The United States has joined the Pacific Financial Technical Assistance Center as the seventh donor member, and has subsequently made a contribution of $ 4.07 million. Announcement on
Several member states and donors of the Pacific Financial Technical Assistance Center announced at the time of the announcement of a new donor member, the United States, for the center, in Suva.
The United States has joined the Pacific Financial Technical Assistance Center as the seventh donor member, and has subsequently made a contribution of $ 4.07 million.
The announcement in Suva yesterday followed the signing of a memorandum of understanding between the United States and the International Monetary Fund.
The US has signed the fifth phase of PFTAC operations (PFTAC).
US Charge de Affairs, Tony Greubel, said the US is increasing its contribution to the South Pacific, and is looking at specific areas it will work on.
“This US $ 2 million is only part of the United States’ increasing contribution to the South Pacific,” he said.
The US joins other members and donors in supporting key regional entities in working towards the promotion of macro-economic stability and the development of its members in the Pacific Islands.
Reserve Bank of Fiji Deputy Governor Esala Masitabua said the importance of the event was supported by the role played by the center in capacity building.
The US has revealed by 2020 its plans to deliver more than $ 200 million in new programs under the Pacific Pledge, through the US Indo-Pacific Strategy.
PFTAC’s work to improve debt transparency and sustainability and help Pacific nations avoid debt difficulties is critical, the US embassy said.
The center was established in 1993 to promote macro financial stability in Pacific island countries through a focused technical assistance center program.
The central coordinator, David Kloeden, said PFTAC is the first of the International Monetary Fund’s regional technical assistance centers, which aim to strengthen the institutional capacities of Pacific nations.
“This is the first phase in which member states agree to voluntarily contribute 10 percent of the budget,” he said.
The Center designs and implements macroeconomic and financial policies.
PFTAC provides assistance to 16 Pacific island nations, including Fiji, Samoa, Papua New Guinea, Cook Islands.
Other member countries are Palau, Nauru, Kiribati, Republic of the Marshall Islands, Solomon Islands, Timor-Leste, Tonga, Niue, Tokelau, Federated States of Micronesia, Vanuatu and Tuvalu.
The center’s operations are funded by the European Union, the Asian Development Bank, Australia, New Zealand, Canada, Korea and now the United States.
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