IMF chief urges greater funding for regional know-how

The head of the International Monetary Fund (IMF), Kristalina Georgieva, has issued an urgent call for more funding for the Caribbean Regional Technical Assistance Centre (CARTAC), describing as indispensable its role in equipping the region to tackle pressing issues such as climate change, fiscal pressures, and energy transition. 

Addressing CARICOM policymakers and stakeholders during a forum on managing the energy transition held here at the Lloyd Erskine Sandiford Centre, Georgieva described CARTAC as a vital instrument for the Caribbean.  

“This is a plea to all of you around this table. We have a particularly valuable instrument to support the Caribbean. It is called the Caribbean Regional Technical Assistance Centre, CARTAC,” she said.  

“It is a great resource, and we always struggle to raise the money for it because the pressures on everybody are high. But I want to make a special plea for CARTAC.”  

CARTAC is one of ten IMF Regional Technical Assistance Centres (RTACs) located across the globe, including in the Pacific, Africa, the Middle East, India, and Central America. These centres were established to help countries strengthen their human and institutional capacity to design and implement sound macroeconomic policies that promote growth and reduce poverty.  

The centre provides technical assistance and training in areas such as public finance, macroeconomic management, and energy transition.  

The IMF managing director underlined its importance in delivering practical solutions directly to policymakers across the region.  

“I think for the Caribbean, CARTAC has proven to be the instrument that helps policymakers directly to solve problems in front of them,” she said.  

“So please help me to help you by making sure that CARTAC . . . is funded and fully operational.”  

Her appeal comes as the Caribbean grapples with mounting challenges, from the impacts of climate change to fiscal constraints.  

CARTAC, Georgieva noted, is uniquely positioned to provide tailored support to member countries in addressing these critical issues. (SM)