IMF opens Institute for Capacity Development for member-countries

The International Monetary Fund (IMF) on May 1, 2012 launched the Institute for Capacity Development to spearhead its enhanced strategy for capacity-building services for its member countries.

These capacity-development efforts are aimed at helping member countries develop their skills base and build more robust economic and financial institutions.

The Institute, a new department incorporating the former IMF Institute and Office of Technical Assistance Management, the IMF said will enable stronger synergies and better coordination between IMF technical assistance, training, and other elements of capacity development, to better adapt to member countries’ priorities and needs, and facilitate fund raising.

“Technical assistance and training are a core mandate of the Fund, along with surveillance and lending,” the IMF Managing Director Christine Lagarde said in a statement.

She adds “I am confident the new Institute for Capacity Development will take our activities in this area to a new level, making the best use of our own resources and those contributed by our donor partners.”

The Fund announced the decision to launch the new department in January 2012 following the Executive Board’s discussion in November 2011 of the Report of the Task Force on the Fund’s Technical Assistance Strategy.

By Ekow Quandzie

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