IMF to help set up regional capacity development center in Kazakhstan

IMF Managing Director Kristalina Georgieva and National Bank of Kazakhstan Governor Erbolat Dossaev signed a Letter of Understanding (LOU) at a virtual ceremony today toward the establishment of a regional capacity development center in Almaty, Kazakhstan.

The signing of the Letter of Understanding is a key step in establishing the Caucasus, Central Asia, and Mongolia Regional Capacity Development Center (CCAMTAC) in Almaty, Kazakhstan.

CCAMTAC is a collaborative venture between the IMF and member countries in the region: Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan.

The center will support capacity development through bilateral technical assistance and regional seminars and workshops for policymakers and other government agencies of the member countries.

IMF Managing Director Kristalina Georgieva and National Bank of Kazakhstan Governor Erbolat Dossaev signed a Letter of Understanding (LOU) at a virtual ceremony today toward the establishment of a regional capacity development center in Almaty, Kazakhstan.

“I would like to extend my great appreciation to Governor Dossaev and the Government of Kazakhstan for hosting the new Center and being a major contributor to its operations. Our agreement today 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,” Georgieva said. 

CCAMTAC is expected to become a focal point for planning, coordinating, and implementing the IMF’s capacity development activities in the region in a wide range of areas, including hands-on bilateral technical assistance on macroeconomic and fiscal management, monetary operations, financial sector regulation, and supervision, statistics, and help in designing structural reforms.

The Center will also offer workshops and seminars to policymakers and other government agencies from the nine-member countries, which include Armenia, Azerbaijan, Georgia, Kazakhstan, the Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan. 

The signing of this LOU represents an important step toward the establishment of a regional capacity development center in Almaty and demonstrates the strong partnership and commitment between the IMF and its membership in using technical assistance to build economic institutions, as well as foster economic stability and inclusive growth.

Funding will come from contributions by regional member countries and development partners. Kazakhstan, Uzbekistan, Armenia, Switzerland, Korea, Poland and the Asian Development Bank have committed their support for the Center. Other member countries of CCAMTAC and bilateral and multilateral development partners are pledging their support as well.