New Caribbean Regional Technical Assistance Centre

The Caribbean Regional Technical Assistance Centre (CARTAC) is now operational, with headquarters in Bridgetown, Barbados.

The Centre is a joint initiative of the International Monetary Fund (IMF), the Caribbean Community (CARICOM), and the United Nations Development Program (UNDP). In addition to providing technical assistance and training services to CARICOM members and the Dominican Republic, CARTAC will also foster cooperation between the region and several other bilateral and multilateral agencies.

The primary objective of CARTAC is to assist its members in improving current practices in certain critical areas of economic and financial management, including budget and tax policy and administration; financial sector supervision and regulation, including that of offshore centers; and the compilation of financial, economic and social statistics.

Assistance will be provided through a team of experts assigned to CARTAC, supplemented by short-term specialists, as well as through in-country workshops, training attachments and regional training courses. Technical supervision and back-stopping support from the IMF will ensure quality control and adherence to international standards and best practices.

CARTAC's work plan is being guided by the countries of the region themselves through a Steering Committee, and a series of technical committees to be established for this purpose. Donors will also participate in these committees.

The Bahamas Ministry of Finance has advised that every country in the region is represented at the Steering Committee level, either directly or via a representative country. The Bahamas is grouped with two other countries, with the current representative being the Dominican Republic. The present Chairman of The Steering...