Press Release:IMF and India Set Up Regional Training and Technical Assistance Center

IMF News, March 12, 2016

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Canonical URL: Press Release:IMF and India Set Up Regional Training and Technical Assistance Center

Press Release No. 16/102
Date: March 12, 2016
Signatories: Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), and Minister Arun Jaitley
Outcome: Agreement to establish a capacity development center in New Delhi titled the South Asia Regional Training and Technical Assistance Center (SARTTAC)
Contact information listed: Media Relations E-mail: media@imf.org; Phone: 202-623-7100

SARTTAC is described as the first center that "fully integrates training and technical assistance" and a model for future IMF capacity development work.
Expected role: 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
- macroeconomic statistics
Offerings: courses and seminars for policymakers and other government agencies from participating countries.
Design principle: build upon the IMF’s in-depth experience by drawing on the experiences of the IMF’s Regional Technical Assistance Centers and Regional Training Centers.

Target countries explicitly listed: India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka.
Purpose: help address existing training needs and respond to the demand for IMF training in the six aforementioned countries, while bringing the region’s training volume on par with those of other regions.
Collaboration: acknowledgement of other member countries and partners joining India and the IMF, "like Australia and the Republic of Korea."

Funding sources: contributions by regional member countries and development partners.
Pledged support explicitly named: Australia, the Republic of Korea and India have pledged financial support for the Center.

The signing of the Memorandum of Understanding is characterized as a key step toward a fully integrated capacity development center in New Delhi and as demonstrating the shared commitment between the IMF and its membership in using technical assistance and training as vehicles for economic stability and inclusive growth.
IMF rationale: technical assistance helps member countries develop institutions, legal frameworks and policies to promote economic stability and growth; training strengthens the capacity of officials to analyze economic developments and formulate and implement effective policies.

Media unit: IMF COMMUNICATIONS DEPARTMENT
Follow IMF Capacity Development on Social Media: Twitter: @IMFCapDev Facebook: IMFCapacityDevelopment

Source: IMF press release (Press Release No. 16/102, March 12, 2016).