IMF and Kuwait Officially Open Mideast Training Center

Center is funded, supported by Kuwait, trains officials from the whole region

It aims to strengthen the implementation of sound economic policies

Training emphasizes hands-on learning, adapts to meet the needs of the region

The CEF—a premier training center in the region—is hosted and fully financed by the state of Kuwait. It started operations in late 2011 and was officially ratified by the National Assembly in June 2014. A steering committee, comprising the IMF and Kuwaiti representatives, oversees the work of the center.

Since inception, the center has offered about 120 activities, and provided training to more than 3,600 officials from the 22 countries of the Arab League. Gulf Cooperation Council (GCC) countries have benefited especially from the establishment of the center, with over 1,100 officials having been trained, including 350 from Kuwait alone, says the IMF.

The IMF chief, who unveiled the center on October 25 in presence of the finance ministers and central bank governors of all GCC countries, praised the financial and logistical support of the Kuwaiti government, especially the Kuwait Investment Authority (KIA).

“We appreciate the Kuwaiti authorities’ generous support of the CEF and the Fund’s technical assistance initiatives in the region,” said Lagarde. “The establishment of the Center has allowed us to better meet the training needs of the Arab world at a crucial juncture as many countries face a historic social and economic transition—it will help us build a brighter future together,” she added.

Training as vital part of IMF work

The IMF is better known for lending to countries in times of need and crisis, and for conducting annual check-ups of individual and regional economies and financial systems, known as surveillance or policy consultations. But, some people may not be aware that the global institution also runs four regional training centers around the world, including the CEF.

“Capacity building—both training and technical assistance—has been a sort of middle child; it doesn’t get the attention of the oldest and youngest children, yet in many ways is the glue that holds the family together,” Lagarde told reporters in Kuwait.

By opening the CEF in Kuwait, the Fund adds one more training hub to its global chain of training centers and programs. These global centers offer hands-on, policy-oriented training in macroeconomics, finance, and related operational fields, says the IMF.

The 188-member institution stressed...