IMF and Germany Expand Capacity Development Partnership in Africa
IMF News, September 22, 2017
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Bibliographic details
- Published: September 22, 2017
Key announcement
- Date: September 22, 2017
- Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) will support the IMF’s capacity development (CD) efforts in Africa with a contribution of EUR 15 million.
- The BMZ contribution brings Germany’s total contribution to IMF CD in Africa to EUR 30 million over the next three years.
- Press Release No. 17/367
Purpose and expected impact
- Expanded cooperation aims to help the IMF better support African policymakers in addressing reform challenges.
- The strengthened partnership is intended to support job creation and poverty reduction in Africa, priorities highlighted by Germany within the G20 context.
IMF Managing Director statement
- Christine Lagarde: “Under Germany’s leadership, job creation and poverty reduction in Africa have become strong priorities for the G20. We are pleased to deepen our partnership with Germany through the Federal Ministry for Economic Cooperation and Development and to continue working with Africa policymakers as they build resilient macroeconomic institutions that support investment and sustainable, inclusive growth.”
IMF capacity development focus areas in Africa
- Strengthening institutions for domestic resource mobilization
- Improving the efficiency of public spending
- Supporting financial sector stability and inclusive development
- Achieving good financial governance
Institutional context and delivery
- IMF capacity development forms part of its core mandate and helps governments modernize their economic policies and institutions.
- In Sub-Saharan Africa, the IMF maintains a network of six regional capacity development centers that anchor IMF support for economic institution building.
- These centers are financed jointly by the IMF, external development partners, and member countries.
Media and contact
- IMF Communications Department — Media Relations
- Press officer: Andrew Kanyegirire; Phone: +1 202 623-7100; Email: MEDIA@IMF.org
Source: IMF press release, September 22, 2017.