A Memorandum of Understanding (MoU) for the setting up of the Africa Regional Technical Assistance Centre (AFRITAC) South was signed on Monday at the International Monetary Fund (IMF) headquarters in Washington, D.C.
The MoU was signed between the vice prime minister and minister of Finance and Economic Development Pravind Jugnauth and deputy managing director of the IMF, Nemat Shafik.
“The approach adopted for the operation of the centre will not only allow us to collectively define our needs but also obtain just-in-time advice in a rapidly changing world where predictability has become an issue,” said Jugnauth.
He added, “I am sure that this flexible approach and the immediate availability of expertise will help our economies be more proactive and effective in formulating responses to economic and financial challenges.”
Jugnauth is expected to return to Mauritius at the end of this week.
According to the IMF deputy managing director, AFRITAC South will be the IMF’s eighth regional technical assistance centre and its fourth centre in Africa, joining its sister institutions, namely AFRITAC Centre, East, and West.
Shafik said, “Regional technical assistance centres have become a linchpin in the IMF’s technical assistance programme.”