OP-ED: MY BIG QUESTION TO INTERNATIONAL MONETARY FUND (IMF) MANAGING DIRECTOR, KRISTALINA GEORGIEVA

Key Highlights from 2021 IMF Townhall With Civil Society Leaders, Strategic Initiatives of International Monetary Fund to watch out for, and the IMF Managing Director’s Inspiring Message to Young People around the World

“I have no doubts for young people like Chukwuemeka Orukwowu; for you, that can be your future. The Digital future as we now know, has arrived!”

?– Kristalina Georgieva, International Monetary Fund Managing Director; IMF Civil Society Townhall 2021

It is amazing to share that I am blown away by the magnitude of engagements the World Bank and IMF Annual Meetings have gathered so far – it is the talk of the moment, in International Development, and Corporate space!

Every Digital media platform across the World has felt the wave, due to the massive level of publicity for the anticipated World Bank and IMF Annual meetings – WashingtonDC 2021! World leaders and stakeholders across diverse sectors – including civil society actors, have all cleared busy calendars to join the meetings. The start day is finally here!

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The 2021 edition of World Bank and IMF Annual Meetings will be held virtually, from Monday 11th – Friday 17th October 2021; bringing together top officials from International development organizations – including World Bank and IMF Staff, Government representatives, Chief Executives of Global Corporations, Entrepreneurs, Youth leaders and development experts on the frontlines of the resilient recovery from the pandemic.

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The World Bank and IMF Annual Meetings – Washington DC 2021, is hosted by both Apex financial Institutions in order proffer solutions to development issues, build trust among global development stakeholders, facilitate Strategic partnerships across Public-Private sectors, and engage a shared analytical framework that works for all.

World Bank Group and International Monetary Fund (IMF) Civil Society Policy Forum

Each year, prior to the start of the Annual Meetings, the Civil Society Policy Forum (CSPF) is organized. This year’s CSPF timeline was from September 27th – October 8th, 2021. In a well-coordinated series of IMF Live (Virtual) Sessions, the brightest minds across various civil society organizations around the world converged for the 2021 Civil Society Policy Forum (CSPF) – spotlighting main issues in national and global development, and setting the agenda for the World Bank and IMF Annual Meetings.

?“I hope to see the bringing together of all the best educated people of the earth into a worldwide Congress of Scientists”.

– Marquis de Condorcet (French?philosopher?and?mathematician, 17 September 1743 – 29 March 1794)

The IMF Managing Director’s Townhall with Civil Society Leaders is the final Virtual session of the Civil Society Policy Forum (CSPF) – hosted before the beginning of World Bank and IMF Annual Meetings. This interactive Virtual platform facilitates the rich exchange of progressive ideas, conversations, dialogues, and multi-stakeholder collaborations – in view of understanding the multilateral landscapes, unprecedented challenges and big problems faced in different countries of the world.

International Monetary Fund (IMF) Managing Director while speaking at 2021 IMF Townhall with Civil Society

An Extraordinary Encounter!

At the just-held IMF Managing Director’s Townhall with Civil Society Leaders, which had over 100 civil society actors in attendance (invitation only); I had a rare privilege to meet The International Monetary Fund (IMF) Managing Director, Kristalina Georgieva in a Virtual setting. Though attendance was restricted to registered participants of the Annual Meetings, the session was streamed and broadcasted on IMF Live. She shared extensive insights on the wonderful impacts of the International Monetary Fund (IMF), its audacious strides in partnership with the World Bank Group, as well as the many brilliant impact projects being carried out by IMF on the frontlines of the resilient recovery from the pandemic across the World – especially its engagements with Member countries.

Access Granted: IMF CSO Townhall Live Video Here

The interactive IMF Live Question and Answer (Q&A) session with the IMF Managing Director, was Moderated by Mr. Gerry Rice – the Director of the Communications Department (COM) at the International Monetary Fund; He is responsible for IMF strategy on external engagements with media and the Fund's key stakeholders, including legislatures and parliaments, labor representatives, civil society groups, and academics, as well as the Fund's internal communications.

