While inaugurating the SARTTAC, The Secretary, Department of Economic Affairs, Ministry of Finance, Government of India, Shri Shaktikanta Das said that IMF’s South Asia Training and Technical Assistance Center is a pioneering initiative of the Government of India and the International Monetary Fund (IMF).
SARTTAC I Background
- SARTTAC is a collaborative venture between the IMF, the member countries, and development partners. The center’s strategic goal is to help its member countries strengthen their institutional and human capacity to design and implement macroeconomic and financial policies that promote growth and reduce poverty.
- A global network of fourteen Regional Technical Assistance and Training Centers anchor IMF support for economic institution building and are complemented by global thematic funds for capacity development. They are financed jointly by the IMF, external development partners, and member countries.
SARTTAC | Highlights
- It is the IMF’s First Fully Integrated Capacity Development Center, which brings together under one roof the two building blocks of capacity development —training and technical assistance.
- The center will make a very strong contribution to capacity building in South Asia, which is so important for sustainable economic development, growth, and stability.
- South Asia is a rapidly growing region that is home to one fifth of the world’s population. SARTTAC will allow the IMF to meet more of the high demand for technical assistance and training from the region. Through its team of international resident experts, SARTTAC is expected to become the focal point for the delivery of IMF capacity development services to South Asia.
- SARTTAC, the newest addition to the IMF’s global network of fourteen regional centers, is a new kind of capacity development institution, fully integrating customized hands-on training with targeted technical advice in a range of macroeconomic and financial areas, and generating synergies between the two.
- SARTTAC is located in world class facilities in New Delhi andis financed mainly by its six member countries — Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka — with additional support from Australia, the Republic of Korea, the European Union and the United Kingdom.