Isle of Man’s ‘Small Countries’ Programme has a large impact

The Isle of Man’s ‘Small Countries Financial Management Programme’ (SCFMP) held its 15^th annual event in Douglas involving 26 government officials from small developing countries from as far afield as the Caribbean, Pacific, Indian Ocean and Africa.

The SCFMC was established as charity in the Isle of Man in 2009 to contribute to the economic growth and prosperity of small developing countries through capacity building in their government financial sectors.

The two-week programme brings together officials from finance ministries, central banks and regulators in small developing countries for a two-week executive education programme designed to stimulate fresh approaches to the challenges they and their countries face.

The first week of the programme was spent at Oxford University and participants then transferred to the Isle of Man for the second week. The SCFMP provided visitors with access to a range of officials, practitioners and lecturers covering topics such as debt sustainability, negotiation skills, leadership and regulatory improvement, while offering insights into how other small countries have tackled common problems.

Each participant also brought a key challenge with which they and their country were grappling. These were modified during the programme as they learned new ways of approaching problems and developed a sense of shared purpose and community of interest. Participants left equipped with:

• A wide range of skills and powerful techniques designed to help them directly in their day-to-day roles.
• New insights into the broader workings of the global economy, its major state and multilateral players, and the latest developments in the regulatory field.
• A deeper understanding of the common challenges faced by small states and the resources available to solve them.
• A broader perspective of what is involved in effecting change in political environments.
• Insights, recommendations, and specific measures to address a particular challenge that their organisation faces.
• The skills and strategic understanding to become better negotiators within their own organisation and with external partners.
• Strong bonds with fellow delegates, providing an invaluable network of peers in other countries which enables them to forge powerful networks of information and influence, now and in the future.

A key element of the annual SCFMP is that the SCFMC meets all the costs of the programme, including travel and accommodation for participants. The only cost falling on the participating country is the opportunity cost of the participants’ absence from their workplace for the duration of the programme and the cost of any visas required for travel. Since its inception, the SCFMC has received the majority of its funding from the Isle of Man government.

Vijee Dusoruth, Assistant Director of the Financial Services Commission Mauritius, said: “The dedicated professionals who have worked to help the Isle of Man become what it is today have tremendous resilience, skills, and determination. You have a beautiful country and the right people who have made the island a force to be reckoned with in the financial world’.