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Moreso, the Special Guest of the day, and Chief Host of the IMF Civil Society Townhall is: Ms. Kristalina Georgieva – a Bulgarian Economist, previously CEO of the World Bank from January 2017 to September 2019, Interim President of the World Bank Group, helped shape the agenda of the European Union while serving as European Commission Vice President for Budget and Human Resources – she now serves as Managing Director of the International Monetary Fund, a position she was selected for on September 25, 2019 and has served as since October 1, 2019. (CVs extracted from IMF.org)

About the International Monetary Fund (IMF)

A quick glance at the IMF official website explains succinctly; capturing its history, especially from conception:

“In July 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States; 44 countries in attendance sought to build a framework for international economic cooperation and avoid repeating the competitive currency devaluations that contributed to the Great Depression of the 1930s. The IMF's primary mission is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries and their citizens to transact with each other”.

See Also: IMF at a Glance (imf.org)

In the IMF Managing Director’s opening remarks, she stated emphatically that:

”I am a long standing champion of working closely with civil society. You have been fantastic, especially in this year when we have had to wrestle with the crisis like no other. My staff and I are continuously learning from our conversations with you, on issues that we wrestle with every single day: Debt, climate and Inequality. And we have been using your feedback to inform our work”.

Mandate of International Monetary Fund: Big Issues that plague our World

The IMF Managing Director’s Townhall is an exclusive opportunity to engage with and listen to Civil Society Organizations ahead of the Annual Meetings, and to build understanding for the work the International Monetary Fund (IMF) is doing to help member-countries with the COVID-19 crisis.

Well, as you will rightly guess, the IMF’s work is far greater that the above highlighted.

“Before we take your questions, what I thought I should do is tell you what we have accomplished so far with your support, and what we need to do to help poor people going forward. Where are we today; earlier this week I outlined how we face a global recovery that remains hobbled by the pandemic and its impact. We are unable to walk forward properly, and it is like walking with stones in our shoes. And so, let me talk about these stones.”

The Managing Director gave a detailed viewpoint on the ways in which the International Monetary Fund under her leadership has helped Member countries to build back stronger economies after the global collapse caused by the COVID-19 crisis. Most especially, she buttressed the need for civil society stakeholders to continually engage the Apex financial institution across diverse and multilaterally fronts, in its global fight against corruption and in enforcing policy reforms that fosters more climate-friendly possibilities. In her words:

“The first and the one that is most painful is the divergence of economic fortunes between advanced economies and some of the emerging markets with strong fundamentals – and the rest of the world, especially low- income countries and vulnerable middle income countries. This divergence is becoming more persistent.”

See Also: IIF Global Debt Monitor 2021

“Second stone – Inflation: I know that because of your work, you will see why this is in particular most troubling. The rise in food and energy price is putting further pressure on poorer families. ”

“Third stone – Debt: Many developing countries started the pandemic with very little fiscal fire power. Now, 18months into it, they have less room in their budget and very limited ability to issue new debt at favorable terms.”

See also: Global Financial Stability Report

From the above highlights, we can deduce that the International Monetary Fund acts in the following capacities: As burden-bearer for the most vulnerable countries; middle-men in high-level financial negotiations between the richer and poorer economies; and lastly, the IMF provides advanced advisory services on financial policies and responsible government spending – geared towards economic stability – by bridging the wide gaps in balance of payment deficit for the most vulnerable developing countries.?

“So, what we have done; I want to highlight two areas where your insights and support as civil society organizations were absolutely critical. First, we have stepped up financing in an unprecedented manner, especially concessional financing for the most vulnerable countries in this crisis. We have provided so far 118Billion in new financing to 87 countries. And we have provided 700million in debt relief to the 29 most vulnerable countries using our catastrophe containment and relief trust fund – I want to recognize the contributors to this trust, and you. I know you have been advocating for us to be able to do that”.

In other words, these roles can be summarized under the following headings: Surveillance, Financial Assistance, Capacity Development and Special Drawing Rights (SDRs).

?“Second, as you all know, we have achieved historic new allocation of special drawing rights of 650Billion dollars on August 23rd. About 275Billion dollars of this allocation went to emerging nations and developing countries. Now is the time to focus on the other part that is: how we can move some resources from countries that have it but don’t need it, to countries in dire need”.

More details below via Factsheet: IMF at a Glance (imf.org)

My Big Questions to the IMF Managing Director

?????????????The World Bank Group’s Global Economic Prospects reports that “Per capita income in many emerging market and developing economies is also expected to remain below pre-pandemic levels, and losses are anticipated to worsen deprivations associated with health, education and living standards. Major drivers of growth had been expected to lose momentum even before the COVID-19 crisis, and the trend is likely to be amplified by the scarring effects of the pandemic.”

