Germany and IMF Strengthen Capacity Development Cooperation in Africa
IMF News, April 21, 2017
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Bibliographic details
- Published: April 21, 2017
Key announcement
- Date: April 21, 2017
- The German Ministry of Finance will provide €15 million in support of the IMF’s capacity development activities across Africa in the context of the G-20 Compact with Africa.
- A Letter of Understanding was signed by Wolfgang Schäuble, Germany’s Federal Minister of Finance, and Christine Lagarde, Managing Director of the International Monetary Fund (IMF).
Purpose and focus of the support
- Support aims to strengthen IMF capacity development across Africa to:
- strengthen domestic resource mobilization
- implement fair tax systems
- achieve good financial governance
- foster financial stability and inclusion
- These efforts are intended to support the 2030 Agenda for Sustainable Development.
Compact with Africa context
- The Compact with Africa was launched under Germany’s G-20 Presidency in December 2016.
- Objective: boost private investment and increase infrastructure development in Africa.
- Initially, five countries are joining the Compact with Africa: Cote d’Ivoire, Morocco, Rwanda, Senegal, and Tunisia, with another group of countries expected to join later this year.
Statements
- Wolfgang Schäuble: “Capacity development is important to improve conditions for private investment in Africa. This is why we support the IMF's very valuable efforts both financially and conceptually.”
- Christine Lagarde: "I want to commend the German government for making the Compact with Africa a G20 priority this year. This compact has the potential to mobilize investment and energize inclusive economic growth in Africa. The IMF greatly appreciates the support of the German government for our capacity-building efforts in Africa and we are very pleased to participate in this important initiative."
IMF capacity development framework
- IMF capacity development is part of its core mandate to help governments modernize economic policies and institutions.
- A global network of regional capacity development centers, including six centers in Africa, anchor IMF support for economic institution building.
- These centers are complemented by global thematic funds for capacity development.
- Financing model: jointly financed by the IMF, external development partners, and member countries.
Contact and media relations
- IMF Communications Department, MEDIA RELATIONS
- PRESS OFFICER: Lucie Mboto Fouda
- Phone: +1 202 623-7100
- Email: MEDIA@IMF.org
Source: Germany and IMF Strengthen Capacity Development Cooperation in Africa — Press Release No. 17/140, April 21, 2017