The Union Cabinet on 10 March 2016 gave its approval for entering into the Memorandum of Understanding (MoU) between India and the IMF for setting up of South Asia Regional Training and Technical Assistance Center (SARTTAC) in India.
The Cabinet also authorised the Finance Minister to approve related decisions in respect of India’s contribution for setting up of the centre, including Letter of Understanding for financial contribution by India, site of the SARTTAC, representative of India on the Steering Committee on SARTTAC, etc.
Features of SARTTAC
• It will be a collaborative venture between the International Monetary Fund (IMF), and 6 member countries belonging to South Asia.
• It will help in capacity building of Government officials including State level in macro, fiscal, monetary policies by the IMF and greater coordination between the six member countries of South Asia.
• The six member countries are India, Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka. Additional member countries could join SARTTAC at a later stage.
• It will bring in the best practices from across the globe, as well as the South Asian region, resulting in innovative solutions to fiscal, monetary and financial issues and effective response through use of IT and innovative techniques.
• It will enhance revenue mobilization and development of policies aimed at more effective public and financial management. This will result in economic development and inclusive growth in the country.
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Where: In India
When: 10 March 2016
Why: To set up SARTTAC