Press Release No. 15/539

Press Release: CARTAC Delivers Strong Results; Considers its Role in Delivering the Sustainable Development Goals

November 25, 2015

The Steering Committee of the International Monetary Fund’s (IMF) Caribbean Regional Technical Assistance Center (CARTAC) welcomed the progress being made by the Center in the implementation its work-plan and the related delivery of technical assistance in the region. The Committee also explored how its work can be more effectively used to support the Sustainable Development Goals (SDGs).

The CARTAC Steering Committee comprised of member countries, donors, CARTAC and IMF staff met on November 23, in Georgetown, Guyana at CARTAC’s 2015 mid-year Steering Committee, hosted by the Bank of Guyana.

At the end of the meeting, Bank of Jamaica Governor and Chairman of the Steering Committee Brian Wynter and CARTAC Coordinator, David Kloeden welcomed the strong progress made by CARTAC in delivering its planned program for FY2016. This progress was communicated in a new results based management framework, which allows for the improved quantification, and articulation, of the work that is done by the Center.

CARTAC completed about one-half of the planned field person weeks for the first half of its fiscal year, and is on track to complete more than 90 percent of this program for the full year. Governor Wynter noted:

“This impressive delivery was accomplished in the context of efforts to improve efficiency in the delivery of technical assistance, and to manage costs. This exceptional performance in some work streams required a re-allocation of resources and the Steering Committee endorsed a slightly modified work program for the remainder of the year.”

The Steering Committee held discussions on the fifth phase of CARTAC’s operations, due to commence in January 2017 in light of member countries’ commitments under the Sustainable Development Goals (SDGs). Mr. Kloeden outlined the main priorities across CARTAC’s work streams, the resources required, and the timing for finalization of the Program Document (in early 2016).

Canada, the European Union, and Australia highlighted the linkages between their development programs and financing arrangements, and the SDGs. Mr. Garfield Barnwell of CARICOM, urged CARTAC to look at risk management, and to support evidence-based policy-making with robust data and statistics.

Presentations were made by Assistant Director, Strategy, Policy and Review, Mr. Peter Allum, outlining the IMF’s policy and analytical toolkit to support the SDGs. A presentation was also made on domestic resource mobilization, and the opportunities to increase revenue in an effective and equitable manner in the Caribbean.

Going forward, it was agreed that CARTAC was well placed to leverage the IMF’s expertise and regional knowledge to facilitate implementation of the SDGs.

The Chairman thanked the Central Bank of Guyana for its hospitality and logistical support. Governor Ganga of the Bank of Guyana also expressed appreciation for CARTAC’s work.

The next meeting of the Committee will be held in April 2016.

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.

CARTAC Phase IV ends in December 2016, with Phase V due to commence in January 2017. Work is ongoing on the development of the Program Document to guide CARTAC’s work into this next five-year cycle.

For additional information, visit the CARTAC website at http://www.cartac.org.