IMF creates regional center for capacity development with Azerbaijan's participation

The International Monetary Fund (IMF) has announced the launch of the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC), Report informs, referring to the IMF website.

The CCAMTAC is a collaborative venture between the IMF, member countries (Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan), and development partners.

Kazakhstan, the host country, is a major contributor to the CCAMTAC, along with other member countries, development partners, and the IMF. Switzerland, Korea, Poland, and the Asian Development Bank are the first development partners to have contributed, and additional contributions to the center's five-year budget are expected soon.

Helping countries to strengthen economic institutions and policies is a core function of the IMF through its capacity development services, which account for one-third of IMF activities. The Center—to be opened virtually—ahead of its physical launch in Almaty, Kazakhstan, is a major step in deepening the Fund's engagement to support economic policymaking and institution-building in the region, reads the message.

The CCAMTAC is the newest addition to the IMF's global network of now 17 regional capacity development centers.

Following the signing of the Letter of Understanding between the Governor of the National Bank of Kazakhstan Erbolat Dossaev and the IMF Managing Director Kristalina Georgieva on December 14 of 2020, the inaugural CCAMTAC steering committee met on January 28 and endorsed the launch of the center starting February 1, 2021, as well as a work program for its first few months of operation.

Based on a comprehensive assessment of member countries' Capacity Development priorities, the CCAMTAC will host seven long-term advisors focusing on the following areas:

· Macroeconomic analysis: macroeconomic frameworks for financial programming, forecasting, and policy analysis.

· Fiscal policy: public financial management, macro-fiscal issues, revenue administration.

· Monetary and financial sector: central bank operations and financial regulation and supervision.

· Macroeconomic statistics: national accounts, prices, and government-finance and debt statistics.

The center will cooperate closely with IMF Headquarters and regional training centers, in particular the Joint Vienna Institute (JVI), Singapore Training Institute (STI), and China-IMF Capacity Development Center (CICDC), to maximize synergies between training, hands-on technical assistance, and peer exchanges.

Aliya Moldabekova, Deputy Chairperson of the National Bank of Kazakhstan and Chairperson of the inaugural steering committee meeting noted 'that Kazakhstan will be honored to host the center in Almaty and looks forward to its physical opening and a close collaboration in the region.'

Jihad Azour, Director of the IMF's Middle East and Central Asia Department stressed that 'the IMF's commitment to step up its strategic engagement with the region through the CCAMTAC, and to make it a center for innovation.'

In summarizing CCAMTAC's vision, IMF Deputy Managing Director Sayeh noted: "Together we want to set-up a modern 21st-century regional capacity development center. By collaborating closely, I am confident that CCAMTAC will be able to address existing and emerging needs and contribute to a strong and sustainable recovery from the unprecedented crisis that has affected us all."