Minister of Finance, Christopher Sinckler, yesterday signed a Memorandum of Understanding to formalise the relationship between the International Monetary Fund (IMF) and Government to reflect the Caribbean Regional Technical Assistance Centre???s transition to the IMF???s oversight.
CARTAC was under the United Nations Development Programme, but according to Mr. Sinckler, the agreement confirmed certain legal arrangements relating to the granting of certain privileges and immunities for staff of CARTAC.
He continued: ???It also lays down the arrangement where the IMF assumes all financial and administrative responsibilities with respect to CARTAC???s operation, while the Government of Barbados will continue to provide office space.???
CARTAC was established to strengthen the capacities of countries across the region to design and implement macroeconomic policies that promote growth and reduce poverty.??
Barbados has played host to CARTAC since its inception in 2001, and Mr. Sinckler said that through its training programme, the island had built a cadre of officers who were able to develop their skills and capacity in various areas.