Thailand to be home to IMF technical assistance office

Thailand, thanks to its strategic location in Southeast Asia and the connectivity with all its regional counterparts, has been chosen as the location for the International Monetary Fund's technical assistance office for Myanmar and Laos.

The memorandum of understanding for the new Thailand Technical Assistance Office. was signed on July 12 by IMF managing director Christine Lagarde and Bank of Thailand governor Prasarn Trairatvorakul.

According to the joint statement, the opening of office underscores the Bank of Thailand's contribution to the Fund and the kingdom's continuing support to neighbouring countries.

The objective of the office is to provide technical assistance and capacity building in various areas such as monetary policy and financial institution supervisory policy for the subregion.

The technical cooperation is particularly directed towards Laos and Myanmar, which are undergoing economic and financial reforms to enhance the conduct of their macroeconomic policies and domestic financial systems.

Such efforts would contribute to promoting inclusive and sustainable economic growth, bringing about closer financial integration in support of the Asean Economic Community.

The IMF and the BOT share the view on the suitability of Thailand given its strategic location in Southeast Asia and the connectivity with all its regional counterparts.

The BOT is pleased to collaborate and provide full support to the IMF in planning and implementing the programme for Thailand's neighbouring countries. The Technical Assistance Office will be located in the BOT's complex and will start operations in September.