About:
SARTTAC is financed mainly by its six member South Asia countries viz. India, Bangladesh, Bhutan, Maldives, Nepal and Sri Lanka with additional support from Australia, South Korea, European Union and United Kingdom.
- It will work to support local member countries of South Asia to build human and institutional capacity and implement policies for growth and poverty reduction.
- It 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.
- It will allow 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.
Background:
- 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.
- In February 2017, 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.
In News:
Interim Meeting of Steering Committee of International Monetary Fund (IMF)’s South Asia Regional Training and Technical Assistance Centre (SARTTAC) was held in New Delhi.