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

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).