Good news as Okonjo-Iweala gets new IMF appointment

Good news as Okonjo-Iweala gets new IMF appointment

- Ngozi Okonjo-Iweala has been named a member of the External Advisory Group of IMF

- The group will provide perspectives on key developments and policy issues

- Okonjo-Iweala was named alongside eminent individuals with high-level policy, market, and private sector experience

Nigeria's Ngozi Okonjo-Iweala has bagged an appointment from the International Monetary Fund.

The former minister of finance was appointed as a member of an external advisory group of the organisation.

This was disclosed by Kristalina Georgieva, managing director of the group.

According to Georgieva, the group will meet a few times a year to provide perspectives on key developments and policy issues.

“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,” Georgieva said.

“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.

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“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,” Georgieva said in a statement.

Members of the group were listed as:

Ngozi Okonjo-Iweala, former finance minister of Nigeria

Tharman Shanmugaratnam, senior minister of Singapore and chairman of the Monetary Authority of Singapore

Kristin Forbes, professor at Massachusetts Institute of Technology

Kevin Rudd, former prime minister of Australia

Mark Malloch Brown, former United Nations deputy secretary-general

Feike Sijbesima, honorary chair, DSM and former CEO, Royal DSM

Raghuram Rajan, professor at University of Chicago

Ana Botín, group executive chairman of Santander

Carmen Reinhart, professor at Harvard University

Mohamed A. El-Erian, chief economic adviser of Allianz

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Scott Minerd, chief investment officer of Guggenheim Investments

Nyaradzayi Gumbonzvanda, chair of ActionAid International

Meanwhile, Legit.ng had reported that the G-20 countries have been asked by former president Olusegun Obasanjo for a $44 billion debt relief for African countries as a way of helping them to cope with the economic ordeals imposed on them by coronavirus.

Obasanjo was also joined by Okonjo-Iweala and about 100 global leaders in the call to the world powers.

Both Obasanjo and Okonjo-Iweala called for “immediate internationally coordinated action–within the next few days–to address our deepening global health and economic crisis from COVID-19”.

In a letter addressed to the G20 nations, the leaders said the 2008 to 2010 economic hurdle is far less than what has resulted from the pandemic in 2020.

The letter partly read: “In 2008-2010, the immediate economic crisis could be surmounted when the economic fault line- under-capitalization of the global banking system—was tackled,” the letter read.

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“Now, however, the economic emergency will not be resolved until the health emergency is effectively addressed: the health emergency will not end simply by conquering the disease in one country alone, but by ensuring recovery from COVID-19 in all countries.”

The duo also asked the international community to waive 2020's poorer countries’ debt repayments, including $44 billion due from Africa.

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Source: Legit

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