Press Release: IMF and the African Capacity Building Foundation Sign Memorandum of Understanding

September 28, 2002

Eduardo Aninat, Deputy Managing Director of the International Monetary Fund (IMF) and Soumana Sako, Executive Secretary of the African Capacity Building Foundation (ACBF) today signed a Memorandum of Understanding between the two institutions on their future collaboration.

The ACBF is the implementation agency for the Partnership for Capacity Building in Africa (PACT), and a leading African institution in partnership with the development community in the building of sustainable capacity thorough the African continent.

The IMF and the ACBF will work closely primarily on capacity building-related training activities and strengthening knowledge networking in Africa in the areas of the Fund's core competencies.

Close collaboration with the ACBF and PACT is part of the IMF's new Africa Capacity-Building Initiative, under which the Fund increases its technical assistance to the African continent while focusing it more squarely on capacity building. Under this Initiative, the IMF will also establish regional technical assistance centers (AFRITACs) to provide capacity-building assistance through a team of resident experts, supplemented by short-term specialists in the core areas of the IMF's expertise, including macroeconomic policy, monetary and exchange rate policies, financial sector policies, tax policy and revenue administration, public expenditure management, and macroeconomic statistics. The AFRITACs will work closely with the ACBF, the African Development Bank, the World Bank, and donor partners. The first AFRITAC Center will open this fall in Dar es Salam in Tanzania.

The IMF became the member of the ACBF on May 10, 2002.


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