Project profile — Caribbean Regional Technical Assistance Centre - Phase IV

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Overview

Overview

Caribbean Regional Technical Assistance Centre - Phase IV - Overview
CA-3-A034618001
$20,000,000
IMF – International Monetary Fund
2011-02-14 - 2016-12-30
Closed
Country / region • Jamaica (6.67%)
• Belize (6.67%)
• Saint Kitts And Nevis (6.66%)
• Dominica (6.67%)
• Bahamas (6.67%)
• Suriname (6.66%)
• Grenada (6.67%)
• Anguilla (6.67%)
• Montserrat (6.67%)
• Trinidad And Tobago (6.66%)
• Barbados (6.67%)
• Antigua And Barbuda (6.67%)
• Guyana (6.67%)
• Saint Lucia (6.66%)
• Saint Vincent And The Grenadines (6.66%)
Sector • Government And Civil Society, General
Public finance management (15111) (30.00%)
• Government And Civil Society, General
Domestic Revenue Mobilisation (15114) (40.00%)
• Other Social Infrastructure And Services
Statistical capacity building (16062) (10.00%)
• Banking And Financial Services
Financial policy and administrative management (24010) (20.00%)
Policy marker • Participatory development and good governance (significant objective)
• Reproductive, Maternal, Newborn and Child Health (RMNCH) (not targeted)
Description and results

Description

The project aims to enhance the management of public finances in the Caribbean region through increased effectiveness of domestic revenue systems, more effective and transparent budget preparation and execution, and improved macro fiscal policy formulation. The project is designed to achieve these objectives through the provision of technical assistance and training by the International Monetary Fund in core areas of economic and financial management in response to Caribbean governments' requests. The Caribbean Regional Technical Assistance Centre (CARTAC) focuses on building technical capacity in the recipient countries increasingly through the strengthening of professional associations to jointly develop and deliver training programs and seminars. CARTAC is supported by multiple donors. Regional cooperation is expected to result in broader country coverage across the region. In this regard the preference is to emphasize activities that have application across the region. One example of this is the assistance provided by CARTAC to six countries to modernize their customs systems and procedures using risk management techniques, resulting in trade facilitation

Expected results

The expected intermediate outcomes for this project include: (1) improved management of the public finances in CARTAC member countries through increased effectiveness of domestic revenue systems, more effective and transparent budget preparation and execution; (2) increased resolution and minimization of risk factors identified in the financial system; (3) increased regulation and supervision of capital markets; and (4) increased use of macroeconomic statistics and macroeconomic programming analysis by policymakers.

Results achieved

Results achieved as of the end of the project (December 2016) include : (1) targeted training and technical assistance provided to policy makers and government officials in 20 Caribbean countries in core areas of public financial management, tax and customs policy and administration, regulation and supervision of financial sector (such as banks and capital markets as well as non-bank financial institutions such as insurance companies, and credit unions), economic and financial statistics, and macroeconomic programming; (2) public financial management legal frameworks that were adopted across the region were implemented in Antigua and Barbuda, St. Lucia, St. Vincent and the Grenadines, and Dominica - In these countries, final draft legislation is currently under legislative consideration and regional budget preparation reforms are being sustained with several countries continuing implementation and improving their processes; (3) large and medium taxpayer units established in Dominica, St. Kitts and St. Lucia to improve overall compliance through improved service delivery, which included access to tax legislation, rulings and interpretations, comprehensive e-tax service programs, multiple channel service delivery, tax administration service standards, and taxpayers’ rights and obligations; (4) improved customs administration units operationalized in Belize, Dominica, Jamaica and St. Lucia implementing post clearance audit and risk management programs; (5) stress tests delivered to domestic and foreign-owned banks in seven countries; (6) all 20 CARTAC member countries disseminating annual gross domestic product estimates at both current and constant prices. These results have contributed to building the capacity of 20 Caribbean countries in macroeconomic and financial management supporting country-led reforms as well as regional harmonization, including common laws and codes, and building awareness of the need for reform and improved administrative procedures and statistical offices.

Financials

Financials


Original budget $0
Planned Disbursement $0
Transactions
Country Percentages by Sector
Related information

Related information

Caribbean Regional Technical Assistance Centre - Phase IV - Related information
Related links
Partner website — IMF – International Monetary Fund
Global Affairs Canada
NGM Americas
Aid grant excluding debt reorganisation
Bilateral
Contributions to specific-purpose programmes and funds managed by international organisations (multilateral, INGO)
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