The International Monetary Fund (IMF) has launched an Advisory Council on Entrepreneurship and Growth to drive global economic development. The council aims to promote resource allocation, innovation, and sustainable private sector-led economic growth across the IMF’s 191 member countries. IMF Managing Director Kristalina Georgieva convened the inaugural meeting on Thursday.
She emphasized the need for policies that foster entrepreneurship, boost productivity, and stimulate business expansion, as the global economic growth outlook is at its lowest in decades. The Advisory Council includes prominent global business leaders, economists, and policymakers such as:
Tony Elumelu, Founder & Chairman of Heirs Holdings
Marc Benioff, Chair, CEO & Co-Founder of Salesforce
Ana Botín, Executive Chair of Banco Santander
Natarajan Chandrasekaran, Chairman of Tata Group
Robert Smith, Founder, Chairman & CEO of Vista Equity Partners
The council will meet quarterly under Chatham House rules to provide policy recommendations that will shape the IMF’s macroeconomic stability, innovation, and long-term growth agenda. This initiative could improve small businesses worldwide’ access to funding, regulatory support, and more entrepreneurial-friendly economic policies.
Tony Elumelu’s appointment to the council solidifies his influence in global financial and economic affairs.
IMF assembles global business leaders
As a renowned Nigerian billionaire and business leader, he brings valuable expertise in identifying and addressing regulatory barriers to entrepreneurship.
Elumelu has built a vast business empire across banking, energy, hospitality, and healthcare. Analysis by MoneyCentral estimates his net worth at $2.15 billion, driven by his stakes in various high-growth companies. Since 2015, his foundation has also empowered over 25,000 African entrepreneurs with funding, mentorship, and business training.
Tata Sons Chairman Natarajan Chandrasekaran is another notable addition to the IMF Advisory Council. His insights into economic strategies and experience in driving Tata Group’s growth are expected to be valuable assets to the council’s mission. The launch of this high-profile IMF initiative underscores the importance of fostering entrepreneurship and private sector growth in driving global economic development.
Professionals and enthusiasts in politics, science, economy, and global affairs will follow the council’s discussions and contributions closely.
Photo by; Hansjörg Keller on Unsplash