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International Monetary Fund

) Table 13: CARTAC - Planned Allocation of Short Term Expert Expenditure Table 14: Foreign Consultants Usage May 2004 - March 2006 Table 15: Regional Consultant Usage March 2004 - March 2006 LIST OF BOXES Box 1: The Antigua & Barbuda Program Box 2 : CARTAC’s VAT Implementation Strategy Box 3 : CARTAC’s Work with SATAP LIST OF APPENDICES Appendix 1 : Second Mid-Term Review - Terms of Reference Appendix 2: Questionnaire Appendix 3: Analysis of CARTAC Program Activities Appendix 4: List of Persons Interviewed Appendix 5: CARTAC Attachments

International Monetary Fund

easily to see its strategic direction and the results from its activities. Reporting is still too input oriented. The Steering Committee has to receive regular reports on the actual use of "prioritization filters" to screen requests and insist on the presentation of activities, output and results across all functional areas within the approved logical framework. vii. This is the second mid-term report on the CARTAC program and, in common with the first report prepared in 2003, finds an overall high level of satisfaction among stakeholders. Table Of Contents

International Monetary Fund

, which sets the strategic direction and approves the rolling Work Program. The Steering Committee is also responsible for final selection of the Program Coordinator and the long-term advisers from ranked short lists provided by the IMF. 4. The first phase of the CARTAC program lasted through the end of 2004 and attracted total contributions of $13.4 million. The second phase, scheduled for the period 2005 - 2007, received pledges totaling $15.4 million (see Table 9 for details). CIDA and DFID, the principal bilateral donors, recognize CARTAC as an ideal vehicle for

International Monetary Fund

, which sets the strategic direction and approves the rolling Work Program. The Steering Committee is also responsible for final selection of the Program Coordinator and the long-term advisers from ranked short lists provided by the IMF. 4. The first phase of the CARTAC program lasted through the end of 2004 and attracted total contributions of $13.4 million. The second phase, scheduled for the period 2005 - 2007, received pledges totaling $15.4 million (see Table 9 for details). CIDA and DFID, the principal bilateral donors, recognize CARTAC as an ideal vehicle for

International Monetary Fund

agency or government department to the CARTAC Program Coordinator. In at least one instance the request for assistance was a result of a review of systems that was conducted by an international agency that made several recommendations. As a result, the country decided to request CARTAC to assist in implementing the recommendations. All of the respondents regarded the turn around time to be quite quick, usually within a few weeks or even a few days of making the initial telephone enquiry a concrete proposal regarding assistance was in place. The type of assistance the

International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.
International Monetary Fund. Western Hemisphere Dept.

. The objectives of the financial stability aspect of the workshop were to: (a) provide training in the areas of macro-prudential policy formulation as well as macro-prudential indicators and systemic risk measures; (b) identify weaknesses in the financial stability frameworks of member states; and (c) to gauge the on-going impact of the newly-established financial stability program. During 2014-15 the CARTAC program on economic and financial statistics concentrated on improving external sector, national accounts and prices statistics in ECCU countries. Good

International Monetary Fund

is currently assisting Grenada with the setting up of the Grenada Authority for the Regulation of Financial Institutions (GARFIN). CARTAC has assisted with the development of prudential reports for nonbanks in the ECCU and recently conducted training on the supervision of offshore mutual funds for St. Kitts and Nevis and St. Lucia and on the supervision of securities firms for the ECSRC. The CARTAC program to improve economic and financial statistics in the ECCU continues to concentrate mainly on national accounts, prices and external sector statistics. During

International Monetary Fund
The Eastern Caribbean Currency Union (ECCU) countries financial system has increasingly come under stress particularly through weakly supervised nonbank and offshore financial sectors with knock-on effects to domestic banks. The staff report focuses on ECCU’s 2009 discussion on common policies of member countries on economic development and policies. In response, ECCU authorities have accelerated the establishment of national Single Regulatory Units and the passage of harmonized legislation to strengthen then regulation and supervision of nonbanks and offshore institutions.
International Monetary Fund
CARTAC, the second of the regional technical assistance centers, was created with singular emphasis on ownership of technical assistance by the beneficiary countries. To this end, it was structured as a UNDP project with the IMF as Executing Agency and with a Steering Committee empowered to give strategic guidance to the program and select its senior staff from short lists provided by the IMF. With the spread of the RTAC modality, the IMF has sought to bring the Centers' activities within the ambit of overall resource planning for technical assistance, ensure consistency with the institution's view on priorities for technical assistance in the countries concerned, and tighten quality control through backstopping. This has created the potential for conflict with the relative independence that CARTAC has enjoyed from its inception. The conclusion in this report, however, is that alignment with the IMF does not necessarily undermine country ownership and that the Steering Committee can play a pivotal role in defusing any tension that may arise.