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IMF and India to establish SARTTAC

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In a move to further strengthen the economic operations of the Nation, the Union government led by PM Modi has joined hands with IMF to establish a Regional cooperation centre in the Country’s capital.

Flash points

  • Christine Lagarde, Managing Director of the International Monetary Fund (IMF), and Finance Minister Arun Jaitley agreed today to establish a capacity development center in New DelhiSAARTAC
  • SARTTAC-The South Asia Regional Training and Technical Assistance Center
  • Located at: New Delhi
  • Focus areas: Macroeconomic and fiscal management, monetary operations, financial sector regulation and supervision, and macroeconomic statistics
  • This fully integrated centre will become a development and training assistance centre to meet the demands of South Asian nations India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka
  • It will offer courses and seminars for policymakers and other government agencies
  • The funding is to be provide by regional member countries and developing partners
  • Financial contributors: The Australian Agency for International Development, the Republic of Korea and India

Points to note

  • IMF- International Monetary Fund
  • IMF MD– Christine lagarde
  • IMF Headquarters-Washington D.C