As the world embraces the new normal, we have seen the great importance of setting in motion, advanced digital technology systems that facilitate free flow of financial resources from one country to another. The International Monetary Fund (IMF) has so far, played an important role in bridging the financial innovation gaps. Its effort to engage developing countries to promote the adoption of Central Bank Digital Currencies (CBDC) – is quite commendable!

See Also: What is Crypto currency?

Chukwuemeka U. Orukwowu invited to ask his question at the IMF Managing Director's Townhall with Civil Society, during The Civil Society Forum (CSPF), World Bank and IMF Annual Meetings 2021

In same vein, Developing countries are faced with critical challenges; from economic shocks due to Coronavirus crisis, to climate change, and the shortage in economic opportunities for young people. Now more than ever, we need accountability in public service delivery. We are at the brink of a digital finance revolution. Policy reforms should encourage market transparency, and leaders must not sit on the sidelines. It is a time to be accountable!

?“What is the IMF’s role in ensuring that public trustees in African countries are held accountable, and what regulatory mechanisms have been put in place to aid the fight against corruption by the IMF? What is your advice to public leaders in developing countries, where policies do not favor the smooth transition to digital finance realities?”

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Chukwuemeka U. Orukwowu

See Also: World Bank Group – Global Economic Prospects 2021

The Managing Director of the International Monetary Fund, while addressing my questions on Digital money and best practice in the global financial policy strategy of the IMF; shared insightful information with civil society leaders, thus:?

“The question about Digital future including digital money, Fin-Tech, access to finance – is very prominently on the agenda of the IMF. We see 3 conditions for progress in these areas: The first one is just to have the physical structure for digital connectivity. It always surprises me how so very often; it is in low income countries that the internet connection gets interrupted”.

Now, this is most memorable for me, because just before I was called up to ask my question during the Townhall with the Managing Director – my internet connectivity went off! I struggled for awhile in search of a better position to place my digital router, having to delay the session a little bit. Luckily for me, I was able to rectify the connectivity issue just in time! Imagine I would have lost that golden opportunity to share my perspectives with the IMF Managing Director, all for reasons not directly within my control!

“I was on a meeting with African ministers and Central bank governors. We had a couple of times where ministers and governors where dropping in the middle of speaking because the internet is not so very good. This is not so much for the Fund; it is more for the multilateral development banks, and of course, for the countries themselves and private investors. There has to be equality in access to the internet in Digitalization”.

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Kristalina Georgieva,

IMF Managing Director

Access Granted: IMF CSO Townhall Live Video Here

?“Second – The Institutional Infrastructure: We need the regulations, the policies and the capacities in place, so that there can be advancement in the digital space. The third on – this is where the IMF is very active. How can we translate these two pre-conditions into a powerful signal for the economy to move faster? How do we make sure that people are skilled and that they can get into the digital space and be digital entrepreneurs? When we do our Article 4 consultations, how can we prioritize this issue of skills? Most specifically, how can we help countries to move into the digital money space safely? ” – Ms Kristalina Georgieva remarked.

See Also: World Bank Group – Connecting Africa to Broadband: A Roadmap for Inclusive Growth

This issue of Digital connectivity across Africa and specifically, developing countries is a big issue that needs to be addressed, urgently! Many youths have lost big opportunities because of this retrogressive challenge of low internet connectivity! We need to act fast, we need to act now! Else, the narratives that will continue to be told are those that will not be most beneficial to our digital existence as a continent.

Also, on the global concerted efforts to tackle corruption, Ms Kristalina Georgieva highlighted to civil society leaders that: “Ofcourse, when you have information that is transparent and accessible by anyone from everywhere, that is how you push back on bad practices – this is how you can fight corruption. We have learnt a lot over the last years of how powerful is the voice of civil society in fighting corruption. We have made a point to engage civil society in our Article 4 consultation process to make sure there is space for you to tell us what you see as problems. And we have integrated governance in our discussions in a very prominent way.”

“I want to praise my predecessor, Christine Lagarde – Over the years, the Fund has built governance and anticorruption to be an integral part of how we think and view economic performance. And we do count on you as civil society. If you feel there is something more we can do, tell us. And especially when it has to do at the level of countries”.

VIDEO: IMF CSO Townhall Live Session

Central Bank Digital Currency (CBDC): Hit or Miss?

Over the past few years, it’s been speculated that there might be a huge financial revolution brewing in the financial services sector and due to the dynamic and volatile situations in the global financial markets post COVID19 – it is still very much unclear if the world is really prepared for the massive shift ahead of us!

