India and International Monetary Fund (IMF) have decided to set up South Asia Regional Training and Technical Assistance Centre (SARTTC) in New Delhi.
In this regard, Union Finance Minister Arun Jaitley and Christine Lagarde, Managing Director, International Monetary Fund (IMF) have signed a Memorandum of Understanding (MoU).
- SARTTC will set up for enhancing capacity development and training officials in dealing with macro-economic and financial issues in the South Asia region.
- It will become the focal point for planning, coordinating, and implementing the IMF’s capacity development activities in the region on a wide range of areas.
- These wide range of areas are includes macroeconomic and fiscal management, financial sector regulation, monetary operations and supervision, and macroeconomic statistics.
- It will help to address existing training needs and respond to the demand for IMF training in India, Bhutan, Bangladesh, Nepal, Maldives and Sri Lanka.
- SARTTAC will build upon the IMF’s in-depth experience with capacity development on the experiences of the IMF’s Regional Technical Assistance Centres (RTACs) and Regional Training Centres (RTCs).
- Funding for the centre will come from contributions by Regional Member countries and Development Partners.
- Australian Agency for International Development, South Korea and India also have pledged financial support for the Centre.