Project profile — Enhancing Public Financial Management in the Caribbean



Overview 

CA-3-D000365001
$21,000,000
IMF – International Monetary Fund
2014-03-25 - 2023-12-30
Operational
Global Affairs Canada
NGM Americas

Country / region 

• Grenada (7.11%)
• Suriname (0.03%)
• Guyana (0.03%)
• Antigua and Barbuda (0.89%)
• Belize (6.80%)
• Bahamas (0.03%)
• Montserrat (0.03%)
• Saint Lucia (2.89%)
• Saint Kitts and Nevis (5.98%)
• Dominica (3.08%)
• Barbados (1.09%)
• Trinidad And Tobago (0.03%)
• Jamaica (16.82%)
• Saint Vincent And The Grenadines (2.81%)
• West Indies, regional (52.38%)

Sector 

• Public finance management:
Public finance management (15111) (60.00%)
Domestic Revenue Mobilisation (15114) (30.00%)
• Banking And Financial Services: Financial policy and administrative management (24010) (10.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (significant objective)
• Participatory development and good governance (significant objective)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• ICT as a tool for development (not targeted)

Description 

The Enhancing Public Financial Management in the Caribbean initiative promotes improvements in public financial management capacity of target countries during a period of rising financial vulnerabilities. The initiative provides support to Caribbean countries that are facing crises and are prepared to deal with long-standing weaknesses in their fiscal and economic management through a fiscal reform program supported by the International Monetary Fund (IMF). The IMF works with governments, providing short, medium and long-term advice and training designed to respond by country to the precarious financial situation or the conditionalities of IMF extended fund facility arrangements. The fund supports two packages of technical assistance. The first, valued at $5 Million to respond to Jamaica’s extended fund facility arrangement with the IMF which is to help support its four-year macroeconomic adjustment program to undertake necessary fiscal and economic reforms. The second valued at $10 million is to respond largely to tourism-dependent Eastern Caribbean countries undergoing deepening financial vulnerabilities and potentially subject to extended fund facility arrangements with the IMF in view of their debt burdens.

Expected results 

The expected outcomes for this project include: (1) improved macroeconomic and public financial management in the context of rising financial vulnerabilities; and (2) increased regional cooperation/integration to foster economic growth in the Caribbean region.

Results achieved 

Results achieved as of July 2016 include: (1) in Jamaica, a roadmap for the restructuring of the Accountant’s General Department was developed and agreed with the authorities and a review was conducted on improving the management of public bodies; (2) an inventory of government bank accounts was compiled and a review was carried out to identify accounts for closure or integration to the Treasury Single Account; (3) technical assistance was provided to the Financial Services Commission of Jamaica to enhance financial stability and safeguard the ongoing economic reform process, and (4) considerable progress has been realized in the rest of the Caribbean, including the successful adoption of Cash Basis International Public Sector Accounting Standards in four administrations. These have contributed to improving macroeconomic and public financial management in the Caribbean.

Budget and spending 


Original budget $0
Planned disbursement $0
Transactions
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Contributions to specific-purpose programmes and funds managed by implementing partners
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