News Brief: Italy Providing Financing to Support IMF Technical Assistance Targeted at Strengthening Financial, Fiscal and Statistical Standards
November 16, 2001
An agreement between Italy and the International Monetary Fund (IMF) was signed in Washington, D.C., today by the IMF Executive Director for Italy, Pier Carlo Padoan, and IMF Deputy Managing Director Eduardo Aninat, providing for a contribution from Italy of 4 billion lire (about US$2 million) to support IMF technical assistance to strengthen capacity for formulating and implementing policies related to financial, fiscal and statistical standards and codes in the countries of Central and Eastern Europe and the Commonwealth of Independent States (CIS). A portion of these funds will be used for assisting developing member countries in building capacity in the area of anti-money laundering and the combating of the financing of terrorism.
The contribution will be made under an Italy Technical Assistance Subaccount at the IMF. Italy is the eighth donor to establish such an account at the IMF.
"On behalf of the IMF and member countries, particularly in Central and Eastern Europe and the CIS, I applaud Italy's generous support for the IMF's technical assistance work," Mr. Aninat stated. "The provision of these grant funds is a recognition of the importance of technical assistance in strengthening economic and financial management and its contribution to economic reform efforts. In light of the recent acts of terrorism, and their potential detrimental macroeconomic impact, we are particularly grateful to the Italian authorities for earmarking a portion of these funds to support the IMF's technical assistance related to anti-money laundering and the combating of the financing of terrorism. We hope other donors will also provide similar support for these efforts."
The IMF provides technical assistance to help member countries strengthen their human resource and institutional capacities for effective economic management. Fund technical assistance focuses on the IMF's core areas of competency, namely macroeconomic policy; monetary and foreign exchange policy; fiscal policy and management; and macroeconomic statistics.