WASHINGTON, United States (CMC) — The United Kingdom’s Department for International Development (DFID) has become the first development partner to participate in the new five-year phase (2017-22) of the International Monetary Fund’s (IMF) Regional Technical Assistance Center in the Caribbean (CARTAC).

DFID has made a contribution of US$7.8 million and according to the Deputy Head and Growth Team Leader of DFID Caribbean Office, Mark George, London is pleased to continue its longstanding cooperation with the IMF for the delivery of capacity development services in partner countries.

“CARTAC strongly complements our work in the Caribbean focused on economic prosperity, governance, and disaster risk reduction, and remains a much-needed resource in the region to help countries strengthen their economic resilience as they continue with their efforts to achieve their development goals.”

The director of the IMF’s Institute of Capacity Development, Sharmini Coorey, said the United Kingdom is a key contributor to the IMF’s capacity development work, and she’s pleased that it will continue its support to CARTAC.

“Our shared vision for economic development has helped build economic institutions and boost growth in the region, and we look forward to further deepening this partnership,” said Coorey.

The United Kingdom has so far contributed approximately US$130 million to IMF capacity development since 2002. It has been supporting IMF regional centres in Eastern and Southern Africa and the Caribbean, and work on key topics such as anti-money laundering/combatting the financing of terrorism, tax and financial sector reform.

Since its establishment in 2001, CARTAC has provided support to economic institution building and related training needs to its 20 regional member countries.