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Strategic Objective

Provide technical assistance to developing countries working to improve public financial management and strengthen their financial systems

Strategic Objective

Lead Office: International Affairs

Themes:

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Overview
Progress Update

Overview

Progress Update

Treasury, in consulation with the Office of Management and Budget, has determined that performance toward this objective is making noteworthy progress, due to the Office of Technical Assistance’s (OTA) reputation in program management and the results of recently completed projects, particularly in Latin America where OTA helped to establish Latin America’s first Tax Inspector General.

Treasury continues to provide critical technical assistance to finance ministries and central banks in developing countries. In FY 2015, Treasury’s Office of Technical Assistance (OTA) successfully completed several projects in Latin America to provide regional models of excellence in public financial management. For example, Treasury’s assistance enabled the establishment of the first tax inspector general within the Colombian government, now seen as a leader and model for surrounding countries. In FY2015, OTA also continued to provide technical assistance to the Ukrainian government as part of the U.S. Government’s rapid response to stabilize the banking sector and strengthen government finances.

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Strategic Goals

Strategic Goal:

Enhance U.S. competitiveness and job creation, and promote international financial stability and more balanced global growth

Statement:

Enhance U.S. competitiveness and job creation, and promote international financial stability and more balanced global growth

Strategic Objectives

Promote free trade, open markets, and foreign investment opportunities

Statement:

Promote free trade, open markets, and foreign investment opportunities

Description:

Foreign investment in the U.S. economy is vital to achieving balanced economic growth and creating jobs. Treasury works with the U.S. Trade Representative and other federal agency partners to pursue a strong international trade and investment agenda that will increase U.S. exports, help the U.S. economy grow, and support job creation.

As Chair of the Committee on Foreign Investment in the United States (CFIUS)[1], Treasury coordinates an interagency process to review certain foreign investments for potential national security concerns. Treasury’s work to help ensure a timely and efficient review process serves the dual purpose of helping secure the United States while maintaining an open investment climate.

[1] The Committee on Foreign Investment in the United States (CFIUS). Available at at http://www.treasury.gov/resource-center/international/Pages/Committee-on-Foreign-Investment-in-US.aspx.

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Protect global economic and financial stability and press for market-determined exchange rates

Statement:

Protect global economic and financial stability and press for market-determined exchange rates

Description:

Treasury maintains close dialogues with its bilateral and multilateral counterparts to monitor and respond to evolving risks in the global economic and financial systems and to promote policies conducive to domestic growth. Acting primarily through the FSB and at the G-20, Treasury encourages other countries to implement financial sector reforms consistent with the Dodd-Frank Act, to decrease the risk of regulatory arbitrage to the global financial system as well as avoid a comparatively heightened regulatory burden for U.S. firms. Treasury also works with international partners and through the International Monetary Fund (IMF) to press for market-determined exchange rates—the price at which one country’s currency can be exchanged for another’s absent intervention by a government to influence the price of its currency—to prevent destabilizing effects on economies such as competitive devaluations of currencies.

Finally, Treasury works to implement economic policies consistent with the overarching goal of strong, sustainable, and balanced global growth. Our efforts toward this overarching goal include working to rebalance global demand so that economies that have been heavily reliant on export-oriented growth generate more domestic demand-led growth, making them less dependent on the United States as an export market.

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Advance U.S. economic, financial, and national security goals by leveraging multilateral mechanisms

Statement:

Advance U.S. economic, financial, and national security goals by leveraging multilateral mechanisms

Description:

An increasingly interconnected and interdependent global economy creates new opportunities as well as new challenges. The United States can better develop these opportunities and manage these challenges when there is a diverse set of tools available to public actors. Treasury participates in a wide range of multilateral mechanisms that complement ongoing bilateral engagements. These international multilateral institutions and processes reduce the burden on individual countries like the United States by pooling the resources and knowledge of groups of like-minded nations.

Treasury is the executive agency responsible for managing the U.S. government’s interests in IFIs. We work to use our nation’s leadership role to mitigate emerging threats to the U.S. and global economies, as well as reinforce national security interests in key countries around the world. The IMF helps protect global economic and financial stability and encourage market-determined exchange rates. The multilateral development banks (MDBs) - including the World Bank, the Asian Development Bank, the African Development Bank, the European Bank of Reconstruction and Development, and the Inter-American Development Bank – aim to promote economic growth, reduce poverty, and support international trade and investment. Arrangements like the Climate Investment Funds, the Global Agriculture and Food Security Program, the Deauville Partnership with Arab Countries in Transition, the Paris Club, and the FSB provide Treasury flexible vehicles to address emerging global challenges and assist strategically important countries. On behalf of the United States, Treasury promotes economic and financial policy solutions to the nation’s most pressing problems through the G-7 and G-20 processes.

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Provide technical assistance to developing countries working to improve public financial management and strengthen their financial systems

Statement:

Provide technical assistance to developing countries working to improve public financial management and strengthen their financial systems

Description:

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