THE International Monetary Fund (IMF) has appointed Tony Elumelu, the founder and chairman of Heirs Holdings, along with eight other prominent figures, to a new Advisory Council on Entrepreneurship and Growth.

IThe appointment was confirmed in a statement released by the IMF on Thursday, March 27, by the IMF’s managing director, Kristalina Georgieva.

The council members will be sharing their thoughts and experiences on how macroeconomic and financial policies can help boost entrepreneurship and productivity.

Their main aim is to identify policies that will improve how resources are used, encourage innovation, and drive economic growth led by the private sector.

According to the IMF in the statement released from Washington, DC, United States, the appointment is part of its efforts to help its 191 member countries create better macroeconomic and financial conditions for strong and durable economic growth driven by increased productivity.

Georgieva was stated to have convened an inaugural meeting with her new Advisory Council on Entrepreneurship and Growth on Thursday.

“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 Council brings together a group of leading thinkers and practitioners in business, finance, academia, and policymaking to share their views and experiences on how macroeconomic and financial policies can provide a supportive environment for innovation, entrepreneurship, and productivity—key ingredients for a thriving private sector and strong economic growth,” Georgieva said.

The council will meet approximately once every three months in structured discussions under Chatham House rules.

The discussions with the council will inform the IMF’s analytical agenda and policy research aimed at promoting macroeconomic and financial policies that are conducive to higher productivity growth and can support stronger medium-term economic prospects across its membership, the statement added.

The council members confirmed by the IMF are:

• Professor Ufuk Akcigit, Arnold C. Harberger Professor of Economics, University of Chicago.
• Reema Bandar Al-Saud, Ambassador of the Kingdom of Saudi Arabia to the United States of America.
• Marc Benioff, Chair, CEO, and Co-Founder of Salesforce.
• Ana Botín, Executive Chair, Banco Santander.
• Natarajan Chandrasekaran, Chairman, Tata Group.
• Margherita Della Valle, Chief Executive, Vodafone Group.
• Tony O. Elumelu, Founder and Chairman, Heirs Holdings.
• Robert Smith, Founder, Chairman and CEO, Vista Equity Partners.
• Federico Sturzenegger, Argentine Minister of Deregulation and State Transformation.