June 3, 2015
IMF COMMUNICATIONS DEPARTMENT |
| Media Relations |
|---|
| E-mail: media@imf.org |
| Phone: 202-623-7100 |
The Government of Barbados this week signed a Memorandum of Understanding with the International Monetary Fund (IMF) to continue hosting the Caribbean Regional Technical Assistance Center (CARTAC). Speaking at a ceremony to mark the signing of the Memorandum, Barbadian Minister of Finance and Economic Affairs, Hon. Christopher Sinckler, said “CARTAC has enabled the building of a cadre of professional public servants across a range of areas that are critical to sustainable economic growth in the region. The presence of CARTAC in Barbados not only ensures a rapid response to requests for technical assistance, but also ensures that this response is tailored to the region’s specific needs.”
The ceremony took place at the opening of two days of meetings of the CARTAC Steering Committee (comprising the twenty CARTAC member countries, the IMF and the Center’s financing partners) to review CARTAC’s work program, consider the findings of a recent independent evaluation of CARTAC operations, and discuss the work program for the year ahead, as well as longer-term funding and program priorities. Ms. Adrienne Cheasty, Deputy Director of the IMF’s Western Hemisphere Department, described CARTAC as “the cornerstone for delivery of IMF technical assistance and training to the Caribbean. Having advisors based in Barbados, backed up by personnel at IMF Headquarters, ensures that members’ needs can be met in a way that leverages the IMF’s expertise in a cost-effective manner.”
The Steering Committee also reviewed an independent evaluation report on CARTAC. Mr. Gerd Schwartz, Deputy Director of the IMF’s Institute for Capacity Development, welcomed the positive findings on the relevance and quality of technical assistance and training delivered by CARTAC and its advisors, and outlined the steps to take forward the core recommendations aimed at enhancing governance and operations.
Preparations for the next five-year cycle of CARTAC, due to begin in January 2017, were discussed extensively. IMF staff outlined the macroeconomic challenges facing the region, and CARTAC member countries provided feedback on the timeliness and quality of support in addressing these challenges. Representatives from Canada, the European Union, and the United Kingdom indicated their interest in continuing their support for CARTAC in its next cycle, and member countries signaled their commitment to maintain their current level of contributions. The discussions highlighted the importance of continuing CARTAC’s work across the current range of issues, but noted the need to be ready to accommodate emerging needs as they are identified.
Mr. Brian Wynter, Governor of the Bank of Jamaica and CARTAC Chairman, welcomed the Steering Committee’s endorsement of an extension of CARTAC’s current phase to December 2016, and the commitment of stakeholders to the continuing work of CARTAC. “We can now use this time to develop a robust program document that sets out a clear vision for the next phase, in close consultation with CARTAC’s stakeholders.” Mr. Wynter also encouraged donors and stakeholders to ensure that financing for CARTAC is maintained at its current level.
Background Information
The Caribbean Regional Technical Assistance Center (CARTAC) is one of nine IMF Regional Technical Assistance Centers (RTACs) covering Africa, the Caribbean, Central America, the Middle East, and the Pacific. The network of RTACs was created to provide hands-on, regionally based expertise to support IMF member countries to strengthen their capacity to design and implement sound macroeconomic and financial stability policies that promote growth and reduce poverty. The RTACs are financed through a mix of IMF and host country in-kind contributions, donor financing, and contributions from RTAC member countries.
The CARICOM Council of Ministers of Finance and Planning (COFAP) took the decision to establish CARTAC in September 1999, and it became operational in November 2001. Canada’s Department of Foreign Affairs, Trade and Development (DFATD) is the largest contributor to CARTAC, with Australia, the Caribbean Development Bank (CDB), the European Union (EU), and the United Kingdom’s Department for International Development (DFID) also providing financial support. The IMF provides in-kind contributions. The Government of Barbados finances the costs of office facilities, while the other nineteen beneficiary countries make annual contributions.
For additional information, visit the CARTAC website at http://www.cartac.org.
