The FINANCIAL -- The Asian Development Bank (ADB) in partnership with the Pacific Financial Technical Assistance Centre (PFTAC) is helping Pacific governments better manage their public financial systems.
ADB will provide $800,000 to help fund PFTAC’s Phase V 2016-2022. ADB has provided continued support for PFTAC since its establishment in 1993.
PFTAC is an office of the International Monetary Fund (IMF), responsible for providing technical assistance and training to Pacific Island countries. It is a collaborative venture between the IMF, recipient countries, and bilateral and multilateral donors, according to ADB.
“Shortfalls in capacity and gaps in financial systems and processes continue to undermine sound macroeconomic management in many small Pacific island countries,” said Emma Veve, a Director in ADB’s Pacific Department. “This ADB assistance aims to strengthen the fiscal resilience of these countries, enabling them to better cope in the event of natural disasters or other economic shocks.”
Some of the key activities to be funded by the ADB assistance include establishing broader-based and more efficient revenue systems; enhancing monitoring, forecasting and policy analysis tools; improving the management and resolution of risks in financial institutions; and producing more timely and reliable economic statistics.
PFTAC Coordinator Scott Roger welcomed the ADB contribution. “ADB has supported PFTAC from its earliest days, and we look forward to continuing our close cooperation in providing technical assistance and training throughout the Pacific region,” he said.
The PFTAC contributes to ADB’s strategic agenda of regional cooperation and integration. It also increases efficiency through pooling of resources from several development partners, and by providing a one-stop-shop for technical specialized economic and financial advisory services in the Pacific.
The ADB technical assistance of $800,000 will be financed on a grant basis by ADB’s Technical Assistance Special Fund.