By Vivienne Russell | 12 May 2014

The International Monetary Fund’s Caribbean technical assistance centre has successfully encouraged some countries in the region to overhaul their public financial management reform agendas, according to its steering committee.

Following a review of the Caribbean Regional Technical Assistance Centre’s (Cartac) work over the last six months, the steering committee said it had more than doubled the number of people trained.

In a joint statement, Brian Wynter, governor of the Bank of Jamaica and chair of the Cartac steering committee, and Arnold McIntyre, Cartac co-ordinator, said: ‘Public expenditure and financial accountability assessments resulted in revamped PFM reform agendas in some countries.

‘Strengthened PFM systems, together with stronger tax administration structures and improvements in customs administration, is supporting fiscal consolidation efforts.’

The meeting was attended by representatives of eight member countries, regional institution and donors, which consist of the Caribbean Development Bank, Canada’s Department of Foreign Affairs, Trade and Investment, the UK Department for International Development, the European Union, the Inter-American Development Bank and the World Bank.

Wynter and McIntyre said the steering committee had endorsed Cartac’s work for the next six months. This will continue the focus on capacity building to initiate and execute a programme of fiscal consolidation, deepen expertise in macroeconomic analysis, strengthen financial sector regulation and supervision and improve the timeliness and quality of economic statistics.

The steering committee will next meet in November in the Bahamas.