OREANDA-NEWS. The Steering Committee of the International Monetary Fund (IMF)’s Regional Technical Assistance Center for Central America, Panama and the Dominican Republic (CAPTAC-DR) met in Washington, D.C., USA, on April 13, 2016 to assess the activities of the Center over the period from May 2015 to date, discuss the program of operations for 2017–2019 and review the work plan for fiscal year 2017. High level authorities from all seven member countries attended, together with representatives of donor partners (EU, Canada, Mexico, Luxembourg) and observers (Spain, The World Bank, the Inter-American Development Bank, and the Central American Bank for Economic Integration), Executive Secretaries of the Regional Councils, and IMF staff.

In his opening remarks, Mr.Gerd Schwartz, Deputy Director of ICD, congratulated member countries and donors for their commitment to capacity development. Ownership and engagement of member countries is demonstrated in the remarkable accomplishments during the last year in the areas of regional harmonization of the member countries’ external sector statistics, strengthening of the revenue basis in customs administration, and the macro-prudential frameworks developed both at the country and regional levels. Support from partners has been forthcoming, including through the disbursement of 10 million Canadian dollars from Canada and an additional 1.5 million US dollars from Luxembourg. The Steering Committee applauded the strong support provided by donor partners since the launch of the Center.

Steering Committee members endorsed the strategy underlying the work plan of fiscal year 2017. They welcomed the progress made on the implementation of the 2013 mid-term external evaluation recommendations and the sounder financial ground for the Center’s Phase II.

In his closing remarks, Mr. Ovidio Reyes, president of the Central Bank of Nicaragua, and pro tempore President of the Central American Monetary Council and CAPTAC-DR Steering Committee, expressed strong satisfaction for the economic successes achieved with the Center’s support in his country and in the region. For Mr. Reyes, the work of the Center has effectively supported national efforts that have contributed to the remarkable achievements in macro-economic and financial stability recorded in the region .

Established in 2009, CAPTAC-DR provides technical assistance to Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. Its first five-year budget amounted to $35.6 million. Phase II started in July 2014 with a program document budget of $39.2 million. To date, formal pledges amount to $29.3 million thanks to the support of the EU, Canada, Mexico, Luxembourg, the Inter-American Development Bank, the seven member countries and the IMF.