St. John's -- Jan. 16, 2012 - A joint delegation from the International Monetary Fund (IMF) and the European Union (EU) is in Antigua on a two week mission to identify the country’s technical assistance needs in respect of public financial management.

The assistance will be funded by an EU grant of 3million Euros, and managed by the IMF’s Fiscal Affairs Department and the Caribbean Regional Technical Assistance Centre. The goal of the 30 month project is to strengthen and modernize fiscal institutions adequately, to allow the government to implement a reform programme aimed at restoring fiscal sustainability.

From a revenue standpoint, the technical assistance will focus on completing the intensive programme to support rapid improvements in tax and customs administration. This programme was initiated in 2010 with support from the British Department for International Development.

In respect of public financial management, reforms will centre on more urgent, near-term measures to strengthen expenditure management and control.

More advanced reforms such as programme budgeting and capacity building will ensure that national priorities are smoothly implemented within the framework of public financial management.

The joint IMF/EU delegation is scheduled to meet with a number of senior public sector officials during the mission, which ends on 26th January.