European Union and International Monetary Fund sign a new Framework Administrative Agreement for Capacity Development Cooperation | WPN World People News

The European Commission, (EC) on behalf of the European Union (EU), and the International Monetary Fund (IMF) have signed a new Framework Administrative Agreement that allows the two organizations to continue their close and fruitful cooperation in capacity development. IMF Deputy Managing Director Carla Grasso and Neven Mimica, Commissioner for International Development and Cooperation, signed the agreement in New York City on May 20.

“Since the signature of the 2009 Agreement, the EU has become a key strategic partner in IMF capacity development. Together our two organizations have responded to increasing demand in our partner and member countries for hands on technical assistance and training that help build institutions in support of strong macroeconomic policy-making and financial stability. This new Framework Administrative Agreement will further strengthen our collaboration through bilateral engagements, topical trust funds, and importantly, the network of regional technical assistance centers, which effectively leverage our institutions’ expertise and global presence.”

“The EU-IMF partnership, with its strategic dialogue on domestic resource mobilization, public financial management, debt sustainability, assessment of developing countries’ vulnerability to exogenous shocks, and complementarities between EU budget support and IMF country programs, is highly appreciated by our member countries and development partners. Similarly, our capacity development cooperation under the Agreement will continue to strengthen recipient countries’ abilities to design and implement sound macroeconomic policies geared toward achieving sustainable economic growth and development. I am therefore delighted to sign this Agreement in this “Year of Development” as we anticipate the Financing for Development Conference in Addis Ababa in July,” Mr. Mimica said.

Source: International Monetary Fund