The Pacific Financial Technical Assistance Centre (PFTAC) was established in 1993 to promote macro-financial stability in the Pacific Island countries (PICs) through a focused program of technical assistance and training. PFTAC was the first of the International Monetary Fund (IMF) regional technical assistance centers, representing a collaborative venture between the IMF, the member countries, and bilateral donor partners. The goal of PFTAC is to strengthen the institutional capacity of Pacific countries to design and implement sound macroeconomic and financial policies. Macroeconomic and financial stability, in turn, are essential underpinnings for sustainable economic growth and the achievement of Sustainable Development Goals.
PFTAC assistance is provided to sixteen PICs. These comprise 13 members of the IMF, including Federated States of Micronesia (FSM), Fiji, Kiribati, Nauru, Palau, Papua New Guinea (PNG), Republic of the Marshall Islands (RMI), Samoa, Solomon Islands, Timor-Leste, Tonga, Tuvalu and Vanuatu, plus the Cook Islands, Niue and Tokelau.
PFTAC’s operations are funded by contributions from a variety of sources. In the current Phase V funding cycle, running from 01 November 2016 to end of April 2022 (FY2017-FY2023), funding is being provided by the Asian Development Bank (ADB), Australia, the European Union (EU), Korea, New Zealand, Canada and the US Governemnt.
In addition, Fiji, contributes through the provision of free office space, member countries also contribute through in-kind and financial support for training activities in the region. The IMF contribution finances the center coordinator and the running costs of the office, including local support employees.