Home / Knowledge / News / Textiles / IMF and India set up capacity development centre
IMF and India set up capacity development centre
12
Mar '16
India
India's finance minister Arun Jaitley and IMF MD Christine Lagarde exchanging signed documents in presence of prime minister Narendra Modi, in New Delhi. Courtesy: PIB
International Monetary Fund (IMF) managing director Christine Lagarde and India's finance minister Arun Jaitely agreed today to establish a capacity development centre in New Delhi.

The centre, to be named the South Asia Regional Training and Technical Assistance Center (SARTTAC), is expected to become the focal point for planning, coordinating, and implementing the IMF's capacity development activities in the region on a wide range of areas, including macroeconomic and fiscal management, monetary operations, financial sector regulation and supervision, and macroeconomic statistics.

It will help address existing training needs and respond to the demand for IMF training in India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka, while bringing the region's training volume on par with those of other regions.

“This will be the first centre that fully integrates training and technical assistance and is a model for our future capacity development work,” Lagarde said, according to an IMF press release.

The signing of a memorandum of understanding between IMF and India demonstrates the shared commitment between the IMF and its membership in using technical assistance and training as vehicles for economic stability and inclusive growth.

SARTTAC will offer courses and seminars for policymakers and other government agencies from the six aforementioned countries. It will build upon the IMF's in-depth experience with capacity development by drawing on the experiences of the IMF's Regional Technical Assistance Centers and Regional Training Centers, which have a proven track record of delivering technical assistance on economic institution building.

Funding for SARTTAC will come from contributions by regional member countries and development partners. The Australian Agency for International Development and the governments of India and the Republic of Korea have pledged financial support for the centre.

The IMF's technical assistance helps member countries develop institutions that are more effective, and legal frameworks and policies that can be used to promote economic stability and growth, while training strengthens the capacity of member countries' officials to analyse economic developments and formulate and implement effective policies. (RKS)

Fibre2Fashion News Desk – India

Must ReadView All

Apparel/Garments | On 23rd Feb 2017

NAFTA renegotiation puts Mexico-US jeans trade at risk

The almost imminent renegotiation of the North America Free Trade...

Rick Helfenbein (left), president and CEO of AAFA, with Juan Estrada, chief of party, Hub; Courtesy: Hub

Apparel/Garments | On 23rd Feb 2017

AAFA inks agreement for best manufacturing in East Africa

The American Apparel & Footwear Association (AAFA) has entered into a ...

Mango vice-chairman and member of the board of directors Daniel Lopez (L) with Ananth Narayanan, CEO, Myntra & Jabong. Courtesy: Myntra

Apparel/Garments | On 23rd Feb 2017

Mango awards distribution & management rights to Myntra

Mango, the Spanish fast fashion brand, has awarded its master...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Cyril Pereira
Reed Exhibitions India, organiser of Asian Machine Tool Exhibition 2016

'Major problem in the textile machinery manufacturing industry is the lack ...

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
February 2017

February 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search