The Cook Islands will host the IMF Pacific Financial Technical Assistance Center (PFTAC) Steering Committee in mid March 2015. PFTAC is one of the IMF's nine regional technical assistance centres, a model of technical assistance delivery first launched by the IMF in 1993 through PFTAC.
PFTAC's guiding objective is improved economic management and sustainable economic growth across the Pacific Island Countries. PFTAC now serves 16 countries and territories, including the Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tokelau, Tonga, Tuvalu, and Vanuatu.
PFTAC provides capacity-building assistance through a team of international resident experts, supplemented by short-term specialists, who deliver assistance in the IMF's core areas of expertise. With PFTAC, the IMF combines strategic advice from its Headquarters with local expertise and on-the-ground capacity building.
PFTAC is guided by a Steering Committee that consists of representatives from recipient countries, donors and the IMF, facilitating a coordinated design, implementation, and monitoring of technical assistance programs. Its current program cycle is funded by the Asian Development Bank, Australia, the European Union, the IMF, Korea, New Zealand, and the host country Fiji.