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Serving the region in partnership with: The European Commission The European Investment Bank France Japan Kuwait Oman METAC is a shining example of how.

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Presentation on theme: "Serving the region in partnership with: The European Commission The European Investment Bank France Japan Kuwait Oman METAC is a shining example of how."— Presentation transcript:

1 Serving the region in partnership with: The European Commission The European Investment Bank France Japan Kuwait Oman METAC is a shining example of how technical assistance can be effective in bringing about tangible and important developments… Dr. J. Al-Wazir Governor of the PMA

2 METAC Overview METAC was established on October 25, 2004 in Beirut, Lebanon METAC is a collaborative effort between the International Monetary Fund (IMF), the recipient countries, and bilateral and multilateral donors.

3 METAC Donors EIB EC FranceJapan OmanKuwait

4 METAC Countries WBG

5 METAC Governance METAC is governed by a Steering Committee that includes recipient countries, donors and IMF staff. The SC is chaired by the Minister of Finance of Lebanon. The SC acts as an advisory body, providing guidance to develop the Centers strategy and define its priorities. The SC meets on an annual or need basis.

6 Central Bank Accounting (replaced by Public Debt Management ) Revenue Administration Public Financial Management Multisector Statistics Banking Supervision METAC METAC TA Areas

7 Provide capacity-building assistance Facilitate the reform process in member countries Support the regions integration in the world economy METAC Mandate

8 METACs resources are available for : Diagnostic work Implementation of plans based on the assessments by TA departments at IMF Headquarters Providing policy and technical advice either by the Centers own advisors or by consultants hired by METAC Organizing training courses, seminars, workshops and dissemination of best practices METAC Mandate

9 Integration with IMF surveillance and lending activities Decentralized and well tailored delivery of TA Strong country ownership Fast and efficient response to TA requests Effective follow up on implementation of TA Close coordination with other TA providers Focused subject-specific and hands-on training for local officials METAC Advantages

10 Banking Supervision Enhancing banking supervision procedures in accordance with international best practices Building the capacity of banks examiners through training, seminars and workshops Strengthening the examination process through the development of new financial statements and early warning systems METAC TA in Banking Supervision Developing credit registry systems for better monitoring of credit facilities Main purpose is to create a sound banking supervision environment to maintain public trust and confidence in the banking sector, by:

11 Multisector Statistics Developing compilation and dissemination procedures Identifying emerging data sources Preparing and verifying data METAC TA in Statistics Documenting data sources and compiling methods Main purpose is to improve the overall quality of macroeconomic statistics and to promote the use of internationally-accepted concepts and statistical methodologies, by:

12 Public Financial Management Improving organization and providing capacity building at ministries of finance Improving financial accounting and reporting and strengthening internal and external control mechanisms Reforming budgeting and accounting classification; and improving treasury systems METAC TA in PFM Main purpose is to build capacity for reforms in budget preparation and execution to improve expenditure control and revenue monitoring, by:

13 Revenue Administration Enhancing revenue administration organization and procedures Implementing effective compliance control tools for tax collection Developing legislative frameworks for tax administration METAC TA in Revenue Administration Main purpose is to plan and implement revenue administration reforms, by :

14 Central Bank Accounting Providing technical support for the transition to integrated financial management information systems Improving the financial and management reports in compliance with International Financial Reporting Standards Developing the internal audit function METAC TA in Central Bank Accounting (Ceased in October 2009) Main purpose was to assist central banks and monetary authorities in modernizing central bank accounting systems, procedures, policies, and controls, by :

15 METAC TA in Public Debt Management (Starting March 2010) Improving public debt management and developing public debt markets are important for METAC members. The new resident advisor on debt management will initially assess the state of debt management in METAC countries and will then come up with a workplan to enhance debt management frameworks and enhance the effective coordination between debt management and monetary policy.

16 Workshops & Seminars METAC organizes a large number of regional seminars and conducts intensive and hands-on in-country training.

