IMF and Mauritius Sign Memorandum of Understanding to Create Africa Training Institute

International Monetary Fund Deputy Managing Director Nemat Shafik and the authorities of Mauritius signed a Memorandum of Understanding today on Mauritius’ support for the IMF’s new Africa Training Institute. The Memorandum specifies the contribution that Mauritius is providing, which covers the costs of accommodating and training over 200 sub-Saharan African country officials per year through two-week courses, as well as housing and equipping the Institute. The Australian Agency for International Development and the Chinese authorities have also pledged financial support for the Institute, which will start operations in June 2013 and serve the whole of sub-Saharan Africa. Mauritius already hosts a Regional Technical Assistance Center for Southern Africa, known as AFRITAC South.

“Mauritius is one of only a handful of leading middle-income countries in the world that partner with the IMF to support capacity development activities. With its financial support for AFRITAC South and the Africa Training Institute, the government of Mauritius signals its clear vision toward becoming a knowledge hub for Africa, especially on macroeconomic issues,” Ms. Shafik said at a signing ceremony in Washington, D.C.

The Africa Training Institute will offer courses and seminars for officials from central banks, ministries of finance, and other government agencies from across sub-Saharan Africa. Training will cover macroeconomic policymaking and financial programming, public finance, exchange rate and monetary policies, economic integration, and financial sector issues, including banking supervision. The training will complement the activities of the IMF’s Regional Technical Assistance Centers in Africa (AFRITACs), and other regional initiatives.

Through these course offerings the Africa Training Institute will help us address existing training gaps. Moreover, the Africa Training Institute will also help us meet the large demand for IMF training from sub-Saharan Africa, while bringing the region’s training volume on par with those of other regions. We hope that in the period ahead the Africa Training Institute will deliver more courses than the current contributions allow, and the IMF and the government of Mauritius will continue efforts to mobilize funds from other donors to scale up the operations.

The IMF offers technical assistance and training to member countries in addition to economic and financial surveillance, and lending operations. The IMF’s technical assistance helps member countries develop more effective institutions, legal frameworks and policies to promote economic stability and growth, while training strengthens the capacity of member countries’ officials to analyze economic developments and formulate and implement effective policies. In the year ending April 30, 2012, some 7,800 officials from member countries attended IMF training courses at headquarters in Washington, D.C., and at various locations around the world, including donor-supported regional training centers in Austria, Kuwait, and Singapore.