The Asian Development Bank (ADB) has approved a technical assistance (TA) project aimed at deepening engagement with the International Monetary Fund (IMF), Report informs referring to the ADB.
The TA will provide a financial contribution to the International Monetary Fund (IMF) to support the second phase of the operations of its Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) located in Almaty, Kazakhstan, during the period 2027-2032.
The nine CCAMTAC member countries are Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan.
The center provides technical assistance and training to its member countries in macroeconomic management, financial management and demand-driven emerging areas.
The funding source is the Technical Assistance Special Fund, from which the ADB provided $10,000 each to Azerbaijan, Armenia, Georgia, Kazakhstan, and Turkmenistan, and $237,500 each to Kyrgyzstan, Mongolia, Tajikistan, and Uzbekistan. In total, the volume of funds directed by the ADB across all nine states reaches $1 million.
This project is a continuation of the initiative implemented in 2021–2026. The first phase was dedicated to improving macroeconomic models for forecasting fiscal and monetary policy, public financial management, tax administration, foreign exchange market operations, financial regulation, and real sector statistics. In the first stage, the ADB's contribution was $800,000, with a total center budget of $45 million.
It is expected that the new phase of technical assistance will contribute to building institutional capacity and improving the quality of economic management in the participating states, as well as enhancing the process of formulating economic policy measures based on evidence and global best practices.