The managing director of the International Monetary Fund, Kristalina Georgieva, has inaugurated an advisory council on Entrepreneurship and Growth.

This was disclosed in a statement on Thursday.

The statement said the council members are expected to share their insights and experiences on how entrepreneurship and productivity can be promoted through macroeconomic and financial policies.

The overarching goal is identifying policies to improve resource allocation, foster innovation, and stimulate private sector-led economic growth.

The statement further revealed that Georgieva held an inaugural meeting with the new Advisory Council on Thursday.

This initiative is part of the IMF’s broader efforts to assist its 191 member countries in creating favourable macroeconomic and financial conditions for robust and sustainable economic growth driven by productivity enhancements.

Ms Georgieva 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.”

She highlighted that the Council brought together a distinguished group of business, finance, academic, and policymaking leaders to share perspectives on how macroeconomic and financial policies could foster a supportive environment for innovation, entrepreneurship, and productivity.

“These are key ingredients for a thriving private sector and strong economic growth,” she emphasised.

The confirmed advisory council members include Ufuk Akcigit, professor of Economics at the University of Chicago and Reema Al-Saud, ambassador of the Kingdom of Saudi Arabia to the U.S.; Marc Benioff, co-founder of Salesforce; Ana Botín, executive chair of Banco Santander; Natarajan Chandrasekaran, chairman of Tata Group; and Margherita Della Valle, chief executive of Vodafone Group.

The council includes Tony Elumelu, founder of Heirs Holdings; Robert Smith, founder of Vista Equity Partners; and Federico Sturzenegger, Argentina’s minister of deregulation and state transformation.

The council is scheduled to meet approximately once every three months for structured discussions under Chatham House rules.

(NAN)