IMF’s Central American Technical Assistance Centre to receive €6.3 million from the European UnionPress Release No.14/272
June 10, 2014
The International Monetary Fund’s (IMF) Regional Technical Assistance Center for Central America, Panama and the Dominican Republic (CAPTAC-DR) is set to receive a first disbursement of €6.3 million from the European Union (EU) in July. The announcement of the disbursement was made at an event hosted by the Guatemalan Central Bank in Guatemala City today.
The is the first disbursement of the EU’s €7 million pledge for CAPTAC-DR and will support the IMF’s capacity development in the region, which is focused on the three core areas of public finances (tax and customs administration and public financial management); money and banking (financial sector supervision and regulation, monetary policy, and debt management); and macroeconomic statistics.
The agreement, which was signed between representatives of the European Commission and the IMF in April 2014, will provide funds to underwrite technical assistance at the Center for the next five years. Most other existing donors have expressed willingness to continue their support in Phase II, although amounts are still pending in several cases. By 2015, the Center will receive additional contributions from Mexico, Luxembourg, the Inter-American Development Bank and the member countries of CAPTAC-DR, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.
"On behalf of Guatemala and the other member countries of the Center, I thank the EU for its generous contribution that will allow CAPTAC-DR to continue providing valuable technical assistance and training. I hope that this collaboration between the EU, the IMF, and the countries of Central America, Panama, and the Dominican Republic will continue to increase in order to strengthen the macroeconomic framework and foster stable and inclusive growth in the region", said Mr. Edgar Barquín, President of the Central Bank of Guatemala and President of Steering Committee of CAPTAC- DR .
CAPTAC-DR’s Coordinator, Mr. Fernando Delgado, added: “The Directorate of Cooperation and Development EuropeAid for Latin America and the Caribbean has provided great support to the IMF programs of technical assistance and training for the benefit of Central America, Panama, and the Dominican Republic. This contribution is crucial to maintaining the scale of operations of CAPTAC -DR, which has a proven track record in providing expertise and knowledge that will help strengthen institutions and policy implementation in member countries.”
"This agreement is proof that the strategic partnership between the EU and the IMF has a real added value in improving our coordination and effectiveness in capacity building throughout the region. I am pleased that our collaboration is further strengthening and I am confident that it will help us in implementing key policy elements of the EU ‘Agenda for change’ and the new approach to EU budget support,” said Her Excellency the Ambassador of the European Union in Guatemala, Stella Zervoudaki.
CAPTAC-DR was inaugurated five years ago (PR 09/236). It is the seventh of nine IMF Regional Technical Assistance Centers worldwide and the second in the Western Hemisphere.