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)
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