The Isle of Man’s positive contribution to the global community is being demonstrated through its continued support for an initiative that helps the small nations of the world.

The Island is preparing to welcome a total of 24 participants from as far afield as the Caribbean, Africa, Pacific and Indian Ocean for the start of the seventh annual Small Countries Financial Management Programme (SCFMP).

The highly acclaimed executive education programme, which gets under way on 6th July 2015, promotes the growth and prosperity of small state economies by helping to build their expertise in government financial administration.

It aims to give participants a more powerful voice on the international stage by improving their negotiating skills and knowledge of best practice in areas such as risk assessment, debt and cash management, and regulatory collaboration.

The SCMP is supported by the Isle of Man Government in partnership with the World Bank, the Commonwealth Secretariat, the Small States Network for Economic Development and Oxford University. Funding is provided through the International Development Committee of the Council of Ministers.

Organised by Isle of Man charity the Small Countries Financial Management Centre, the programme involves some of the world’s leading practitioners and professors. These experts use real-life case studies to demonstrate how other small countries can tackle common challenges.

Chief Minister Allan Bell MHK, who was instrumental in the launch of the SCFMP in 2009 during his time as Treasury Minister, said:

‘The Isle of Man’s own economic journey, from a declining tourist resort with increasing levels of unemployment and emigration into a flourishing international business centre, has really struck a chord with participants. We have experienced and overcome a number of challenges that are currently being faced by other small nations.’

He added: ‘The programme provides small developing countries with something that was not previously available to them – targeted support in financial management that is of real value in helping to guide their future economic growth. Our involvement has been good for the Isle of Man as well. It has helped to raise the Island’s international profile and reinforce its reputation as a responsible and cooperative country. When I am representing the Isle of Man in the UK and further afield, the SCFMP continues to generate positive recognition at the highest level among other governments and standard-setting bodies.’

‘In a constantly changing world, this example of friendship and mutual support between some of the smaller nations is an encouraging reminder of what can be achieved when countries work together.’

Participants in the SCFMP representing regulatory bodies, central banks and ministries of finance will begin an intensive fortnight of study at the Nunnery in Douglas before switching to Oxford for the final week.