Ministry of Finance: To sign accord with IMF tommorrow on setting up Mideast economic, financial training

Ministry of Finance: To sign accord with IMF tommorrow on setting up Mideast economic, financial training
November 6th, 2010 08:49 am · Posted in NEWS
11/5/2010

Ministry of Finance to sign accord with IMF tomorrow on setting up Mideast economic, financial training

KUWAIT, The Ministry of Finance is to sign tomorrow with the International Monetary Fund (IMF) an agreement on setting up a center for economic and financial training (SEF) in the Middle East, a statement by the Ministry of Finance said here Friday.

It added that the Minister of Finance and the Chairman of Kuwait Investment Authority Mustafa Jassem Al-Shimali will represent the Kuwaiti side in the agreement’s signing ceremony, while the IMF will be represented by his director general Dominique Strauss-Kahn.

The would-be center, which will be affiliated to IMF, is considered one of the most important centers all over the world, while the branch due to be established in Kuwait is one the world’s unique branches including one in Vienna and another in Singapore, it added.

The IMF will be the main source of the center’s training programs drawing upon wide-scale experience wielded by the IMF Washington-based institute in the training field.

Further, the IMF will present training through this center to the personnel of the official institutions in the Arab countries with training programs that focus on the aspects related to the economic administration at the holistic level and the policies relevant to the balance of payments, the financial sector, the government’s budget.

The services that will be provided by the center also include boosting statistics related to the previous fields as well as the organizing legislative and administrative frameworks, it made clear.

The IMF center will be a distinctive addition to the Middle East region as it will hone the skills of economic decision-makers and provide them with necessary database, it added.

The center will also lend support to the efforts of achieving a robust and steady economic growth in what comes in line with the needs of the Middle East countries in the next two decades and helps absorb the increasing numbers of workforce, the ministry’s statement pointed out.

Additionally, it made clear that the center will have the capacity for holding combined training courses that include participants from other training institutes belonging to various organizations in the same way like the IMF European Training Center in Vienna.

Finally, the center can also scale up the volume of training opportunities provided to the participants in the Arab countries by more than 50 percent of the overall chances offered by the other institutes of IMF in the Middle East.

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