Princess Reema Bandar, Saudi Arabia's ambassador to the US, was named on Thursday to a newly created entrepreneurship and growth council at the International Monetary Fund, the Washington-based lender announced.
Princess Reema and eight others were confirmed as members of the fund's Advisory Council on Entrepreneurship and Growth, the IMF said. The council's primary goal is to identify policies to create innovation, improve resource allocation and support economic growth through the private sector.
IMF Managing Director Kristalina Georgieva convened the inaugural meeting with the newly established council on Thursday.
“The medium-term outlook for world economic growth is at its lowest in several decades,” Ms Georgieva said in a news release. “Much of the slowdown can be attributed to declining productivity growth.”
Princess Reema has been the kingdom's ambassador to the US since 2019.
Members on the council will share their views on how entrepreneurship can be promoted by macroeconomic and financial policies, the Washington-based fund said. The advisory council will meet about every quarter in discussions under Chatham House rules.
Other members of the council are: Ufuk Akcigit, an economics professor at the University of Chicago; Salesforce co-founder Marc Benioff; Banco Santander executive chairwoman Ana Botin; Natarajan Chandrasekaran, chairman of the Tata Group; Vodafone chief executive Margherita Della Valle; Heirs Holdings founder Tony O Elumelu; Vista Equity Partners founder Robert Smith; and Federico Sturzenegger, Argentina's Minister of Deregulation and State Transformation.
“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,” Ms Georgieva said.
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