17 METAC Outreach Activities Arab Economic Integration Conference, Kuwait, Nov 11-12, 2008 METAC Annual report launching, Aug 7, 2008

18 METAC Outreach Activities METAC participation in the International Colloquium on Decentralization, Apr 2009 Forum on Financial Crisis, in collaboration with the Union of Arab Chamber of Commerce, Beirut, Dec 2008

19 METAC Outreach Activities General Debt in Lebanon, Institute Bassil Fuleihain, Feb 2009 ورشة للمعهد المالي حول أزمة الدين العام نظّم معهد باسل فليحان المالي والاقتصادي أمس بالتعاون مع المؤسسة الدولية للإدارة والتدريب، ورشة عمل عن أزمة الدين العام في لبنان وتأثيرها على الموازنة العامة، حاضر فيها المستشار الاقتصادي الدكتور توفيق كسبار، وعقّب على كلامه مدير المركز الاقليمي للمساعدة الفنية للشرق الأوسط التابع لصندوق النقد الدولي سعادة شامي. Economic Impact of the Global Financial Crisis on the Gulf Region and Policy Response, Abu Dhabi, Dec 2007

20 Partnership Partnership with donors is instrumental for the success of TA provided by METAC. This partnership enhances coordination toward joint objectives which in turn improves further the effectiveness of TA provided by donors as well as by METAC. Coordination is also important for integrating TA provided by different sources within a coherent development framework

21 Improved capacity to design and implement sound macroeconomic policies Improved macro stability, PFM systems, and financial governance Effective and transparent use of resources / budget support Higher revenues Growth oriented financial systems Regional economic integration Better economic data METAC Results

22 METAC Main Achievements Central banks in Syria and Libya have established a banking supervision framework in line with international best practices. Credit registry in West Bank and Gaza was successfully implemented. A new inspection manual for the Central Bank of Jordan and the Central Bank of Libya was developed.

23 METAC Main Achievements A new budget classification based on the Government Finance Statistics Manual 2001 (GFSM 2001) began to be implemented in Sudan. A cash management unit was established at the ministries of finances of Lebanon and the West Bank and Gaza. A Treasury Single Account (TSA) was established at the Bank of Sudan and the Central Bank of Jordan, but more work needs to be done.

24 METAC Main Achievements Tax administration reorganization to improve effectiveness, particularly with respect to strengthened headquarters functions – Egypt, Jordan, Sudan, and Yemen, with work in progress in Syria Development and expansion of taxpayer segmentation concepts, initially through establishment of a large taxpayer office and subsequent steps to strengthen medium and small taxpayer administration – Egypt, Jordan, Syria, Sudan, and Yemen Strengthening the concepts of self-assessment and risk management, including supporting practical measures such as audit case selection techniques – Jordan, Lebanon, Sudan, Syria, and Yemen Strengthened legislation frameworks, particularly streamlined and harmonized tax procedure codes, and improved or new VAT and small business regimes – Egypt, Jordan, Lebanon, and Syria

25 METAC Main Achievements Lebanon launched a new All-Lebanon monthly consumer price index (CPI) Jordan began compiling and disseminating external debt statistics in line with the international statistical methodology Survey-based programs for compiling foreign direct investment (FDI) statistics were developed in Egypt, Lebanon, and West Bank and Gaza Work was completed for an improved CPI for Sudan. Syria joined the IMFs General Data Dissemination System (GDDS)

26 METAC Main Achievements Development of the internal audit functions of the Central bank of Iraq and the Central Bank of Syria. Risk based Internal Audit was established in the Palestine Monetary authority. A study on the implementation of International Bank Account Numbering System (IBAN) was completed in Syria and Lebanon and Lebanon has started the implementation. A draft IFRS based Accounting Policy Document was prepared by METAC to be used as a basis for formal central banks Accounting Policies.

27 METAC Evaluation An independent external evaluation was finalized in October 2009 The overall conclusion of the evaluation is that METAC has been delivering TA services that are generally effective and highly appreciated by beneficiary countries. The strengths of METAC are a firm rooting in the IMFs well established procedures and quality control, a strong regional base, and a network of experts able to work effectively in the region including in Arabic. In addition, the evaluation found that METAC is responsive to country needs, and its activities are strongly integrated with and complementary to IMF priorities. METAC is a principal supplier of TA in the region in many of its technical areas. Its regional presence and link to the quality control and supervision activities of the IMF provides it with a comparative advantage

28 METAC Funding Lebanon, which in addition to a large financial contribution, finances the Centers office facilities and local staff Egypt Jordan Libya Syria Sudan Yemen EC EIB France Japan Kuwait Oman In addition to the Fund, the Center is financed by the host country and other recipient countries of METACs TA as well as bilateral and multilateral donors:

29 METACs Phase III Financing The budget for Phase III, May 2010-April 2015, is estimated at $33 million. Of this budget, Lebanon as the host country and the IMF would cover $6.5 million (not including Lebanons financial contribution). The remaining $26.5 million are to be covered by donors. A doubling of the contribution of donors and member countries would keep their contributions at broadly the same level in real terms because METACs funding cycle will be extended from 3 to 5 years.


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