Twenty four finance officials from all over the world have given a huge thumbs-up to the island.
Delegates from the Caribbean, East Asia, the Pacific, Africa and the rest of the world have been taking part in the seventh annual two week programme run by the Small Countries Financial Management Centre (SCFMC).
They hold high ranking jobs in their respective countries often helping to hold the purse strings in governments or banks.
James Webb, from the Cook Islands in the middle of the Pacific, which has a population of 15,000 people, works as economic advisor in the budget and economic team in the government there.
He told Business News: ‘I’ve worked in Australia before in treasury and finance but being in a small place (like the Cook Islands) you can see the impact and you can do a lot more to contribute.’
Ironically he heard of the small countries programme through someone who once worked in the Isle of Man.
‘The financial services commissioner in the Cook Islands is from the Isle of Man, Paul Heckles. He used to be here in the Isle of Man in fiancial supervisory and he went across to the Cooks about 11 years ago. He has sent his staff across here before and he’s been trying to get me here for some time.’
He said he was enjoying the programme. ‘It’s about leadership, negotiation, general policy and management, a whole bunch of things. So I’ve been pleasantly surprised at how good the course has been so far.’
James, 31, said he has been to the British Isles before so is used to the weather and Mr Heckles had also offered some advice.
James said the weather in the Cook Islands is similar to nearby Hawaii.
He has been keeping in touch with his wife who is expecting their child later this year.
James was full of praise for the Isle of Man. He said: ‘I think it’s great. The thing is when you’re small and trying to find your place in the world you often downplay yourselves because you always see your problems.
‘I guess it’s a point to recognise that the Isle of Man has a lot to offer other small principalities in how to get past that barrier.
‘Places such as the Isle of Man have done very well in that particular strategy.
‘It may not work for everyone but at least they are sharing that strategy and that learning . They are connecting people and we are getting a lot of perspectives on things such as development of financial services.’
James said the Isle of Man programme was offering something that was not always available for small states around the world.
The Isle of Man is a recognised international finance centre with a high reputation for regulation and financial management.
programme
The Programme is spread over a fortnight, the first week in the island with teaching at the Nunnery and then the group transfers to Oxford for the final week. Its mixture of academic and practitioner expertise is a key part of its effectiveness.
Florinda Aru is from the South Pacific ocean nation of Vanuatu, which earlier this year was battered by the terrifying Cyclone Pam.
Florinda has a senior position working for the Central Bank in Vanuatu.
She said: ‘It’s been three months since the cyclone and we’ve been receiving a lot of aid.
‘The cyclone was very destructive but people are being very resilient and are picking up from where the cyclone left us.
‘Reconstruction is coming back very slowly though it will cost the country so much money to build back everything and especially because the country depended a lot on tourism.
‘A lot of the tourist resorts were damaged. As it is now we are slowly building back, but it will take a while.
biological clock
Florinda said her journey to the Isle of Man was long and arduous but it was well worth it even though she had to battle jet lag.
‘We are closer to Australia so it takes us three hours to get to Sydney. And then from Sydney to Singapore takes eight hours and then from Singapore to London it takes 13 hours.
‘My biological clock has been a bit messed up because there’s 10 hours difference with home. When it’s dark here it’s broad daylight back home.’
The long journey undertaken by officials on the trips to the island was touched upon by Lieutenant Governor Adam Wood during a reception at Government House.
globe
He told delegates: ‘We’ve been able to draw so many of you from across the globe.
‘This is an island characterised by the generosity of its people and their strong sense of community and their interest in charitable giving.
‘But actually in international development charities can take you so far but what is transformational is government. And it’s the role of governments, of finance ministries, central banks and others, and the policies and standards they aspire to and keep that can actually transform the economic progress in countries.
‘And so to attract people to this event future leaders in finance ministries and central banks and elsewhere is crucial to the assistance this island hopes to give others who are facing similar challenges of a small nation and seeking to see their own populations benefit.’
His Excellency said the reception was always something that he looked forward to.
He said he has visited many of the countries represented on the course.
Executive director Mark Shimmin said this year’s programme was going very well.
He hopes for those countries represented on the Programme, that it aims to improve the management of the financial sector to positively impact growth and poverty reduction, to improve the capacity of small countries to respond to international standards and regulation and to enhance the leadership skills of the participants so that they can both apply the tools effectively and engage and inspire others to follow their lead.
Chief Minister Allan Bell was at the reception at Government House.
Shortly after the reception he told Business News: ‘This is the seventh year and I don’t think it could have been envisaged (at the start) how successful it has become.
‘I’m told that we have had the 170th attendee this year.
‘So we are building up quite a following world wide in all sorts of influential places. I think the benefit of the scheme has been well proven.
‘We are building up quite an awareness of the Isle of Man .’
safe
The programme is also safe for a number of years yet.
Mr Bell said: ‘The Council of Ministers has just agreed to extend the funding for a few more years so it is very secure and we want to build on that.
‘The main aim is to help small countries learn from our experience in dealing with financial regulation, dealing with the international community. We have had a tough learning experience over the past 30 years and it is quite appropriate that we pass on the benefit of that experience.
‘ We are also building up quite a good number of brownie points with the Foreign and Commonwealth Office, with their politicians in Westminster who are now aware of it and see the Isle of Man in a different light altogether to the old hackneyed ‘‘tax haven’’ label.
‘And seeing the Isle of Man in a very different light, being proactive and helping small countries to develop.
‘So they see us as the good guys for once.’
This year’s programme has been packed with information.
Phajo Dorjee from Bhutan, located in the Himalayas , provided perhaps the most striking look at the reception. He was in his national dress called the Gho. He works for the Central Bank in Bhutan and said this was how he normally dressed to go to the office.
The finance officials from across the world boarded their bus safe in the knowledge they have new friends in the Isle of Man.