India, IMF signed an agreement to set up SARTTAC

Mar 13, 2016 10:10 IST

India and the International Monetary Fund (IMF) on 12 March 2016 signed an agreement to set up a South Asia Regional Training and Technical Assistance Center (SARTTAC) for training officials in dealing with macro-economic and financial issues.

A memorandum of understanding (MoU) to set up the centre was signed by Finance Minister Arun Jaitley and IMF Managing Director Christine Lagarde in New Delhi in the presence of Prime Minister Narendra Modi.

The SARTTAC will become the focal point for planning, co-ordinating and implementing IMF's capacity development activity in the region on a wide range of issues.

The Center 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.

SARTTAC will offer courses and seminars for policymakers and other government agencies from the six countries of SAARC, namely India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. It will also 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.

India, Australia and the Republic of Korea have pledged financial support for the centre.

Background

The IMF offers technical assistance and training to member countries in addition to economic and financial surveillance, and lending operations. 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 analyze economic developments and formulate and implement effective policies.

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