Regional: Pacific Financial Technical Assistance Centre 2011-2014

Sovereign Project | 44384-012

Summary

This technical assistance (TA) will continue ADB's support of PFTAC through the 2011-2014 period.

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Project Name Pacific Financial Technical Assistance Centre 2011-2014
Project Number 44384-012
Country Regional
Project Status Approved
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 7832-REG: Pacific Financial Technical Assistance Centre 2011-2014
Technical Assistance Special Fund US$ 1.00 million
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Governance and capacity development
Partnerships
Sector / Subsector

Finance - Banking systems and nonbank financial institutions - Central banking systems - Finance sector development

Public sector management - Economic affairs management - Public administration - Public expenditure and fiscal management

Gender Equity and Mainstreaming
Description This technical assistance (TA) will continue ADB's support of PFTAC through the 2011-2014 period.
Project Rationale and Linkage to Country/Regional Strategy

ADB has provided a total of $5.4 million since 1994 under 9 consecutive regional technical assistance projects to PFTAC. The most recent support provided was for the period 2008-2011. The continued funding by ADB has been based on a successful track record, and the ability of PFTAC to deliver timely, high quality, cost effective technical advice to PDMCs along with a number of successful capacity development programs. In addition, PFTAC provides for efficiencies through the pooling of resources from a number of development partners as well as providing a one-stop-shop for technical specialized economic and financial advisory services in the Pacific.

In recent years PFTAC has sought additional resources to expand its activities and have recently increased the number of resident advisors from 4 to 5 with the addition of one macroeconomic advisor. PFTAC's draft program document for the fourth financing cycle proposes further increases in resident advisors as PFTAC seeks to broaden its activities in statistics and public financial management with an additional advisor to be appointed in each of these areas. In statistics, and economic statistics in particular, the Pacific remains underdeveloped, only four countries (Fiji Islands, Kiribati, Tonga and Vanuatu) have subscribed to the IMF's General Data Dissemination System and none currently are close to the Special Data Dissemination Standard. While in public financial management, the additional advisor will focus on supporting the Public Expenditure and Financial Accountability (PEFA) assessment process which has been given increased emphasis through the public financial management roadmap approved by Pacific Forum Leaders and Finance Ministers in 2010.

Impact Pacific island countries achieve economic and financial policy objectives to contribute to sustainable economic growth.
Project Outcome
Description of Outcome Strengthened institutional and human resource capacity of Pacific island countries ministries of finance and central banks to improve Pacific island countries' economic and financial management.
Progress Toward Outcome Strengthened institutional and human resource capacities for economic and financial management are evident in gradually increasing ADB Country Performance Assessment (CPA) scores from 2011 2013, in aggregate as well as across almost all individual Pacific countries in areas relevant to PFTAC assistance (i.e. CPA scores for macroeconomic management, fiscal policy, debt policy, financial sector, quality of budgetary and financial management, and efficiency of revenue mobilization).
Implementation Progress
Description of Project Outputs

Public financial management is strengthened.

Revenue systems are developed to be more broadly-based and efficient.

Risk factors identified in the financial system are addressed and minimized.

Economic statistics become more timely and reliable.

Macroeconomic analysis is improved.

Status of Implementation Progress (Outputs, Activities, and Issues) Countries' demand for PFTAC technical advisory services and capacity development assistance continues to be high. In the first half of FY2015, PFTAC carried out 98 TA missions, including 16 workshops and meetings, for a total of 925 person days of its long and short-term advisors across PFTAC's five core areas. Public financial management support accounted for almost half (48%) of the total support (in person days), followed by revenue advisory (19%), statistics support (17%), financial supervision (9%) and macroeconomic advisory (7%). Regular progress reports are available on www.pftac.org.
Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design Since 1994, PFTAC is providing assistance rapidly and flexibly in response to country requests. PFTAC builds upon IMF's surveillance and technical expertise and works closely with other development partners. Its steering committee consists of finance ministers and governors of recipient countries as well as contributing development partners, all of which are actively involved in the design and strategic direction of the work program and priorities. PFTAC further builds upon strong relationship with existing regional frameworks. This set-up forms the basis of PFTAC's current fourth funding cycle.
During Project Implementation

Monitoring of the TA will draw on the findings of assessments by the IMF. Quarterly reports are being prepared by the PFTAC coordinator and distributed to all PFTAC steering committee members, including finance ministers and central bank governors of recipient countries as well as contributing development partners detailing progress against the agreed results framework. Strategic and operational issues are monitored at the annual steering committee meetings with participation from all relevant stakeholders. PFTAC also maintains its own website providing regular updates against activity plans and country strategies. Lessons and good practices will be disseminated throughout the duration of the TA.

PFTAC support is provided on request from recipient countries to ensure relevance to local needs. At the country-level, regular consultation with other development partners, for example at donor fora or through joint policy reform processes, aims at coherent delivery of technical assistance.

Business Opportunities
Consulting Services IMF is responsible for PFTAC's managerial, technical, and administrative arrangements along with the relevance and quality of PFTAC assistance. IMF (i) assigns the coordinator of the center, (ii) selects the resident advisors from their professional staff, (iii) hires short-term experts using IMF procedures and draws on experts from its approved rosters, (iv) provides supervision and support services, (v) provides administrative support, and (vi) manages the cost-sharing contributions of the development partners.PFTAC's resident advisors and short-term experts will be recruited and supervised by the IMF in accordance with its standard practices. IMF selection procedures are consistent with ADB Guidelines on the Use of Consultants (2010, as amended from time to time).
Responsible ADB Officer Johannes Wolff
Responsible ADB Department Pacific Department
Responsible ADB Division Pacific Subregional Office in Suva, Fiji
Executing Agencies
International Monetary Fund700 19th Street N.W.
Washington D.C. 20431 U.S.A.
Timetable
Concept Clearance 04 Aug 2011
Fact Finding -
MRM -
Approval 12 Jul 2011
Last Review Mission -
Last PDS Update 12 Mar 2015

TA 7832-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
12 Jul 2011 08 Aug 2011 08 Aug 2011 31 Aug 2014 31 Aug 2016 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
1,000,000.00 0.00 0.00 0.00 0.00 0.00 1,000,000.00 12 Jul 2011 1,000,000.00
Title Document Type Document Date
Pacific Financial Technical Assistance Centre (2011-2014) Technical Assistance Reports Jun 2011

Safeguard Documents

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