Launched on February 1, the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) is the newest addition to the International Monetary Fund’s (IMF’s) global network of 17 regional capacity development centres.

Following the signing of a letter of understanding between the governor of the National Bank of Kazakhstan Erbolat Dossaev and IMF managing director Kristalina Georgieva on December 14, the inaugural CCAMTAC steering committee meeting met on January 28 and endorsed the centre launch, as well as a work programme for its first few months of operation.

Based on a comprehensive assessment of member countries’ capacity development priorities, the CCAMTAC is to 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 Fund said the centre is to 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 maximise synergies between training, hands-on technical assistance, and peer exchanges.

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 (ADB) are the first development partners to have contributed, and additional contributions to the centre’s five-year budget are expected soon, the IMF said.

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 “the IMF’s commitment to step up its strategic engagement with the region through the CCAMTAC, and to make it a center for innovation”.

Summarising CCAMTAC’s vision, IMF deputy managing director Sayeh noted that “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.”