The International Monetary Fund plays a key role in ensuring market prices stability, by informing policy decisions and providing advisory to its Member countries on how to navigate this great transition. Further, because new systems in financial modeling and economic risk assessments are beginning to emerge in most big conversations on financial stability and international development – we may have to look forward to a combination of scientific thinking as well as artistic benchmarking.

Central Bank Digital Currency is the newest innovation being implemented across the IMF member countries. They are a new form of acceptable medium of exchange – backed by the law – which facilitates financial exchanges among users. They will be very open for use by the public, and most likely, will revolutionize the global financial landscapes!

See Also: Bloomberg CBDC Update

On the strategies of the International Monetary Fund in the aspects of workable structure put in place, the IMF Managing Director mentioned to civil society leaders that:

“We have established a very strong team that works on 3 aspects of digital money. One, Central Bank Digital Currencies; we did a survey on our membership, and it was so impressive! 110 countries have some interest and engagements on Central Bank Digital Currencies. Starting from just wanting to be informed – what is it? Do they go in this direction to pilot? – And finally, to the one (1) country that has already established Central Bank Digital Currency: The Bahamas, with the Sand Dollar! “

See Also: About Sand Dollar – The Bahamian Central Bank Digital Currency

So yes, with her above remarks, the Central Bank Digital Currency initiative is a very welcome development!

We will expect full commitments from all Stakeholders involved guaranteeing its implementation. In line with the long-term strategic framework of the IMF, the CBDC will facilitate ease of doing business in the Member countries of the International Monetary Fund.

Let Central Banks hit the road with full throttle!

Read Also: Nigeria’s CBN governor says Fin-Tech to drive financial services

Also, while it is true that this transition is happening faster than anticipated, it is equally mandatory for international development organizations to spearhead the needed reforms in the financial markets and digital finance revolution.

The IMF Managing Director expressed her delight in the feedback from stakeholders and stated that the International Monetary Fund is committed to satisfying outcomes from various internal reviews already being worked on by IMF Staff. Her response was directed to a question from a fellow civil society participant regarding what structure countries need to adopt in building stronger economies and fighting climate change. In her words, she highlights some questions already being worked on by the Staff of IMF:

“Can we create one of the many instruments, which swap as options that creditors can choose? So far it has been primarily bilaterally creditors not so much the private sector – but is it possible for the private sector that is now striving for sustainability and winning in that way, investors trust. Could there be any way that they can be sensitized to do some debt reduction or improvement of conditions so there can be more space in countries to use these resources?”

Chukwuemeka U. Orukwowu at 2021 IMF Managing Director's Townhall with Civil Society

?

My Humble Recommendation

In February 2021, The Institute of International Finance (IIF) published a detailed analysis of the Global Debt Monitor. This showed the magnitude of interdependence of emerging countries on the support provided by International Monetary Fund, World Bank Group etc – and captures the need for access to resources to power development initiatives. Digitalization is the backbone for resilient economic recovery in short-term, medium-term and long-term. Countries must conduct systems analysis to identify existing gaps, create working groups to analyze the data, inform relevant stakeholders about findings, and take necessary steps towards implementing recommendations of the working groups in strategic levels – which cuts across mobilizing for the Sustainable Development goals, rethinking innovative parameters and fostering cross-cultural collaborations. Big problems birth big opportunities!

Access Granted: IMF CSO Townhall Live Video Here

"Based on firsthand experiences working as a Civil Society actor, on the frontlines of the resilient recovery from the pandemic, I am strongly convinced that the future we envision is not out of our reach! It is now, it is here! The global Coronavirus outbreak and climate change crisis has created a big divide; but it falls on each of us to build necessary bridges and proffer solutions to the big problems that now plague our world. Big problems birth big opportunities!"

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Chukwuemeka U. Orukwowu

Chukwuemeka U. Orukwowu while speaking at 2021 IMF Townhall with Civil Society

?“Big problems birth big opportunities!”

Digital broadband connectivity (internet commercialization) policy reforms, and strategic digital access roadmaps applied towards improving Africa’s digital civilization is more than needed at this critical moment. Policy reforms are a strategic way to hold service providers accountable – by reducing to the barest minimum, the tendency for service providers to charge users exorbitant rates – of which, these Telcos still do not give value for the “breaking bank” money they collect from customers! Whatever is the reason behind Telcos charging elephant pecuniary rates for lower internet data provision is beyond unbearable for the low income class of people in society.

