The EU becomes the largest donor to the IMF Managing Natural Resource Wealth Topical Trust Fund

The International Monetary Fund (IMF) and the European Union (EU) signed an agreement today for a contribution of €5 million (around US$6.8 million) to enhance their cooperation in capacity building under the Managing Natural Resource Wealth Topical Trust Fund.

The trust fund on Managing Natural Resource Wealth was launched in May 2011 to scale up technical assistance to help low-income and lower-middle-income countries endowed with oil, gas, and minerals to manage these resources effectively.

The EU joins Australia, the Netherlands, Norway, Switzerland, Kuwait and Oman on the Steering Committee of the Trust Fund. With a budget of $25 million, the fund will provide capacity building for approximately 50 countries over the coming five years.

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