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Development Account Projects

Strengthening pro-growth macroeconomic management capacities for enhanced regional financial and monetary cooperation among selected countries of Latin America and the Caribbean, and West and Central Africa

Background:

The overall goal of the project is to reinforce the ability of Latin American and West and Central African countries to conduct pro-growth macroeconomic policies in a challenging international financial framework. The international crisis has highlighted the external vulnerability of developing countries and the need for proactive macroeconomic policies in order to deal with negative external shocks and generate the conditions for sustained and inclusive development. In the absence of a well-functioning international monetary and financial system, regional monetary and financial cooperation may provide an effective defence mechanism, build resilience, improve the provision of both short-term (balance-of-payment) and long-term (investment) financing, and facilitate intraregional trade and services payments. The project will seek to enhance regional financial and monetary cooperation in order to enlarge the policy space of the participant countries and reduce their external vulnerability. It will also support the improvement of technical skills and analytical capacities of senior officials and staff of finance/economy ministries and central banks of selected countries on policy management in the areas of macroeconomic strategies and finance for development.

Objective:

To strengthen pro-growth macroeconomic management capacities for enhanced regional financial and monetary cooperation among selected countries of Latin America, and West and Central Africa

Expected accomplishments:

  • Strengthened institutional knowledge, raised awareness and greater consensus about regional macroeconomic interdependence and the scope for regional monetary and financial cooperation
  • Improve the mechanisms for systematic dialogue among senior officials of ministries of finance/economy and central banks of selected countries
  • Enhanced technical and analytical capacity among senior officials of ministries of finance/economy and central banks of selected countries on policy management in the areas of macroeconomic strategies, public debt and finance for development

Implementation status:

In progress.