On September 28, Eduardo Aninat, IMF Deputy Managing Director, and Soumana Sako, Executive Secretary of the African Capacity Building Foundation (ACBF), signed a memorandum of understanding between the two institutions on their future collaboration.
The ACBF is the implementation agency for the Partnership for Capacity Building in Africa (PACT) and a leading African institution in partnership with the development community in the building of sustainable capacity throughout the African continent. The IMF and the ACBF will work closely primarily on training activities related to capacity building and on strengthening knowledge networking in Africa in the areas of the IMF’s core competencies.
Close collaboration with the ACBF and the PACT is part of the IMF’s new Africa Capacity-Building Initiative, under which the IMF increases its technical assistance to the African continent while focusing it more squarely on capacity building. Under this initiative, the IMF will also establish African Regional Technical Assistance Centers (AFRITACs) to provide capacity-building assistance through a team of resident experts, supplemented by short-term specialists in the core areas of the IMF’s expertise, including macroeconomic policy, monetary and exchange rate policies, financial sector policies, tax policy and revenue administration, public expenditure management, and macroeconomic statistics. The AFRITACs will work closely with the ACBF, the African Development Bank, the World Bank, and donor partners. The first AFRITAC will open this fall in Dar es Salaam, Tanzania.