Central Bank of Myanmar Hosts the Second Conference of the Committee for the Coordination of Financial Sector Technical Assistance

Central Bank of Myanmar Hosts the Second Conference of the Committee for the Coordination of Financial Sector Technical Assistance

Central Bank of Myanmar Hosts the Second Conference of the Committee for the Coordination of Financial Sector Technical Assistance

The FINANCIAL -- On November 18, the Central Bank of Myanmar (CBM) hosted in Nay Pyi Taw the second meeting of the Committee for the Coordination of Financial Sector Technical Assistance to Myanmar (COFTAM), the group that was established on April 25, 2014. Participants included multilateral agencies-- Asian Development Bank, Consultative Group to Assist the Poor (CGAP), International Finance Corporation, International Monetary Fund (IMF), Livelihoods and Food Security Trust Fund (LIFT Fund), the United Nations Capital Development Fund (UN CDF) and the World Bank – as well as bilateral development partners – Bank Negara Malaysia, Bank of Thailand, Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ), the Embassy of Japan, Financial Services Agency of Japan (JFSA), Japan International Cooperation Agency (JICA), and the Monetary Authority of Singapore (MAS). Representatives of the Ministry of Finance (MoF) and the Ministry of National Planning and Development (MNPED) also participated, according to International Monetary Fund.

The terms of reference of the committee were discussed and it was agreed that the eight sub-sector working groups would be expanded to include members of relevant departments in the CBM, and, where appropriate, representatives of the Ministry of Finance and other relevant ministries. More generally, it was also agreed that, in a developing market as vibrant as that in Myanmar, a flexible approach to participation in COFTAM was appropriate, and in particular there was a need to ensure that its membership all development partners that were actively providing financial sector TA in Myanmar. Participants also recognized the need for regular meetings of the sub-groups, which would facilitate sustained collaboration among the development partners.

The meeting also included presentations by the chairs of the sub-groups, describing developments in the TA being provided in their areas, and identifying issues for discussion and areas where greater collaboration could be pursued, according to IMF.