“I need to say these are still early days, so far what has been the focus of attention is the country specific debt swap and I was pleased to see that there are more, coming. There are more countries that are moving in that direction. The question for us is can we in the debt sustainability framework, build climate as a component in decision making. Among the Staff of the IMF, there are people who are now, actively thinking how that could be done. We will keep you appraised as we make progress in that direction”.

–

IMF Managing Director also added.

See Also: The $400m Private Equity Firm on a mission to solve Africa’s digital inclusion problems – Story

Time is ticking fast! The Digital future is here! Will African leaders and Central bank governors rise to the task of funding concerted efforts towards mitigating the issues? Or will they pass the buck of responsibility to Telecommunication companies (Telcos), capitalists and private investors? The world is watching.

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The Gatekeepers Watch!

My experiences in Public Data and Policy research, as well as previous engagements with African Governance Architecture (AGA) – an initiative of the African Union (AU); have really opened my eyes to what is possible! Based on insights from Global Experts gathered during my participation in the just-concluded Sustainability Development Impact Summit (SDIS) hosted by the World Economic Forum, Geneva Switzerland – I, hereby recommend the following additional Digital Economy policy pathways to International development Gatekeepers, for a more sustainable and inclusive economic recovery:

Public Procurement Protocol – In some poor countries, this covers a large percentage (up to 45% relatively) of total expenditures and represents a key sector where which corruption has a large footing. The Nigerian Government has earlier introduced the Integrated Payroll and Personnel information system?(IPPIS) – an informed strategy to curb advanced Public sector payroll fraud by leveraging digital technology; however, is there is a replica of such system of accountability in the public procurement space? Kindly point me to any update you know, because I discovered this is a major gap and the lack of accountability – by virtue of widespread corruption of public trustees – and non-transparency in data-reporting, has led to an uncontrolled wastage of scarce public resources in many developing economies.

STEM Education Advocacy – Institutionalizing the inclusion of young women in STEM (Science, Technology, Engineering and Mathematics), holds far greater outcomes in bridging digital skills gap, thereby creating more inclusive workspaces of the future.

See Also: The STEM’s Gap: Women and Girls in Science, Technology, Engineering and Mathematics

Sustainable Cryptocurrency Benchmarking – With the global fall in oil prices, poor countries have experienced rapid revenue decline and shortage of foreign exchange (FOREX) earnings. This affects their ability to sustain external supply chain, thereby increasing risks of breach to African Continental Free Trade Agreements (AfCFTA).

A recent study published by the Oxford Economics research team on the State of the Creator Economy narrates that, “YouTube enables American content creators to reach a large domestic and international audience. This supports substantial economic value for creators who receive income from the platform, for example as they are paid a share of the revenues from advertising placed alongside their videos”. This shows that the opportunity in the emerging digital economy far outweighs any amounts recorded by previous generations. We are at a tipping point, and young people need better working systems, as well as enabling environment to innovate and prosper without limits!

See Also: Oxford Economics – State of the Creator Economy

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Where Gatekeepers converge

During the Townhall meeting with IMF Managing Director – Kristalina Georgieva, I learned something that seems fascinating! She mentioned a key strategy deployed so far in the concerted global responses to the unprecedented crisis of COVID-19, climate change and debt recovery. In her words:

“Let me start from the Multilateral Leaders Taskforce; what it is, and how it can help to provide a comprehensive response to this pandemic, and make action more impactful. The Multilateral Leaders Taskforce brought four international organizations together: The World Bank, World Health Organization, World Trade Organization and International Monetary Fund… and why four??…Because collectively we cover a wide range of responses that are so critical”.

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Dear World Leaders,

Here is my humble submission:

It is time to Mandate the adoption of digital technology policies in tracking and managing public procurement database. Overhaul universities’ academic curriculum to accommodate digital innovation trends; embrace Decentralized-Finance (DeFi) policy frameworks; Institutionalize Know-Your-Customer (KYC) initiative for Crypto-Exchanges; Review the Broadband master plan in emerging African economies; establish a Universal Solvency Fund to cushion the effect of job loss and fund Up-skilling initiatives; Train young people on E-currency mining, data protection and cyber-security at scale, to meet the evolving digital economic needs of the Post-COVID 19 era.

See Also: The $400m Private Equity Firm on a mission to solve Africa’s digital inclusion problems – Story

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Time is ticking fast! The Digital future is here! Will African leaders and Central bank governors rise to the task of funding concerted efforts towards mitigating the issues? Or will they pass the buck of responsibility to Telecommunication companies (Telcos), capitalists and private investors? The world is watching.

