Project profile — Caribbean Regional Technical Assistance Center – Phase V



Overview 

CA-3-D003698001
$20,000,000
IMF – International Monetary Fund
2016-12-20 - 2024-04-30
Operational
Global Affairs Canada
NGM Americas

Country / region 

• West Indies, regional (100.00%)

Sector 

• Public finance management:
Public finance management (15111) (25.00%)
Domestic Revenue Mobilisation (15114) (25.00%)
• Other Social Infrastructure And Services: Statistical capacity building (16062) (20.00%)
• Financial policy and administrative management:
Financial policy and administrative management (24010) (20.00%)
Monetary institutions (24020) (10.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (not targeted)
• Participatory development and good governance (significant objective)
• Trade development (significant objective)
• 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 project works to build the capacity of governments across the Caribbean to strengthen their institutional and human capacity to design and implement sound macroeconomic policies to promote growth and reduce poverty. The project works to achieve these objectives through delivery mechanisms such as providing technical assistance and training by long-term experts based in the region and short-term advisory assignments, in-country workshops, and regional training seminars. There are 12 technical specialists primarily based in Barbados at the headquarters of the Caribbean Regional Technical Assistance Center (CARTAC). They engaged in supporting a wide range of economic areas: financial stability, tax administration, customs, financial sector supervision, macroeconomic programming, real sector statistics, external sector statistics, and public financial management (PFM). Established in November 2001, CARTAC is one of ten International Monetary Fund (IMF) Regional Technical Assistance Center. CARTAC is in its fifth phase of operations and is a pooled funding mechanism of donor and Caribbean country resources that supports 23 countries across the Caribbean.

Expected results 

The expected outcomes for this project include: (1) improved management of public finances in CARTAC member countries through increased effectiveness of domestic revenue systems, more effective and transparent budget preparation and execution, and enhanced macro-fiscal policy formulation; (2) increased resolution and minimization of risk factors identified in the financial systems; (3) increased regulation and supervision of capital markets, banking, and non-bank financial institutions; and (4) increased use of macro-economic statistics programming analysis in key public institutions.

Results achieved 

Results achieved as of June 2023 include: (1) engaged in 268 capacity development projects with 268 objectives and 737 outcomes through the work plan; and (2) entirely or largely achieved 50% of the outcomes and 37% partially achieved.

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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