The United Kingdom Strengthens its Partnership with the IMF; Contributes US$7.8 Million toward Economic Institution Building in the Caribbean
IMF News, September 27, 2016
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- Published: September 27, 2016
Contribution and partnership overview
- The United Kingdom’s Department for International Development (DFID) became the first development partner to participate in the new five-year phase (2017–22) of the IMF’s Regional Technical Assistance Center in the Caribbean (CARTAC).
- Contribution: GBP 6 million (about US$7.8 million).
- Meeting participants: Mr. Mark George, Deputy Head and Growth Team Leader of DFID’s Caribbean Office, and Ms. Sharmini Coorey, Director of the IMF’s Institute of Capacity Development.
Objectives and focus of CARTAC (2017–22)
- CARTAC will particularly focus on:
- helping countries improve domestic resource mobilization,
- enhancing fiscal governance,
- strengthening economic statistics and macroeconomic programming and analysis.
- CARTAC’s work centers on economic prosperity, governance, and disaster risk reduction to strengthen economic resilience in its member countries.
Scope and history of CARTAC and RTACs
- CARTAC:
- Established in 2001.
- Has provided support to economic institution building and related training needs to its 20 regional member countries.
- CARTAC is one of ten IMF Regional Technical Assistance Centers (RTACs) worldwide.
- RTACs provide hands-on, regionally‑based support for IMF member countries to develop institutions and skills for sound economic and financial policies that promote inclusive growth and reduce poverty.
- RTACs are financed jointly by the IMF, external development partners, and member countries.
- Regional technical assistance and training centers complement global thematic funds to support the IMF’s capacity development activities worldwide.
United Kingdom’s broader IMF capacity development support
- Since 2002, the United Kingdom has contributed approximately US$130 million to IMF capacity development.
- Areas supported include:
- IMF regional centers in Eastern and Southern Africa and the Caribbean,
- anti-money laundering/combating the financing of terrorism,
- tax and financial sector reform,
- economic institution building in Somalia and South Sudan,
- improvements in statistics and analytical work on low-income countries.
Statements and remarks
- Mr. Mark George: “The United Kingdom is pleased to continue its longstanding cooperation with the IMF for the delivery of capacity development services in partner countries. CARTAC strongly complements our work in the Caribbean focused on economic prosperity, governance, and disaster risk reduction, and remains a much-needed resource in the region to help countries strengthen their economic resilience as they continue with their efforts to achieve their development goals.”
- Ms. Sharmini Coorey: “The United Kingdom is a key contributor to the IMF’s capacity development work, and I am delighted that it will continue its support to CARTAC. Our shared vision for economic development has helped build economic institutions and boost growth in the region, and we look forward to further deepening this partnership.”
Contact and follow-up
- IMF Communications Department — MEDIA RELATIONS — PRESS OFFICER: Lucie Mboto Fouda
- Phone: +1 202 623-7100Email: MEDIA@IMF.org
- Follow IMF Capacity Development on Social Media:
- Twitter: @IMFCapDev
- Facebook: IMFCapacityDevelopment
- www.imf.org/capacitydevelopment
Source: IMF press release "The United Kingdom Strengthens its Partnership with the IMF; Contributes US$7.8 Million toward Economic Institution Building in the Caribbean" (Press Release No. 16/431).