IMF and Germany Expand Capacity Development Partnership in Africa

IMF and Germany Expand Capacity Development Partnership in Africa

The International Monetary Fund (IMF) and Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) have strengthened their cooperation on capacity development (CD) in Africa, according to the IMF.

Germany to support the IMF’s capacity development efforts in Africa with a contribution of EUR 15 million, IMF said Friday in Washington.

“Expanded cooperation will help the IMF to better support African policymakers in addressing reform challenges.”

‘Today, Germany’s Minister for Economic Cooperation and Development, Dr. Gerd Müller, announced that the BMZ will support the IMF’s CD efforts in Africa with a contribution of EUR 15 million. ‘

This will make Germany one of the IMF’s largest CD partners in the region, bringing its total contribution to IMF CD in Africa to EUR 30 million over the next three years.

In light of the announcement, IMF Managing Director Christine Lagarde stated that: “Under Germany’s leadership, job creation and poverty reduction in Africa have become strong priorities for the G20. We are pleased to deepen our partnership with Germany through the Federal Ministry for Economic Cooperation and Development and to continue working with Africa policymakers as they build resilient macroeconomic institutions that support investment and sustainable, inclusive growth.”

This expanded CD cooperation will help the IMF to support African policymakers in addressing reform challenges in critical policy areas for increasing investment and job creation. In this context, IMF CD delivery focuses on strengthening institutions for domestic resource mobilization, improving the efficiency of public spending, supporting financial sector stability and inclusive development, and achieving good financial governance. Effective and resilient institutions will provide a stable foundation for promoting investment, business development, and job creation in Africa.

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