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The backbone of a strong economic recovery is digitalization

On October 8th, 2021, the Managing Director of the International Monetary Fund (IMF) hosted a Townhall with Civil Society Leaders. It is part of the World Bank and IMF Annual Meetings 2021, as well as the Civil Society Policy Forum (CSPF). Digitalization is the backbone of a long-term, medium-term, and short-term economic revival. The worldwide Coronavirus pandemic and climate change catastrophe have widened the gap; nonetheless, it is up to everyone of us to develop the required bridges and provide answers to the major issues that presently afflict our globe.

IMF Managing Director Kristalina Georgieva elaborated on the impending digital transformation while answering questions from civil society leaders. “The subject of the digital future, including digital money, Fin-Tech, and access to finance,” she says, “is very prominently on the IMF’s agenda.” In these fields, we identify three criteria for progress: The first is to simply have a physical framework that allows for digital connectivity. It never ceases to amaze me how frequently internet connections are disrupted in low-income nations.”

Also read: Economic growth of 4% is predicted by the IMF

Policy reform is a strategic way to hold service providers accountable. Countries must take necessary steps towards implementing the policy recommendations of strategic working groups – which cuts across Sustainable Development goals, innovative parameters and cross-cultural collaborations.

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! Big problems birth big opportunities!

I urge fellow youths to embrace digital finance pathways to wealth creation, by exploring new opportunities in Digitalization. The future has arrived!

The power of digital technology has empowered today’s youth to solve big problems, build sustainable skills and leverage capacities across diverse sectors through technology, but most importantly, it has created platforms to engage and hold Gatekeepers accountable for a more sustainable and inclusive economic recovery post pandemic!

Young people in developing countries – particularly the middle-income and low income countries, face the most risks; 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.

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. Youths have the power to lead transformational change. It starts with acting from the grassroots level, and pivoting upwards.

Personally, I am committed to changing the narratives through digital finance policy advocacy and innovative Fin-Tech solutions. As such, I believe strategic digital access roadmaps applied towards improving Africa’s digital civilization is more than needed at this critical moment.

Also read: Maritime Ministry Initiates a Huge Economic Transformation Project For Karachi Under CPEC

Gatekeepers must work towards providing better economic opportunities – jobs, skills, health insurance, safe social spaces, policies and infrastructure – to enable young people thrive in this ever-changing world we now live in. Young people need an enabling environment to do productive work… But, there is still hope! We are the ones we are waiting for!

Youths are rising to the occasion! Digital innovators, Development Practitioners, Public sector Executive, Corporate Professionals, Media Experts, Academic Scholars, and Visionary Entrepreneurs – are ready to demand accountability, as well as work towards visible, measurable results that benefit the common global good!

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