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Isle of Man supports economic education programme 25 August 2011

REPRESENTATIVES from 21 different nations will arrive in the Isle of Man this Sunday (August 28) for the start of the Small Countries Financial Management Programme (SCFMP).

Treasury Minister Anne Craine will welcome the 24 participants ahead of the highly acclaimed executive education programme, which is now in its third year. The initiative is implemented by the Small Countries Financial Management Centre and brings together officials from finance ministries, central banks and regulatory bodies in small developing countries for an intensive learning experience.

It has been made possible through the financial support of the Isle of Man Government in partnership with the World Bank, the Commonwealth Secretariat, the Small States Network for Economic Development, and leading faculty from the University of Oxford. This year’s programme takes place over nine days at the Isle of Man International Business School on the outskirts of Douglas and four days at Oxford University. It has a strong focus on financial integrity and will once again offer participants access to some of the best practitioners and professors in the world.

Mrs Craine said:

‘The Isle of Man Government is delighted that the support we have given to this programme is attracting people from such a large range of countries. Whilst we in the Isle of Man are experiencing major challenges to our own economy as a result of recent financial events, we recognise that the challenges faced by small developing countries, where there is considerable poverty, are enormous. We are pleased to be taking the lead in helping these countries to work together to solve problems and to respond to the demands being placed on them by larger and richer countries.’

The SCFMP was established in 2009 to provide a tangible way in which the Island could use its financial expertise to benefit small developing countries around the world, including nations from the Caribbean, the Pacific and from Africa and the Indian Ocean. The aim is to promote the sustainable development of small state economies and give them a more powerful voice within the international community. The programme helps to achieve this by focusing on ‘operationally useful’ skills and real-life experiences, so that participants can apply practical and fresh approaches to the challenges they face at home.

Executive Director of the Small Countries Financial Management Centre, Tim Cullen, who was instrumental in developing the initiative and bringing together the various partners and sponsors, said:

‘This programme is unique. We ensure that what is taught is directly related to people’s working lives and can be put into practice when they return home.’

The SCFMP aims to deliver a wide range of benefits, including a deeper understanding of the global economy, improved negotiation skills, an insight into developments in the regulatory field, and access to a network of peers in other countries.

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