Senior officials of central banks and finance ministries from thirty small countries around the world will be travelling to the Island early next month.

They're taking part in the inaugural session of the The Small Countries Financial Management Programme.

The Isle of Man Government is helping to launch the major initiative, which is aimed at helping small countries respond to the global financial crisis.

The programme has been designed and is run by Oxford University's Said Business School with further co-operation from the World Bank and the Small States Network for Economic Development. 

The global financial crisis has highlighted the vulnerability of small countries to external shocks and there has been international concern that some, particularly those that have developed an offshore finance sector, are vulnerable to money laundering.

The Programme, which runs from 6th - 18th September, has been conceived as a way of addressing these issues by strengthening the skills of government officials to foster a well-governed and regulated financial sector.

The Isle of Man Government has played a key role in developing the programme and has provided the initial major funding for the course, the first ten days of which will be hosted by the International Business Centre on the Island.

The remainder of the course will be at the Said business school in Oxford.

Countries taking part include Belize, Fiji, Papua New Guinea and Swaziland; due to the challenges they face, five places have also been set aside for 'conflict countries' such Rwanda and Afghanistan.

Treasury Minister Allan Bell says in hosting the programme, the Island is very pleased to have the opportunity to share its experience and resources.

"The Isle of Man Government is proud to have taken the lead in making this programme possible," the Minister comments.

"For almost a decade, the Isle of Man has been at the leading edge in developing forms of collaboration between small and large countries in the global economic community, and in supporting international standards of financial regulation and transparency.

"As a centre of financial excellence, we are very pleased to have the opportunity to share our experience and resources in hosting this innovative education programme.

He concludes, "Events in the financial markets over the past year have brought into stark relief the need for all countries to have well-run banking and financial sectors and to embrace sound regulation, so we believe this programme will be very timely."