Opening of New IMF Regional Capacity Development Center for the Caucasus, Central Asia, and Mongolia
IMF News, February 1, 2021
Source details
- Canonical URL
- Opening of New IMF Regional Capacity Development Center for the Caucasus, Central Asia, and Mongolia
Other formats
Bibliographic details
- Published: February 1, 2021
Purpose and significance
- Helping countries to strengthen economic institutions and policies is a core function of the IMF through its capacity development services, which account for one-third of IMF activities.
- The Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) is a collaborative venture between the IMF, member countries (Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan), and development partners.
- The Center—to be opened virtually—ahead of its physical launch in Almaty, Kazakhstan, is a major step in deepening the Fund’s engagement to support economic policymaking and institution-building in the region.
- The CCAMTAC is the newest addition to the IMF’s global network of now 17 regional capacity development centers.
Establishment timeline and governance
- Letter of Understanding signed between the Governor of the National Bank of Kazakhstan Erbolat Dossaev and the IMF Managing Director Kristalina Georgieva on December 14th of 2020.
- The inaugural CCAMTAC steering committee meeting met on January 28 and endorsed the launch of the center starting February 1, 2021, as well as a work program for its first few months of operation.
- Kazakhstan is the host country and a major contributor to CCAMTAC.
- Steering committee leadership and statements:
- Ms. Aliya Moldabekova, Deputy Chairperson of the National Bank of Kazakhstan and Chairperson of the inaugural steering committee meeting: “that Kazakhstan will be honored to host the center in Almaty and looks forward to its physical opening and a close collaboration in the region”.
- Mr. Jihad Azour, Director of the IMF’s Middle East and Central Asia Department: stressed “the IMF’s commitment to step up its strategic engagement with the region through the CCAMTAC, and to make it a center for innovation”.
- IMF Deputy Managing Director Sayeh summarized CCAMTAC’s vision: “together we want to set-up a modern 21st century regional capacity development center. By collaborating closely, I am confident that CCAMTAC will be able to address existing and emerging needs and contribute to a strong and sustainable recovery from the unprecedented crisis that has affected us all.”
Core technical focus and staffing
- Based on a comprehensive assessment of member countries’ Capacity Development priorities, the CCAMTAC will host seven long-term advisors focusing on the following areas:
- Macroeconomic analysis: macroeconomic frameworks for financial programming, forecasting and policy analysis.
- Fiscal policy: public financial management, macro-fiscal issues, revenue administration.
- Monetary and financial sector: central bank operations and financial regulation and supervision.
- Macroeconomic statistics: national accounts, prices, and government-finance and debt statistics.
Collaboration, partnerships, and funding
- The center will cooperate closely with IMF Headquarters and regional training centers, in particular the Joint Vienna Institute (JVI), Singapore Training Institute (STI) and China-IMF Capacity Development Center (CICDC), to maximize synergies between training, hands-on technical assistance, and peer exchanges.
- Initial development partners and contributors: Switzerland, Korea, Poland, and the Asian Development Bank.
- Additional contributions to the center’s five-year budget are expected soon.
- The center is financed jointly by the IMF, external development partners, and member countries.
Background context
- A global network of now seventeen regional technical assistance and training centers anchor IMF support for economic institution building and are complemented by global thematic funds for capacity development.
Source: Opening of New IMF Regional Capacity Development Center for the Caucasus, Central Asia, and Mongolia (Press Release No. 21/27, February 1, 2021).