The 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.
IMF's Managing Director Lagarde and Indian Finance Minister Jaitley exchanged the agreement amid a conference entitled 'Advancing Asia Conference' jointly organized by the IMF and the Government
of India. According to the IMF, the Center will help address existing training needs and respond to the
demand for IMF training in India, Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka, while bringing
the region's training volume on par with those of other regions. The three-day long conference that kicked off on Friday is discussing various economic and financial issues pertaining to the Asia. Speaking at the conference, Indian Prime Minister Narendra Modi said that stronger India could help drive Asia toward prosperity.
"We all want Asia to succeed. I firmly believe that India can contribute to Asian prosperity and development by being economically strong," said Indian Prime Minister Modi. "Amid global
problems, I am happy to say that India is a haven of macro-economic stability and a beacon of hope, dynamism and opportunity," he added. Also speaking at the conference, IMF Managing Director Lagarde said that the Asia has a lot to be proud of and the vital economic role of the region has drawn a great interest to the entire world. "Asia has a lot to be proud of. It is the world's most dynamic region and today accounts for 40 percent of the global economy. Over the next four years—even with slightly declining
momentum—it stands to deliver nearly two-thirds of global growth," said Lagarde. Around 700 delegates, mostly from the Asia, are attending the conference that features prominent speakers like Melinda Gates, Bill and Melinda Gates Foundation, Raghuram Rajan, Governor Reserve Bank of India, and Takehiko Nakao, President, Asian Development Bank, among others. Nepal Rastra Bank (NRB) Deputy Governor Chintamani Shiwakoti is leading the Nepali delegates.
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