Press Release No. 10/380

Press Release: IMF and Belgium Sign Agreement to Intensify Cooperation in Capacity Building

October 8, 2010

Mr. Murilo Portugal, Deputy Managing Director of the International Monetary Fund (IMF), and Mr. Peter Moors, Director General, Ministry of Foreign Affairs, Foreign Trade and Development Cooperation of Belgium, today signed an agreement for a contribution of €2 million by Belgium to enhance IMF activities in the area of capacity building, with a special focus on Belgium’s partner countries in Africa.

“This agreement sets the stage for an enhanced cooperation between the Belgian Development Cooperation and the IMF,” Mr. Portugal said during the signing ceremony in Washington D.C. “We are very pleased to build on the financial support that Belgium has provided over the past three years in the area of capacity building.”

The Belgian Development Cooperation has already provided €3 million to support IMF technical advice and training in Africa in the areas of financial sector stability, fiscal, monetary and exchange rate policies, and macroeconomic and financial statistics. Under the new agreement, the Belgian Development Cooperation plans to continue its support and financing for IMF technical advice and training, including for the forthcoming Tax Policy and Administration Topical Trust Fund.

“This agreement will facilitate a closer dialogue between the Fund and the Belgian Development Cooperation on our capacity building strategies in African countries,” Mr. Portugal said.