December 20, 2016

• Framework focuses on supporting economic institution building, including the design and implementation of macroeconomic policies and structural reforms that are key for achieving the Sustainable Development Goals of the 2030 Agenda.
• The mechanism is organized around three main pillars: an “Africa Flagship Initiative” to support economic growth in Africa; a “Collect More Initiative” to foster revenue mobilization; and a “Spend Better Initiative” to achieve tangible expenditure outcomes.

The Directorate-General for International Cooperation and Development at the European Commission and the International Monetary Fund (IMF) have endorsed a new Strategic Partnership Framework that will guide future support on boosting economic growth and stability in developing countries worldwide. The Framework focuses on supporting economic institution building, including the design and implementation of macroeconomic policies and structural reforms which are key for achieving the Sustainable Development Goals (SDGs) of the 2030 Agenda. It will be organized around three main pillars including an “Africa Flagship Initiative” to support economic growth in Africa; a “Collect More Initiative” to foster revenue mobilization; and a “Spend Better Initiative” to achieve tangible expenditure outcomes.

Upon signing the Framework, Carla Grasso, IMF Deputy Managing Director, made the following statement: “I am pleased to mark this new milestone in our cooperation with the European Commission with the Strategic Partnership Framework. This Framework will leverage our shared vision and core expertise to continue our long track record of working with developing countries as they build sound institutions to achieve sustainable, inclusive economic growth.”

Stefano Manservisi, the European Commission’s Director-General for International Cooperation and Development, stated: “Working with the IMF in developing countries on strategic issues, including domestic resource mobilization, public financial management, macroeconomic and fiscal stability and capacity building greatly supports the development objectives of the European Union. I am confident that the Strategic Partnership Framework will lead to great results in terms of strengthened policy dialogue and ultimately better development outcomes for our partner countries in their efforts to implement the SDGs.”

Background information

Cooperation on capacity development has been a core component of the partnership between the European Commission (Directorate-General for International Cooperation and Development) and the IMF , and covers a broad range of issues related to good economic governance and institution building, as well as related human capacity development needs. In this context, the European Commission has provided steadfast support to the IMF’s multi‑partner vehicles, including its network of ten regional technical assistance centers , its global thematic funds , and its fragile states funds; it has also supported IMF capacity development in specific countries through bilateral programs. Since the signature of the 2009 EU-IMF Framework Administrative Agreement, collaboration between the two institutions has intensified through regular staff consultations, staff exchanges, complementarities of EU budget support in the context of IMF lending programs and through continued cooperation on capacity development.

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