The International Monetary Fund (IMF) has launched a new Advisory Council on Entrepreneurship and Growth to support its 191 member countries in fostering more conducive macroeconomic and financial conditions for robust and sustainable economic growth. The council, established by IMF Managing Director Kristalina Georgieva, aims to recommend policies that enhance resource allocation, stimulate innovation, and drive sustainable private sector-led economic growth. The council brings together a distinguished group of global professionals, including Nigerian billionaire Tony Elumelu, Tata Sons Chairman N Chandrasekaran, Professor Ufuk Akcigit from the University of Chicago, HRH Ambassador Reema Bandar Al-Saud from Saudi Arabia, and Marc Benioff, CEO of Salesforce.
The members will engage in structured discussions approximately every three months under Chatham House rules to discuss and formulate strategic economic policies. Elumelu, the Founder and Group Chair of Heirs Holdings, will bring his extensive expertise to the council, focusing on identifying and addressing regulatory barriers to entrepreneurship. His appointment underscores his reputation as a leading figure in Africa’s private sector, where he has passionately advocated for entrepreneurship, economic empowerment, and sustainable development.
Elumelu joins IMF advisory council
Chandrasekaran’s inclusion in the IMF Advisory Council highlights India’s growing influence in global economic policy discussions. As the Chairman of Tata Sons, he has been pivotal in driving growth across multiple sectors, including technology, automotive, and steel.
The council’s formation comes at a critical time as global economies navigate post-pandemic recovery challenges and volatile geopolitical dynamics. The IMF’s initiative reflects its commitment to incorporating diverse perspectives from leading global industry figures to address pressing economic issues and promote sustainable growth worldwide. In her remarks during the inaugural meeting, Georgieva emphasized the importance of productivity-driven policies in achieving long-term economic stability and prosperity.
She 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.”
The IMF Managing Director’s Advisory Council is 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.
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