Okonjo-Iweala gets IMF appointment one month after being appointed into South Africa’s Economic Advisory Council

Okonjo-Iweala gets IMF appointment one month after being appointed into South Africa’s Economic Advisory Council

The International Monetary Fund (IMF) has named a former Minister of Finance, Dr Ngozi Okonjo-Iweala, as a member of its External Advisory Group.

IMF’s Managing Director, Kristalina Georgieva, announced Okonjo-Iweala’s appointment into the 12-member team on Friday in a statement. According to the statement, the new group will provide perspectives from around the globe on key developments and policy issues, including policy responses to the exceptional challenges the world now faces due to the novel coronavirus (COVID-19) and its economic impact.

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Ms Georgieva said; “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,” she added.

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This is coming after South Africa’s president Cyril Ramaphosa, in response to South Africa’s economic challenges, which recently slumped into its second recession in two years, expanded the country’s Economic Advisory Council, with the appointment of Dr. Ngozi Okonjo-Iweala as a member.

Ramaphosa had inaugurated members of the council last October 2019, where he said their role was to ensure greater coherence and consistency in the implementation of economic policy to ensure that government and society in general were better equipped to respond to changing economic circumstances.

The IMF advisory group is expected to meet a few times in a year with the IMF’s Managing Director, Deputy Managing Directors, and a sub-set of IMF department Directors.

See the list of the Managing Director’s External Advisory Group below:

Ms Ngozi Okonjo-Iweala, former Finance Minister of Nigeria

Mr Tharman Shanmugaratnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore

Ms Kristin Forbes, Professor, Massachusetts Institute of Technology

Mr Kevin Rudd, former Prime Minister of Australia

Lord Mark Malloch Brown, former United Nations Deputy Secretary-General Mr Feike Sijbesima,

Honorary Chair, DSM, Former CEO, Royal DSM Mr Raghuram Rajan, Professor, University of Chicago

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Ms Ana Botín, Group Executive Chairman, Santander

Ms Carmen Reinhart, Professor, Harvard University

Mr Mohamed A. El-Erian, Chief Economic Adviser, Allianz

Mr Scott Minerd, Chief Investment Officer, Guggenheim Investments

Ms Nyaradzayi Gumbonzvanda, Chair of ActionAid Internationa