The European Union provides US$ 4.6 million to CARTAC

The European Union and the International Monetary Fund (IMF) recently signed an agreement providing US $4.6 million (3.5 million euro) to support the ongoing activities of the Caribbean Regional Technical Assistance Centre (CARTAC) until the end of 2015. EC $4.1 million (3.15 million euro) has already been disbursed.

The Barbados-based CARTAC began operations in 2001, and provides technical assistance in economic and financial management to 20 countries and territories in the region. Its aim is to assist member countries in building technical capacity to strengthen tax and customs administration, public financial management, financial sector and capital markets regulation and supervision, economic statistics and macroeconomic analysis.

The Barbados-based CARTAC began operations in 2001, and provides technical assistance in economic and financial management to 20 countries and territories in the region. Its aim is to assist member countries in building technical capacity to strengthen tax and customs administration, public financial management, financial sector and capital markets regulation and supervision, economic statistics and macroeconomic analysis.

The work of the Centre is implemented by a core team of advisors, complemented by the activities of short-term experts, regional seminars, internships and attachments of officials to partner institutions in the region and abroad. CARTAC works in close collaboration with other development institutions, Technical Assistance agencies, and regional organizations in supporting regional harmonization, the CARICOM Single Market & Economy initiative, and the creation of a fully-fledged economic and monetary union in the Eastern Caribbean (OECS).

CARTAC is funded jointly by a range of contributors, including donor institutions, member countries and multilateral organizations. Financing consists of cash contributions from donors and recipients and in-kind contributions from the host Barbados. Authority for the strategic direction of the Centre rests with the Steering Committee, which comprises representatives of member countries and donors.

The EU has continuously supported CARTAC since its inception and will continue doing so in its current Phase IV of operations.

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