Chukwuemeka U. Orukwowu at 2021 IMF Managing Director's Townhall with Civil Society

Access Granted: IMF CSO Townhall Live Video Here

I believe that young people around the world must hold leaders accountable, and we will continue to do so – without fear or favor. We will never lose hope and trust in works of the International Monetary Fund (IMF) and World Bank, especially as its leadership has shown encouraging commitment to closing the wide systemic gaps that plague our world.

? Dear World Leaders,

here is my humble submission:

It is time to Mandate the adoption of digital technology policies in tracking and managing public procurement database. Overhaul universities’ academic curriculum to accommodate digital innovation trends; embrace Decentralized-Finance (DeFi) policy frameworks; Institutionalize Know-Your-Customer (KYC) initiative for Crypto-Exchanges; Review the Broadband master plan in emerging African economies; establish a Universal Solvency Fund to cushion the effect of job loss and fund Up-skilling initiatives; Train young people on E-currency mining, data protection and cyber-security at scale, to meet the evolving digital economic needs of the Post-COVID 19 era.

IMF Live logo

?“My message to you: We are listening, and we are grateful for what you present to us, and most importantly, we are acting on it”

–????????Kristalina Georgieva’s warm, cheerful remark in her opening speech

Biggest Surprise of my life: Timely Message to Young People around the World

The United Nations (UN) Department of Economic and Social Affairs published a report in 2019, which analyzed the UN estimates of the world populations;

“Youths numbers 1.2billion persons between the ages 15 and 24 years, or around one in every six persons worldwide. The number of youths in the world is projected to grow by 7 per cent to 1.3billion by 2030”.

-United Nations

The problem people make is that they look at the youth statistics as just “numbers”. In actual sense, these numbers are actually “human beings” – who have families that look up to them, destinies waiting to find expression, nations waiting to be birthed, golden ideas looking for ways to be expressed, … extraordinary possibilities waiting on destiny moments to be unleashed!

This is exactly what I see, when I see statistics on youth population. But am I alone? What do you see?

Young people in developing countries, particularly the middle-income and low income countries – face the most risks, and need an enabling environment to do productive work. Living through the harshest of socioeconomic conditions – with poor digital access, unfavorable policies of government that stifles innovation, low internet broadband penetration, brutality from law enforcement officials, poor healthcare and educational infrastructure, to mention a few. Maybe, if Gatekeepers see better, they will work towards providing better economic opportunities – jobs, skills, health insurance, safe social spaces, policies and infrastructure – to enable young people to thrive in this ever-changing world?we now live in. But, there is still hope! We are the ones we are waiting for!

?As I summarize on this piece of writing, I can’t forget to give an Honorable Mention to my Colleagues at The World Economic Forum (WEF) – Global Shapers Community: “We are an active youth network that changing the narratives across the world; The World Economic Forum is particularly excited by the possibilities this community presents and the caliber of individuals involved. With more than 50% of the world’s population under the age of 27, the voice of youth is increasingly more relevant to the Forum’s commitment to improving the state of the world. According to Founder and Executive Chairman Klaus Schwab; “What we are doing here is not something which is new or innovative. What we are doing here is something compulsory.”

?See Also: Who are the WEF Global Shapers?

Global Shapers Port-Harcourt Hub with Deputy Governor of Rivers State, Dr (Mrs) Ipalibo Banigo Harry at the Deputy Governor's Conference Hall, Rivers State Government House, Rivers State, Nigeria (August 2018)

As the Impact Officer of the WEF Global Shapers Port-Harcourt Hub, I am thankful for this platform that allows me to connect with the brightest minds in my city and beyond; Working daily in line with my purpose: To Lead Socioeconomic Transformation, Here and Now! I am most proud of the many impactful community projects championed by over 13000+ youths and partners under the age of 30, across 450+ hubs in 150+ countries! We rock! Let’s keep redeeming the times! Changing the narratives! Inspiring action, dialogue and change! Let’s do more!

Dear Youth, there is still hope! We are the ones we are waiting for!

In response to my questions on Digital finance innovation, Digital money, Opportunities for youths, Government policy frameworks, and the role IMF plays in bridging the systemic gaps in Developing member countries like Nigeria – especially in the global concerted efforts to fight corruption through leveraging the power of digital technology, and how IMF plans to achieve full global vaccinations for everyone including the most vulnerable ones; Ms Kristalina Georgieva, in her very calm tone of speech, outlined the major innovative opportunities that are now being adopted across various emerging economies – an expression that signifies opportunities in digital finance that young people should take advantage of. She remarked:

“The second area is E-money and stable coins. Like Central Bank Digital Currencies, they are backed with assets – but not of the government, not of the state – Private assets. You know in Africa, the most prominent is M-PESA, in the United States – USD; the stable coins are convertible one-to-one to national currencies, and they are relatively safe. They help tremendously in accelerating access to participating in the economy”.

