CARTAC's Mission

"Supporting Economic Performance in the Caribbean by Strengthening Capacity"

What is CARTAC?

CARTAC is a regional resource, based in Barbados, which provides technical assistance and training in core areas of economic and financial management at the request of its participating countries.  The CARICOM Council of Ministers of Finance and Planning (COFAP) took the decision to establish the Centre in September 1999.  The Centre became operational in November 2001.
 

Why was CARTAC established?  

Countries in the region face similar problems in meeting the standards of economic and financial governance expected of them by their citizens, and by domestic and international investors.  CARTAC was created to help develop skills in the specialized areas required to design and implement measures to meet these standards at both the national and regional levels.
 

  Who funds CARTAC? 

The Canadian International Development Agency (CIDA) is providing the largest share of the Centre's funding.  Other contributors over the life of CARTAC include the Inter-American Development Bank (IDB), Ireland, the International Monetary Fund (IMF), the United Kingdom (DFID), the United Nations Development Programme (UNDP), the United States (USAID), the European Union (EU), the World Bank (WB) and the Caribbean Development Bank (CDB).  The Government of Barbados finances the costs of office facilities, while the other 19 beneficiary countries make annual contributions to the Centre’s operating expenses.
 

How does CARTAC operate?

CARTAC operates as a UNDP project with the International Monetary Fund serving as the executing agency.  The priorities of CARTAC are set by a Steering Committee consisting of six representatives from the participating countries, four from the bilateral and multilateral agencies, and one each from CARICOM and the Caribbean Development Bank.