MINISTER OF STATE IN THE MINISTRY OF FINANCE (SHRI JAYANT SINHA)
(a) & (b): Yes, Madam. To give fillip to capacity development efforts, India has decided to host South Asia Regional Training and Technical Assistance Centre (SARTTAC) by International Monetary Fund (IMF) in India. SARTTAC will serve six member countries of Bangladesh, Bhutan, India, Maldives, Nepal and Sri Lanka. It will provide training to government and public sector employees, enhance their technical and analytical skills and improve the quality of their inputs into policy. It will also provide technical assistance to governments and public institutions in various areas such as macroeconomic policy, macro- and micro-prudential regulation, financial sector supervision as well as national accounts, statistics and forecasting.
(c): The terms and conditions of the MoU are at Annexure I.
(d) & (e): The details and number of courses being offered by SARTTAC for policy makers and other Government agencies would be decided by the Steering Committee of SARTTAC with representatives of IMF, member countries and donors (development partners) of SARTTAC. SARTTAC will be established during 2016-17 and will become fully operational in 2017-18.
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Annexure I
The Terms and Conditions of the MoU
1. India undertakes to facilitate the establishment and operations of South Asia Regional Training and Technical Assistance Centre (SARTTAC) in India.
2. SARTTAC will have resident employees of the International Monetary Fund (IMF) who are foreign nationals, locally-hired employees of the IMF, and short-term experts employed by the IMF, in particular:
(a) The IMF will select and appoint a Director to head SARTTAC;
(b) The IMF will select and appoint resident advisors, resident trainers, and short-term experts who will be specialists in core areas of IMF expertise, on such terms as deemed appropriate by the IMF to serve the needs of the Beneficiary Countries;
(c) The IMF will select and appoint locally-hired employees on such terms as deemed appropriate by the IMF to reflect the needs of the Center.
3. The development of SARTTAC’s strategy and priorities for training, technical assistance, and activities in support thereof, including through the endorsement of an indicative annual work plan, will be guided by a Steering Committee. The Steering Committee will meet at least once a year and will comprise representatives of (i) the Beneficiary Countries, (ii) other countries that support SARTTAC (hereafter “Partner Countries”), and (iii) the IMF. The Steering Committee may authorize observers to attend its meetings. The Director will serve as the Secretary to the Steering Committee.
4. Officials of the Beneficiary Countries will be eligible to participate in the training and technical assistance programs offered by SARTTAC. Officials from other countries may be invited to participate in some events, as agreed by the IMF and the Steering Committee.
5. The operating expenses of SARTTAC, including costs of the IMF Employees, training events, seminars, workshops, travel costs, participant costs and related expenses, will be covered from financial contributions from the Beneficiary Countries and the Partner Countries, administered by the IMF under a multi donor administrative subaccount in accordance with its policies and procedures.
6. SARTTAC will be established in a location selected by the IMF, in consultation with India, and financed with funds from the SARTTAC budget.
7. India undertakes to provide a financial contribution to SARTTAC.
8. India affirms its obligation to extend the privileges and immunities, as applicable, set forth in Article IX of the IMF’s Articles of Agreement and the United Nations Convention on the Privileges and Immunities of the Specialized Agencies, which are provided through India’s International Monetary Fund and Bank Act, 1945 and the United Nations (Privileges & Immunities) Act, 1947.
9. The Memorandum of Understanding may be amended by mutual consent expressed in writing. Any dispute arising from the interpretation or the implementation of the Memorandum of Understanding shall be resolved through appropriate consultations and by mutual agreement of the parties.
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