ISLAMABAD: The International Monetary Fund officially launched its new regional center in Shanghai on Monday, aiming to strengthen research, policy dialogue, and capacity-building across the Asia-Pacific region, marking a significant expansion of the fund's presence in the region.
The Shanghai Regional Center, established in partnership with the People's Bank of China, will serve as a hub for research on economic policies affecting emerging and middle-income countries across the region, the IMF said in the press release. The center will also facilitate engagement with member countries and capacity-building programs.
"The center will further strengthen the IMF's engagement in the dynamic Asia Pacific region, deepen our understanding of perspectives from member countries, and foster international economic cooperation," IMF Managing Director Kristalina Georgieva said in a statement.
Johannes Wiegand, a veteran IMF economist with extensive experience in global and regional economic policy, will serve as the center's first director.
The facility will be co-located with the China IMF Capacity Development Center to maximize collaboration between the two institutions. The IMF thanked China for its financial contributions in setting up the facility.
The launch event included an inaugural research seminar titled "Trending Issues in Macroeconomic Policy Research," which brought together economic scholars from across the region and IMF staff. Participants discussed challenges facing emerging economies, including structural transformation, growth, finance, artificial intelligence, and innovation.
The Shanghai center is part of the IMF's global network of 20 regional centers and offices. These facilities serve various functions, from research and policy analysis to technical assistance and stakeholder engagement.
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