“CAPTAC-DR is an important component of the IMF’s far-reaching reforms that will enable the Fund to respond more effectively to the emerging challenges of the global economy,” said Murilo Portugal, Deputy Managing Director of the IMF. “The global implications of the current financial crisis highlight the importance of continued strengthening of policy frameworks and effective policy implementation at the national and regional levels, for which CAPTAC-DR is expected to become a natural conduit.” CAPTAC-DR will be the Fund’s second Technical Assistance Center in the region, after the Caribbean Regional Technical Assistance Centre (CARTAC), which has been operating since 1999 on the island of Barbados.

Hosted by the Central Bank of Guatemala, the regional technical assistance center will serve Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama. CAPTAC-DR’s staff will consist of a Center Coordinator who will be responsible for the day-to-day management of the Center; and resident advisors and short-term experts recruited and supervised by the IMF. The Center’s technical assistance, which will emphasize institution building, will complement policy-oriented technical assistance provided directly from IMF headquarters.

Initially, the Center’s activities will focus on five key areas representing common policy challenges to member countries, including those related to increased integration:
• Financial sector supervision and regulation;
• Tax and customs policy and administration;
• Medium-term expenditure frameworks and public financial management;
• Money and public debt markets; and
• Macroeconomic statistics.

Source: International Monetary Fund

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