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Central Government/Public SectorProject Information
Pacific Financial Technical Assistance Centre, 2016-2022
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$ 8 Lac
$ 8 Lac
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27-Jan-2017
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PID : 3124
District Of Columbia-United States of America
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Description |
The Pacific Financial Technical Assistance Centre (PFTAC) of the International Monetary Fund (IMF) was established in 1993 to support Pacific countries with improving economic management and achieving sustainable economic growth. The PFTAC provides technical assistance (TA) and training in five core areas: (i) public financial management (PFM), (ii) revenue administration, (iii) macroeconomic management, (iv) financial sector supervision, and (v) macroeconomic statistics. |
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Project Rationale and Linkage to Country/Regional Strategy |
The TA is consistent with the Pacific Approach, 2016 -2020 of the ADB, as the PFTAC contributes to reducing costs and managing risks through improved regulatory frameworks, government systems, and capacity creating efficiencies in public management and enabling private sector value creation. ADB's Pacific Regional Operations Business Plan, 2016 -2018 provides for continued ADB support for the PFTAC, with an $800,000 contribution over the PFTAC's Phase V, 2016 -2022. This support leverages total expected financing of $35 million from other partners (Australia, the European Union, New Zealand, and potentially other sources) and PFTAC member countries. Since 1994, ADB has provided $6.4 million to the PFTAC under 10 consecutive regional TA projects, complementing other development partners' support. The most recent support provided was for 2011- 2016. ADB's continued funding is justified given long-term capacity gaps in the Pacific and PFTAC's record, and ability to efficiently and effectively deliver timely, high-quality technical advice, along with successful capacity development programs, to Pacific DMCs. |
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Impact |
The Project is aligned with:
1. Macroeconomic and fiscal resilience to natural disasters and adverse economic developments strengthened
2. Macro-financial sustainability promoted
3. Growth and inclusiveness facilitated
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