The Uruguay Ministry of Economy and Finance, the International Monetary Fund (IMF), the Inter-American Development Bank, and the World Bank organized the Fifth Latin American Government Treasury Forum (FOTEGAL) annual seminar in Montevideo, Uruguay, from August 20-22. The seminar, also supported by the Government of Switzerland through the State Secretariat for Economic Affairs–Economic Cooperation and Development (SECO), serves as a key component of the IMF’s technical assistance program on treasury management. Thirteen Latin American countries participated in the seminar: Argentina, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Guatemala, Honduras, Mexico, Nicaragua, Paraguay, Peru, and Uruguay.

Mr. Marco Cangiano, Assistant Director in the IMF’s Fiscal Affairs Department, highlighted the importance of integrating cash and debt management operations and improving fiscal transparency, while also emphasizing how the IMF’s newly published Fiscal Transparency Code provides a guide on strengthening the management of fiscal risks. To this end, the IMF team provided presentations on the coordination between cash and debt management and the result of a survey on treasury operations in the region. Other issues discussed were the management of sovereign wealth funds, the relationships between treasury and budget operations, and the organizational structures of treasuries in the region. The treasurers presented their specific experiences and discussed ways for developing the treasury systems.

Upon closing the event, Mr. Mario Bergara, Minister of Economy and Finance of Uruguay, said that the forum provided a valuable exchange of ideas and reaffirmed the importance of an efficient, professional, and transparent management of the public finances.

The next FOTEGAL seminar is planned for 2015 in the Dominican Republic.