See Also: Digital Assets: The Future of Capital Markets

The power of digital technology has opened unprecedented opportunities for youths to solve big problems, build sustainable skills and capacities across diverse sectors through technology, and most importantly, to engage and hold Gatekeepers accountable, for a more sustainable and inclusive economic recovery post pandemic!

While speaking about the finance revolution that is currently brewing before our very eyes, Ms Kristalina shared insight on the measures of volatility, but expressed great optimism for the new systems of money being invented.?

“The third is Crypto assets, like Bitcoin – the best known crypto asset that it is called coin, but is not exactly asset. It is more of an investment opportunity. Why not exactly money? Because of the high degree of movement up and down of the value, makes it more difficult to store it and then use it as a reliable and predictable means of exchange. It could be used a little bit like that, but that’s not their purpose”.

She also added comments about the dynamic commitments and audacious strides embarked upon by the Apex institution under her watch as Managing Director – carried out by the highly-energetic IMF global teams who trust her charismatic leadership.

?“Why I am saying all this, is just to make sure that you understand that for the Fund – as a monitoring institution – this is therein we concentrate. We want to make sure that the world of digital money is safe … It is one way we think about not only the opportunities, but how to manage the risks”.

Good news!

I received an Amazing Commendation from the IMF Managing Director! During the Live Session streamed via IMF Live website (https://www.imf.org/en/Videos/view?vid=6276185485001); The IMF Managing Director gave the following remarks (edited for clarity):

“I have no doubts for young people like Chukwuemeka Orukwowu; for you, that can be your future. The Digital future as we now know, has arrived!”

?–

Kristalina Georgieva, IMF Managing Director (IMF Civil Society Townhall 2021; 8th October 2021)

I thank the IMF Managing Director for her kind gesture; I am indeed, overwhelmed! I believe this is not just about me alone, but rather it is a “Call to Action” directed at all youths around the world who will draw inspiration from the advice of the International Monetary Fund (IMF) Managing Director, Kristalina Georgieva!

Access Granted: IMF CSO Townhall Live Video Here

It is now time for action! The time has come, for youths to arise and do things differently! Time to disrupt status quo!

I believe this is the rebirth that ushers in a new generation of Young audacious Leaders who will disrupt global systems, while powering transformational shifts across the socioeconomic landscapes! I believe this is the generation where young people will lead the Digital reform mandates in Emerging economies – expanding the frontiers of development in emerging nations of Africa, including low-income and middle income developing countries.

If this sounds like your description, then your time to act has finally arrived! We must rise to the occasion and demand accountability from Gatekeepers in middle income and low income emerging economies. To build towards fast economic recovery – including pushing back the limitations to achieving the global vaccination mandates as well as fighting climate change – we must take our digital future seriously. The time has indeed come, for the youths to arise and do things differently!

“Bottom up interaction is very crucial”.

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Kristalina Georgieva

In addition to mobilizing for the United Nations Sustainable Development Goals (SDGs) and the African Union Agenda 2063, I discovered that there are many other opportunities within the frameworks of international development that increases our belief in the future ahead! Leading transformational change starts with acting from the grassroots level, and pivoting upwards.

In advancing Digital economic frontiers, we seek an end to the modern-day capitalist exploitation strategy of Telecommunication service providers. The most vulnerable ones in society do not have the platforms to fight the persistent capitalist infringement on citizen’s fundamental human rights to communication. Therefore, we must bear this burden, as we build towards fast economic recovery – including pushing back the limitations to achieving the global vaccination mandates as well as fighting climate change.

IMF Managing Director, Kristalina Georgieva endorses Chukwuemeka Orukwowu during the 2021 IMF Managing Director's Townhall with Civil Society

My trust and hope for a better working world is rekindled by the above statement given by the IMF Managing Director. I will hold on to Ms Kristalina Georgieva’s strong assurance to civil society leaders. Progressive ideas will always see the light of day, especially when Gatekeepers stand on their watch to implement drastic solutions at national, regional and continental levels.

