BAKU, Azerbaijan, Dec. 22
By Nargiz Sadikhova - Trend:
The Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CAMTAC), which is to be established in Kazakhstan by International Monetary Fund (IMF) will significantly boost IMF capacity development in the region, helping meet existing needs and responding quickly to emerging challenges, the IMF official told Trend.
On Dec. 14, 2020, Managing Director of International Monetary Fund (IMF) Kristalina Georgieva and National Bank of Kazakhstan Governor Erbolat Dossaev signed a Letter of Understanding (LOU) toward the establishment of a regional capacity development center in Kazakhstan's Almaty city.
Georgieva said that the agreement signed is a strong signal of the international community’s commitment to capacity development’s role in strengthening economies and improving people’s lives, as well as to a deep and durable engagement with the region.
The IMF official said that CCAMTAC will open in 2020 with a coordinator, seven advisors, and local staff.
The advisors will cover macroeconomic frameworks and analysis, PFM, revenue administration, central bank operations, financial supervision, government finance statistics, and real sector statistics. The advisors will also engage short-term experts for specific assignments.
Technical assistance on strategic or emerging issues—such as fintech, climate change or gender budgeting—will continue to be provided from IMF HQ, with follow-up implementation support from the center.
CCAMTAC will hold workshops and other peer-to-peer events to mutually reinforce and expand training by JVI and other IMF training centers in Washington, Singapore, and China.
The center’s budget is expected to amount to $45 million for the first five years of operations.
In addition to Kazakhstan’s support and contributions from the IMF, other CCAM countries are also expected to contribute. The remaining financing will come from development partners of the IMF and the region. The center will be governed by a Steering Committee comprising CCAM countries, development partners, and the IMF.
“CCAMTAC will significantly boost IMF capacity development in the region, helping meet existing needs and responding quickly to emerging challenges," the official said.
The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
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