EC and IMF meet to fur­ther strengthen part­ner­ship

The Pak Banker - - COMPANIES/BOSS -

Euro­pean Com­mis­sioner for In­ter­na­tional Co­op­er­a­tion and De­vel­op­ment, Neven Mim­ica, and In­ter­na­tional Mon­e­tary Fund (IMF) Deputy Man­ag­ing Di­rec­tor, Carla Grasso, met 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 (PFMPP) 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).

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