April 14, 2020
Minerd Joins IMF Global Pandemic Policy Panel
NEW YORK, NY – Scott Minerd, Chairman of Investments and Global Chief Investment Officer, has joined the International Monetary Fund’s (IMF) external advisory group to help develop global policy to mitigate the economic impact of the coronavirus pandemic.
“We are already facing the worst global human and economic crisis since the 1930s, and what we have experienced so far merely presages what is to follow as emerging-market economies deteriorate,” said Minerd, who has authored a series of commentaries as the crisis has developed. “It is critical at this juncture that policy experts from around the world pool their collective knowledge to develop effective policies to stave off the worst of the coming crisis—and hopefully position the global economy for a more sustainable and equitable future.”
Convened by IMF Managing Director Kristalina Georgieva, the group includes former and current government officials, private-sector experts and academics. In an April 7 speech before announcing the creation of the group on April 10, Georgieva warned “There is no question that 2020 will be exceptionally difficult. If the pandemic fades in the second half of the year—thus allowing a gradual lifting of containment measures and reopening of the economy—our baseline assumption is for a partial recovery in 2021. But again, I stress there is tremendous uncertainty around the outlook: it could get worse depending on many variable factors, including the duration of the pandemic. And crucially, everything depends on the policy actions we take now.”
Georgieva noted that all 187 IMF member nations had taken significant and often coordinated action to help stabilize their economies, but the uncertainty around the outlook means a more long-term, structured approach was necessary. The creation of the IMF’s external advisory group is the first step in answering that call.
In addition to Minerd, the group of external advisors includes: Ana Botin executive chair of Santander Group; Mohamed El-Erian, chief economic advisor at Allianz and a former IMF official; Kristin Forbes, professor, Massachusetts Institute of Technology and former White House economic advisor; Nyaradzayi Gumbonzvanda, chair of ActionAid International; Mark Malloch-Brown, former United Nations deputy secretary general; Ngozi Okonjo-Iweala, former finance minister of Nigeria and longtime World Bank official; Raghuram Rajan, professor, University of Chicago, and former Reserve Bank of India governor, who also served at the IMF; Carmen Reinhart, professor, Harvard University; Kevin Rudd, former prime minister of Australia; Tharman Shanmugaratnam, senior minister of Singapore and chairman of its monetary authority; Feike Sijbesma, former CEO, Royal DSM. The panel will meet with Georgieva and other senior IMF officials several times a year.
Minerd has a long history of collaborating to serve the greater good. He serves on the Federal Reserve Bank of New York’s Investor Advisory Committee on Financial Markets, and is on the Board of Overseers of the Hoover Institution. Minerd is also a board member of Robert F. Kennedy Human Rights.
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