Press Release: IMF and Japan Sign Agreement Covering Japan’s US$32 Million Contribution to IMF Technical Assistance and Training
July 2, 2012Press Release No. 12/246
July 2, 2012
The Government of Japan has signed an agreement with the International Monetary Fund (IMF) covering Japan’s FY 2013 contribution of more than US$32 million to the bilateral Japan Subaccount at the IMF for technical assistance and training work.
Japan finances IMF technical assistance and training programs in areas of the IMF’s expertise to many low- and lower middle-income countries, especially in Asia. Countries such as Cambodia and Timor-Leste have benefitted from extended technical assistance engagement with the IMF that is financed by Japan. Through this additional contribution, Japan will help less developed countries in the region build on these past successes and continue to improve their living conditions.
The IMF, beneficiary countries, and Japan, work in close consultation on the design, approval and implementation of the programs financed by Japan. With the signing of this agreement, Japan, through the Ministry of Finance, brings its contributions to the IMF’s capacity development activities since 1990 to more than $465 million.
This long standing and very close partnership with Japan is invaluable to the IMF TA program, which relies heavily on contributions from donor countries, notably Japan, to accomplish the IMF mandate in capacity development. Japan’s contribution helps beneficiary countries build stronger institutions and put in place better economic policies, both of which are critical to cope with global uncertainties, increase growth, and reduce poverty.
Japan agreed in 1990 to provide financial support for technical assistance to IMF member countries to build their capacity to formulate, implement and maintain macroeconomic and structural adjustment programs. Since then, Japan has been the single-largest contributor to IMF capacity development, which has financed technical assistance and training, the office for Asia and the Pacific, two scholarship programs, and the Anti-Money Laundering and Combating the Financing of Terrorism topical trust fund.