Finance Minister Identifies High-Quality, Timely Data as Crucial Ingredient for Development Agenda

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Finance Minister Identifies High-Quality, Timely Data as Crucial Ingredient for Development Agenda

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Finance Minister Identifies High-Quality, Timely Data as Crucial Ingredient for Development Agenda

Finance Minister Identifies High-Quality, Timely Data as Crucial Ingredient for Development Agenda

The Minister of Finance, Dr Mohammed Amin Adam, has said that the key raw material for the development agenda is high-quality timely data.

In his view, without such data, authorities would not be able to address key developmental challenges.

He said this at the Power of Data Roundtable at the 2024 Spring Meetings in Washington.

“It is important we develop high-quality timely data to address challenges of climate change, emergency response, poverty, inequality, health care, education, decent jobs, debt sustainability, growth and good governance,” Dr Amin Adam said.

Dr Mohammed Amin Adam also met with the President of the International Finance Corporation (IFC), Makhtar Diop, and other officials of the IFC during the Spring Meetings.

The two discussed ongoing IFC programmes in Ghana and also investment opportunities.

The delegation also met with the IMF Deputy MD Bo Li to discuss on ongoing Fund programme.

Regarding the reappointment of the Managing Director of the Fund, Kristalina Georgieva, the Finance Minister Dr Mohammed Amin Adam, on behalf of the delegation, congratulated her during a meeting with her on the sidelines of the Spring Meetings.

“Congratulations for your reappointment as MD of the IMF”,  he said.

Her reappointment takes effect from October 1, 2024, the Executive Board announced in a statement.

The Board’s decision was taken by consensus, according to the statement.

In line with the selection process it had established on March 13, 2024 the Board held several discussions, including with Ms. Georgieva, the sole candidate nominated for the position, before making its decision today. Following today’s meeting, the Coordinators of the Executive Board, Mr. Afonso S. Bevilaqua and Mr. Abdullah F. BinZarah, made the following statement:

“In taking this decision, the Board commended Ms. Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks. Ms. Georgieva led the IMF’s unprecedented response to these shocks, including the approval of more than $360 billion in new financing since the start of the pandemic for 97 countries, debt service relief to the Fund’s poorest, most vulnerable members, and a historic Special Drawing Rights (SDR) allocation equivalent to $650 billion.

“Under her leadership, the Fund introduced innovative new financing facilities, including the Resilience and Sustainability Facility and the Food Shock Window. It replenished the Poverty Reduction and Growth Trust, with the capacity to mobilize concessional loans to its poorest members, and co-created the Global Sovereign Debt Roundtable. It also secured a 50 percent quota increase to bolster the Fund’s permanent resources and agreed to add a third Sub-Saharan African chair to the IMF Board.

“Looking ahead, the Board welcomes Ms. Georgieva’s ongoing emphasis on issues of macroeconomic and financial stability, while also ensuring that the Fund continues to adapt and evolve to meet the needs of its entire membership. It recognizes her focus on strengthening the Fund’s support to its members through effective policy advice, capacity development and financing. The Board looks forward to continuing to work closely with the Managing Director,” the statement said.

Background:

Ms. Georgieva has served as Managing Director since October 1, 2019. The Managing Director is the chief of the IMF’s operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in overseeing the Fund’s operations, which serve its membership through about 3,100 staff.

Ms. Georgieva, a national of Bulgaria, has been the IMF’s Managing Director since 2019. Previously she served as Chief Executive Officer of the World Bank from  January 2017. From February 1, 2019, to April 8, 2019, she was the Interim President for the World Bank Group. She previously served at the European Commission as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, and as Vice President for Budget and Human Resources. Ms. Georgieva has a Ph.D. in Economic Science and a M.A. in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.

Source: 3news

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