comprise of prominent individuals from different parts of the globe are to work as the IMF chief’s special advisers, with the main responsibility of providing insights towards the enhancement of the financial institution’s ability to serve its member countries.

Read more about Ngozi Okonjo Iweala

High profile technocrats and policy experts around the world with private sector experience make up the external advisory group which was inaugurated on Friday, April 17, 2020, in Washington DC. Providing perspectives on issues related to key development and policy making around the globe forms part of the group’s numerous responsibilities. Part of the issues the group is meant to tackle includes responding to exceptional challenges confronting the world due to the pandemic corona virus and its impacts on IMF member countries’ economies.

Even before the spread of Covid-19 and the dramatic health, economic, and financial disruptions it has brought, IMF members confronted a rapidly evolving world and complex policy issues. To serve our membership well in this context, we need top-notch input and expertise from the widest range of sources, inside and outside the Fund. Toward this end, I am proud that an exceptional and diverse group of eminent individuals with high-level policy, market, and private sector experience has agreed to serve on my External Advisory Group. Today, we had a dynamic discussion to gain their insights, and to receive informal reactions to our ideas and approaches

Kristalina Georgieva

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The former Nigerian finance minister made the rounds earlier this year after she was appointed into South Africa’s Economic Advisory Council by President Cyril Ramaphosa, and has now added another vital position to her already exceptional CV. Iweala who also served as Vice President of the World Bank in the past, now joins a team of economic experts which includes Kristin Forbes, a Professor at the Massachusetts Institute of Technology, and Tharman Shanmugaratnam, who is a Senior Minister in Singapore and  Chairman of the Monetary Authority of Singapore.

Other members of the external advisory group include former Australian Prime Minister, Kevin Rudd, former United Nations Deputy Secretary-General, Mark Brown, Professor Raghuram Rajan of the University of Chicago, Feike Sijbesima (Honorary Chair, DSM and former CEO, Royal DSM), Harvard University’s Professor Carmen Reinhart, and the Group Executive Chairman of Santander, Ana Botin. Mohammed El-Erian (Chief Economic Adviser of Allianz), Guggenheim Investments Chief Investment Officer and Head- Scott Minerd, and ActionAid International’s Chair, Nyaradzayi Gumbonzvanda, also forms part of the group.

Meetings for the newly formed advisory team will be held few times a year to deliberate on policy issues affecting member countries of the IMF with the Managing Director of IMF, Deputy Managing Directors, and a sub-set of the financial body’s department directors. 65-year-old Ngozi Okonjo Iweala among other appointments, currently sits on the Boards of Standard Chartered Bank, African Risk Capacity (ARC), Global Alliance for Vaccines and Immunization (GAVI), and Twitter.


The World News


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This article was first published on 20th April 2020


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