Press Release: EC and IMF Meet to Further Strengthen Partnership
IMF News, March 14, 2016
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Bibliographic details
- Published: March 14, 2016
Meeting overview
- Press Release No. 16/108; March 14, 2016.
- European Commissioner for International Cooperation and Development, Neven Mimica, and International Monetary Fund (IMF) Deputy Managing Director, Carla Grasso, met on March 14, 2016 in Brussels to discuss further strengthening the EC-IMF partnership.
- The EC and the IMF are framed as "natural strategic partners" with a long track record of supporting economic reforms in their developing partners (EU) and member countries (IMF).
Core themes and objectives
- Joint focus areas:
- Mobilizing domestic revenue.
- Improving public financial management.
- Fostering macroeconomic and fiscal stability.
- Cooperation on capacity development is identified as a core component of the partnership, covering economic governance, institution building, and related human capacity development needs.
- Reference to the EU "Collect More-Spend Better" Staff working Document as contributing to the international debate on financing for development and to the 2030 Agenda for sustainable development.
High-visibility events (next few months)
- A seminar on “Collect More- Spend Better: the role of Capacity Development” during the IMF/WB Spring meetings on April 13, in Washington DC.
- A Conference “Collect More – Spend Better: Facing the challenges of the 2030 Agenda” organized by the Commission on May 3 in Brussels.
Diagnostic tools and joint efforts
- Both sides expect to highlight joint efforts, including with other development partners, to develop or upgrade diagnostic assessment tools:
- Tax Administration Diagnostic Assessment Tool (TADAT).
- Public Expenditure Financial Accountability (PEFA) framework.
Agreed approach on capacity development and cooperation modalities
- The European Commission and the IMF agreed on a harmonized approach on capacity development to:
- Strengthen existing cooperation.
- Facilitate dialogue on joint priorities.
- Sharpen the focus on results.
- Streamline programming and implementation procedures.
Delivery channels, programs, and global initiatives
- Development cooperation will be delivered through:
- Regional Technical Assistance Centers (RTACs).
- A new Public Financial Management-Partnership Program (PFM-PP) aimed at building synergies and closer collaboration between the two institutions to help countries build stronger public finance management systems.
- A number of global initiatives supporting the implementation of the Addis Ababa Action Agenda and the 2030 Sustainable Development Goals (SDGs), including cooperation in the contexts of trust funds on:
- Revenue mobilization.
- Managing natural resources wealth.
- Financial sector stability.
- Continued support to diagnostic tools, such as the Tax Administration Diagnostic Assessment Tool (TADAT).
- Continued close cooperation in the field between EU Delegations and the IMF through selected national programs.
Contact information
- IMF COMMUNICATIONS DEPARTMENT
- Media Relations
- E-mail: media@imf.org
- Phone: 202-623-7100