SARTTAC

In March 2016, Finance Minister Arun Jaitley and Managing Director of IMF, Christina Lagarde signed an MoU to establish a capacity development center in New Delhi. The Center which will known as  South Asia Regional Training and Technical Assistance Center (SARTTAC) is expected to become the focal point for planning, coordinating, and implementing the IMF’s capacity development activities in the region on a wide range of areas, including macroeconomic and fiscal management, monetary operations, financial sector regulation and supervision, and macroeconomic statistics.

Key facts

• SARTTAC is a collaborative venture between the IMF, the member countries (Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka) , and development partners.
• The Center aims at helping its member countries strengthen their institutional and human capacity to design and implement macroeconomic and financial policies that promote growth and reduce poverty in 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.
• SARTTAC is located in world class facilities in New Delhi and is 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.