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India-IMF signed MoU for SARTTAC
Mar 15, 2016

The Union Finance Minister Arun Jaitley and Ms. Christine Lagarde, Managing Director, International Monetary Fund (IMF) signed a Memorandum of Understanding in New Delhi on 12 March  to establish a capacity development center in the national capital. This will be the First center that fully integrates training and technical assistance and is a model for

  • The South Asia Regional Training and Technical Assistance Center (SARTTAC) is expected to become the focal point for planning, coordinating, and implementing the IMFs 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.

  • 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 regions training volume on par with those of other regions.

  • The signing of this MoU represents a key step toward a fully integrated capacity development center in New Delhi, and 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 IMFs in-depth experience with capacity development by drawing on the experiences of the IMFs Regional Technical Assistance Centers and Regional Training Centers, which have a proven track record of delivering technical assistance on economic institution building.

  • Funding will come from contributions by Regional Member countries and Development Partners.

  • The Australian Agency for International Development, the Republic of Korea and India have pledged financial support for the said Center.


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