24 officials from finance ministries, central banks and regulatory bodies will arrive in the Island on Sunday (14 July) for the start of the highly acclaimed international programme.
It is the fifth year the Isle of Man has hosted the SCFMP, an initiative which contributes to the sustainable development of small state economies through capacity building in government financial administration.
The Isle of Man provided the initial funding and helped to develop the programme in conjunction with the World Bank, the Commonwealth Secretariat, the Small States Network for Economic Development, and leading faculty from the University of Oxford. The Island has also secured the longer term future of the SCFMP by providing £300,000 a year for the next three years through the International Development Committee of the Council of Ministers. This financial support means that participation, as well as travel and accommodation, is free to delegates.
The programme was established in 2009 to provide a tangible way in which the Isle of Man could use its financial expertise to benefit small developing countries around the world, including nations from Africa and the Caribbean, and Pacific and Indian Ocean Regions.
The aim is to give participants a more powerful voice within the international community by focusing on operationally useful skills and real-life experiences. Teaching sessions have a strong focus on financial integrity and cover key issues such as risk assessment, debt and cash management, and regulatory collaboration.
The Chief Minister said:
‘I helped to launch the Small Countries Financial Management Programme in 2009 during my time as Treasury Minister and I am delighted that it has had such a positive impact. As a country with a strong track-record of economic management, the Isle of Man feels a responsibility to share its knowledge with other small nations.’
Classroom sessions use real-life case studies to provide an insight into how other small countries have tackled common challenges. The Isle of Man’s transition from a declining tourist resort, with increasing levels of unemployment and emigration, into a flourishing international business centre has really struck a chord with participants.
The Chief Minister said:
‘The story of the Isle of Man’s own economic journey over the past half century has been particularly well received. We have overcome a number of challenges that are currently being faced by other small countries. Sharing this experience gives real meaning to the sessions and, I hope, inspires participants to make important progress when they return home.’
The success of the Small Countries Financial Management Programme has also helped to raise the Isle of Man’s international profile and strengthen its reputation as a responsible and co-operative country.
The programme has generated tremendous recognition for the Island at the very highest level and was favourably commented upon by Ministers, officials and NGOs during the Chief Minister’s recent attendance at the pre-G8 trade, tax and transparency event in London.
The SCFMP takes place over two weeks, with eight days of intensive teaching in the Isle of Man followed by five days at St Catherine’s College, Oxford, and will once again offer participants access to some of the best practitioners and professors in the world.
