EC and IMF Meet to Further Strengthen Partnership

Stocks and Financial Services Press Releases Tuesday March 15, 2016 09:12
IMF--15 Mar--International Monetary Fund

European Commissioner for International Cooperation and Development, Neven Mimica, and International Monetary Fund (IMF) Deputy Managing Director, Carla Grasso, met on March 14, 2016 in Brussels to discuss the further strengthening of the EC-IMF partnership.

The EC and the IMF are natural strategic partners, with both institutions having a long track record of supporting economic reforms in their developing partners (EU) and member countries (IMF), including, for example, in the areas of mobilizing domestic revenue, improving public financial management, and fostering macroeconomic and fiscal stability. Cooperation on capacity development is a core component of the partnership, and covers a broad range of issues related to economic governance and institution building, as well as related human capacity development needs.

These issues are also at the core of the EU "Collect More-Spend Better" Staff working Document, which contributes to the international debate on financing for development and to the 2030 Agenda for sustainable development.

Over the next few months, the Partnership will receive high visibility on the international stage, including in the context of two specific high-level events: a seminar on "Collect More- Spend Better: the role of Capacity Development" during the IMF/WB Spring meetings on April 13, in Washington DC, and a Conference "Collect More – Spend Better: Facing the challenges of the 2030 Agenda" organized by the Commission on May 3 in Brussels.

Both sides are also expected to highlight their joint efforts, including with other development partners, to develop diagnostic assessment tools such as the Tax Administration Diagnostic Assessment Tool (TADAT) and to upgrade the Public Expenditure Financial Accountability (PEFA) framework.

During the March 14 meeting, the European Commission and the IMF agreed on a harmonized approach on capacity development to strengthen the already excellent cooperation enjoyed between the two institutions, facilitate dialogue on joint priorities, sharpen the focus on results and help streamline the programming and implementation of procedures.

The Commission and the IMF development cooperation will be delivered through the Regional Technical Assistance Centers (RTACs); a new Public Financial Management-Partnership Program (PFM-PP) aimed at building synergies and closer collaboration between the two institutions to help countries build stronger public finance management systems; and a number of global initiatives supporting the implementation of the Addis Ababa Action Agenda and the 2030 Sustainable Development Goals (SDGs). The latter will consist of cooperation in the contexts of the trust funds on revenue mobilization, managing natural resources wealth, and financial sector stability, along with continued support to diagnostic tools, such as the Tax Administration Diagnostic Assessment Tool (TADAT). In addition the Partnership will also include continued close cooperation in the field between EU Delegations and the IMF through selected national programs.

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