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IMF Headquarters in Washington DC [FILE PHOTO] |
Washington/Tokyo: Japanese government has signed an agreement with the International Monetary Fund (IMF) covering Japan’s FY 2013 contribution of more than US$32 million to the bilateral Japan Subaccount at the IMF for technical assistance and training work.
Japan finances IMF technical assistance and training programs in areas of the IMF’s expertise to many low- and lower middle-income countries, especially in Asia. Countries such as Cambodia and Timor-Leste have benefitted from extended technical assistance engagement with the IMF that is financed by Japan. Through this additional contribution, Japan will help less developed countries in the region build on these past successes and continue to improve their living conditions.
The IMF, beneficiary countries, and Japan, work in close consultation on the design, approval and implementation of the programs financed by Japan. With the signing of this agreement, Japan, through the Ministry of Finance, brings its contributions to the IMF’s capacity development activities since 1990 to more than $465 million.
This long standing and very close partnership with Japan is invaluable to the IMF TA program, which relies heavily on contributions from donor countries, notably Japan, to accomplish the IMF mandate in capacity development. Japan’s contribution helps beneficiary countries build stronger institutions and put in place better economic policies, both of which are critical to cope with global uncertainties, increase growth, and reduce poverty.