NUR-SULTAN – The International Monetary Fund will launch a new regional technical assistance centre (RTAC) in Almaty, Kazakhstan, Deputy Managing Director and Chief Administrative Officer of the IMF Carla Grasso announced Oct. 18.
“We are very excited about this new platform for engagement with member countries in the Caucasus, Central Asia and Mongolia (CCAM)—an important area at the crossroads of Europe, Asia, and the Middle East. CCAM countries have made impressive progress in developing and implementing policies and institutions over the past 25 years, but more remains to be done to strengthen capacity and results. We look forward to an enhanced IMF presence in the region, in cooperation with the nine countries and other stakeholders,” said Grasso, reports imf.org.
The centre will provide capacity development services to nine IMF member countries in the CCAM region. The centre is expected to cover the fiscal policy, central bank operations, financial sector supervision, and macroeconomic statistics.
“The location selection was based on a request and evaluation of proposals covering numerous areas, including financial support, flight connectivity, and wide-ranging administrative and logistical areas. We thank the authorities in Georgia, Kazakhstan, and Uzbekistan for their excellent proposals to host the center,” Grasso said.
CCAM RTAC is expected to become the focal point for planning, coordinating, and implementing IMF capacity development activities in the region. Other member countries and agencies from outside the region are expected to support the centre, which will build on the experience of other IMF Regional Technical Assistance Centers and Training Centers worldwide. The RTAC is expected to start operations in a year.
The IMF offers technical assistance and training to member countries in addition to economic and financial surveillance and lending operations. The IMF’s technical assistance aims to help member countries develop institutions that are more effective and legal frameworks and policies that can be used to promote economic stability and growth, while training strengthens the capacity of member countries’ officials to analyse economic developments, formulate, and implement effective policies.