The Federal Ministry for Economic Cooperation and Development (BMZ) has provided funds to the International Monetary Fund (IMF) for Africa. The funds provided to IMF will be used to support selected Africa Regional Technical Assistance Centers (AFRITACs) to increase technical cooperation in Africa on capacity building in core areas of macroeconomic and financial management. The funding to IMF-AFRITAC was facilitated by GIZ-Good financial Governance in Africa Programme. The work of AFRITACs covers areas of IMF expertise that supports global and country-led development programmes.
The IMF expressed that it “welcomes Germany’s enhanced support to its capacity development efforts in Africa. We thank Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung (BMZ) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH for promoting good infrastructure governance and tailored technical assistance and training on the continent. Germany’s significant support to IMF Regional Technical Assistance Center for West Africa 2 and IMF – East Africa Regional Technical Assistance will allow us to step up our response to the increasing needs for demand-driven technical assistance and training in sub-Saharan Africa amidst a fraught recovery.”
The funding to IMF- AFRITACs by Germany is part of the many initiatives in strengthening as well as promoting transparency and accountability in public financial management through various technical cooperation and capacity development in Africa.