Economic Reporter :
A regional training and technical assistance centre will be set up under a joint initiative of India and the International Monetary Fund (IMF) for the capacity development of public sector officials and bankers.
Bangladesh is also set to be part of the initiative to set up the ‘South Asia Regional Training and Technical Assistance Centre’ (Sarttac) to be based in New Delhi.
Indian Union Finance Minister Arun Jaitley and IMF Managing Director Christine Lagarde, meanwhile, signed a Memorandum of Understanding (MoU) in New Delhi on Saturday in this regard.
Bangladesh, Bhutan, the Maldives, Nepal and Sri Lanka have agreed to be a part of the initiative.
“I would like to thank Prime Minister Narendra Modi, Minister Jaitley and the Indian government for offering to host the centre and for their substantial financial commitment,” Lagarde said.
“This will be the first centre that will fully integrate training and technical assistance and is a model for our future capacity development work,” she was quoted as saying in an IMF release.
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.
The Centre will help address the existing training needs and respond to the demand for IMF training in India, Bangladesh, Bhutan, the Maldives, Nepal, and Sri Lanka, while bringing the region’s training volume on par with those of other regions.
“I would also like to express my appreciation to the other member countries for joining with India, the IMF, and partners like Australia and the Republic of Korea, in making this exciting initiative happen,” Lagarde said.
The signing of this Memorandum of Understanding represents a key step towards a fully integrated capacity development centre 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, she said.
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 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 Center.
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.
A regional training and technical assistance centre will be set up under a joint initiative of India and the International Monetary Fund (IMF) for the capacity development of public sector officials and bankers.
Bangladesh is also set to be part of the initiative to set up the ‘South Asia Regional Training and Technical Assistance Centre’ (Sarttac) to be based in New Delhi.
Indian Union Finance Minister Arun Jaitley and IMF Managing Director Christine Lagarde, meanwhile, signed a Memorandum of Understanding (MoU) in New Delhi on Saturday in this regard.
Bangladesh, Bhutan, the Maldives, Nepal and Sri Lanka have agreed to be a part of the initiative.
“I would like to thank Prime Minister Narendra Modi, Minister Jaitley and the Indian government for offering to host the centre and for their substantial financial commitment,” Lagarde said.
“This will be the first centre that will fully integrate training and technical assistance and is a model for our future capacity development work,” she was quoted as saying in an IMF release.
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.
The Centre will help address the existing training needs and respond to the demand for IMF training in India, Bangladesh, Bhutan, the Maldives, Nepal, and Sri Lanka, while bringing the region’s training volume on par with those of other regions.
“I would also like to express my appreciation to the other member countries for joining with India, the IMF, and partners like Australia and the Republic of Korea, in making this exciting initiative happen,” Lagarde said.
The signing of this Memorandum of Understanding represents a key step towards a fully integrated capacity development centre 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, she said.
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 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 Center.
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.
