South
Asia Regional Training and Technical Assistance Center
The
Union Cabinet chaired by the Prime Minister Mr. Narendra Modi has given its
approval for entering into the Memorandum of Understanding (MoU) between India
and International Monetary Fund (IMF) for setting up of South Asia Regional Training and Technical Assistance Center (SARTTAC)
in India by the IMF. It also authorised the Finance Minister to approve
related decisions in respect of India’s contribution for setting up of the
centre, including Letter of Understanding for financial contribution by India,
site of the SARTTAC, representative of India on the Steering Committee on
SARTTAC, etc.
·
The SARTTAC will
be a collaborative venture between the IMF, the member countries that is
Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka and development
partners for supporting the capacity development needs of the members.
·
Additional member
countries could join SARTTAC at a later stage.
·
SARTTAC will also
selectively cater to the capacity building needs at the State level, especially
in India.
·
The IMF organised
a Regional Conference on ‘Advancing Asia:
Investing for the Future’ in New Delhi. The MoU was signed during this
Conference.
The
MoU will help in capacity building of Government officials including state
level in macro, fiscal, monetary policies by the IMF and greater coordination
between the six member countries of South Asia.
Capacity
development at Central and State level in fiscal and financial policies will
enhance revenue mobilization and development of policies aimed at more
effective public and financial management. This will result in economic
development and inclusive growth in the country.
Capacity
development by the IMF will bring in the best practices from across the globe,
as well as the South Asian region, resulting in innovative solutions to fiscal,
monetary and financial issues and effective response through use of IT and
innovative techniques.
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