Okonjo-Iweala Joins IMF External Advisory Group

By Adedapo Adesanya

A former Finance Minister in Nigeria, Mrs Ngozi Okonjo-Iweala, has been named by the International Monetary Fund (IMF) as a member of its External Advisory Group.

The appointment of the respected economist was announced on Friday, making her the only African in the 12-member group named by IMF’s Managing Director, Ms Kristalina Georgieva.

In a statement yesterday, the IMF chief disclosed that the advisory group will provide perspectives from around the globe to key developments and policy issues, especially as the world faces the economic challenges of COVID-19.

“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,” Ms Georgieva said.

The newly formed group is expected to meet occasionally with the selected members of the IMF Board, including the IMF Managing Director, Deputy Managing Directors, and a sub-set of IMF department Directors.

Other members appointed alongside Mrs Okonjo-Iweala were Mr Kevin Rudd, former Prime Minister of Australia; Mr Tharman Shanmugaratnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore; Ms Kristin Forbes, Professor, Massachusetts Institute of Technology; 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.

Concluding the list are 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; and Ms Nyaradzayi Gumbonzvanda, Chair of ActionAid International.