Youths are rising to the occasion! Digital and Fin-Tech innovators, civil society actors, Policy reformers, Peace builders, Revolutionary Game changers, Public sector Executive, Corporate Professionals, Media Experts, Journalists, Entrepreneurs, Academic Scholars, Dynamic Achievers – are ready to demand accountability, as well as work towards visible, measurable results that benefit the common global good!

The Digital future has arrived! The IMF Managing Director’s comment is an urgent call for young people to act!

See also: Condorcet’s jury theorem

Those who make firm commitments to themselves to defy the odds, holding firm to strong personal values, and set out with ruthless focus – are the ones who achieve the mightiest goals. Make a decision to break every limitation on your path. Together, let’s create a better working world! Let’s change the narratives! Let’s dream again! Let us act!

Big things start small. Big things are done by ordinary people. We are the ones we are waiting for!

Two years ago, I wrote a personal story about Youth resilience, with reference to the orange tree in my family compound. Please read that powerful story I shared, via the link below!

Also Read: 8 powerful steps for growth and personal mastery

This is The Audacious Agenda!

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The IMF Resilience and Sustainability Trust

“Our objective is to reduce the burden of debt – why? Because we will offer a concessional resource, for poor countries under the conditions of our poverty and growth income trust – which is zero interest rate and in comparative terms, longer maturity and easier conditions. For middle income and low income countries, we have the objective of creating a new instrument”. – Kristalina Georgieva, IMF Managing Director.

World Bank Group (WBG) and International Monetary Fund (IMF) logo

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Conclusion

As a registered Civil Society participant for the World Bank and IMF Annual Meetings – Washington DC 2021, I am excited about this amazing opportunity to rub minds with fellow Impact makers around the World – which officially commences from today: Monday 11th – Friday 17th October 2021.

2021 World Bank and IMF Annual Meetings logo

I look forward to deeper learning engagements, drawing from the wealth of experience of inspiring World leaders like David Robert Malpass (World Bank Group President), Kristalina Georgieva (International Monetary Fund Managing Director), Executive Board Members and Staff of both Apex financial Institutions, as well as all other international development Stakeholders from across the globe, who will be in attendance at the 2021 World Bank and International Monetary Fund (IMF) Annual Meetings.

I am delighted about the possibilities that will open up afterwards – especially through networking with other Young leaders; I hope to share my experiences and projects, in subsequent writings. Kindly anticipate!

For now, I am focused on the World Bank and IMF Annual Meetings – Washington DC 2021, and I won’t miss any Virtual session! Do well to join the sessions too. Share your opinions on Social media using the WBG –IMF Annual Meetings official hashtag: #AMCSO21 #WBGIMFannualmeetings #AM2021

See you inside!

Talk soon!

P.S:

My IMF Story has been covered by Top International and Nigerian media Platforms!

Read TRADE CHRONICLE (Pakistan): Digitalization is the Backbone for Resilient Economic Recovery

Read NEWSEXTRA24 (Nigeria): UniPort Alumnus, Chukwuemeka Orukwowu Probes IMF Digital Finance Policy Motives in Member Countries

Read NEWSAFRICANOW (Nigeria): IMF Managing Director Congratulates Port-Harcourt Global Shaper, Orukwowu

?About the Author

CHUKWUEMEKA U. ORUKWOWU

Finance Executive, Digital Strategy Partner and Development Communications Consultant; Managed Ecommerce projects and Financial Investment portfolios worth *-figures in USD for Previous employers; Graduate of Finance and Banking from University of Port-Harcourt; Impact Officer at Global Shapers Port-Harcourt Hub – an Initiative of World Economic Forum (WEF); 6+ years of professional experience across Financial services, Civic innovation and Nonprofit sector; Canvassity Pan Africa Youth Democracy Fellow and Canvassity Delegate to African Union 2018; Chief Organizer of the first-ever Exclusive Students Debate on Institutional Reforms, in collaboration with Faculty of Law, Rivers State University, Nigeria; Co-Author, Personal Branding Secrets; Former Best Campus Ambassador at United Bank for Africa (UBA) Plc; Founder, DREAM Forum; Founder, Audacious Agenda Youth Network; Civic Organizer and first runner-up Cocreation Hub Idea Hackathon Challenge: #NotAnotherNigerian – Towards countering Violent extremism in the North-East Region of Nigeria; $1000 Grant won including Startup Incubation awarded for Digital Technology team project; Associate Member, Institute of Enterprise Management (IEMA); Proud Nigerian Innovator… Read my Bio here!

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Access Granted: IMF CSO Townhall Live Video Here

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