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Strengthening the technical capacity of public finance managers in select Caribbean Small Island Developing States (SIDS) to manage their public finances

United Nations Development Account (UNDA)
1 August 2014 to 31 August 2017|Project/Programme

Executive Summary

The   recent global economic crisis was particularly severe on the economies of the Caribbean as it aggravated  the  already existing high debt burden  for several countries in the region, reduced the fiscal space and limited the capacities of public sector technocrats to manage public expenditures and revenues. The need to improve such management has been determined as a critical issue that must be addressed in order to increase the efficiency of economic stabilization programmes implemented in the region. Thus, the main objective of the project is to increase the capacity of policy makers and finance managers of select Caribbean Small Island Developing States (SIDS) to apply the methods and procedures for better monitoring and forecasting of public expenditure and revenue. This will be achieved through a series of integrated activities including specialized research, knowledge and capacity building activities (seminars and workshops), technical advice and upgrading of public finance management systems. Moreover, targeted follow-up will be undertaken to determine additional capacity needs, prior to targeted technical advisory missions to support the member States in incorporating the skills and knowledge acquired into their public finance management practices, processes and systems. As a result, the project is expected to have a positive outcome on the efficiency of public finance management in these countries, ultimately helping them to improve their debt ratio and contribute to a more stable economic environment and social development. Responsibility for the implementation of the project rests with the ECLAC Subregional Headquarters for the Caribbean, which will work with the support of the Instituto Latinamericano y del Caribe de Planificacion Economica y Social (ILPES).

Results

The specific expected outcomes of the project are:

  • Increased knowledge and skills of public finance managers in managing and forecasting public expenditure and revenue.
  • Improved public finance management systems to facilitate sustainable revenue and expenditure management operations.

 

The indicators of achievement include:

  • Increased number of public finance practitioners applying the skills, andtTechniques acquired from the workshops in day to day fiscal management, including the use of the reference guide.
  • At least 75% of workshop participants acknowledge their capacity to manage and forecast government expenditure and revenue.
  • All beneficiary countries have or are in the process of integrating the programmes and techniques of the training into their public finance management systems.