The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for entering into the MoU between India and International Monetary Fund (IMF) for setting up of South Asia Regional Training and Technical Assistance Center (SARTTAC). The center will be set up in India by the IMF. The cabinet also authorised the Finance Minister to approve related decisions in respect of India’s contribution for setting up of the centre.
- The SARTTAC will be a collaborative venture between the IMF, the member countries that is Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka.
- 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 is organising a Regional Conference on Advancing Asia: Investing for the Future in New Delhi. The MoU may be entered into 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 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.