The International Monetary Fund (IMF) has opened a first-of-its-kind South Asia Training and Technical Assistance Centre (SARTTAC) in New Delhi for economic capacity building in South Asia.
It will work to support local member countries of South Asia namely India, Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka to build human and institutional capacity and implement policies for growth and poverty reduction.
Financed mainly by its six member South Asia countries (mentioned above) with additional support from Australia, South Korea, European Union and United Kingdom, its strategic goal is to help its member countries strengthen their institutional and human capacity.
The aim is to design and implement macroeconomic and financial policies that promote growth and reduce poverty.
It will permit the IMF to meet more of the high demand for technical assistance and training from the region.
It is expected to become the focal point for the delivery of IMF capacity development services to South Asia.
In 2016, IMF Managing Director Christine Lagarde and Union Finance Minister Arun Jaitley had signed a Memorandum of Understanding (MOU) to establish a capacity development centre for South Asia.
The opening of SARTTAC is part of the MoU and marks a major milestone in the partnership between the IMF and its member countries in the region.