## FSSF Annual Report FY2026 (May 1, 2025–April 30, 2026) — Building Blocks of the FSSF

## Source details

**Canonical URL:** [FSSF Annual Report FY2026 (May 1, 2025–April 30, 2026) — Building Blocks of the FSSF](https://www.imf.org/-/media/files/capacity-developement/fssf/fssf-annual-report-fy2026-aug-2026-final.pdf)

## Other formats

- [Markdown version](/-/media/files/capacity-developement/fssf/fssf-annual-report-fy2026-aug-2026-final.pdf.md)
- [Structured JSON version](/-/media/files/capacity-developement/fssf/fssf-annual-report-fy2026-aug-2026-final.pdf.json)

---

### Executive summary and program structure
- The Financial Sector Stability Fund (FSSF) is a thematic fund supporting the IMF’s programmatic capacity development (CD) on financial stability issues in low and lower-middle income countries (LLMICs) and fragile and conflict-affected states (FCS).
- The FSSF has two modules: the Financial Reform Module (FRM) and the Financial Statistics Module (FSM).
- FY2026 covers May 1, 2025, to April 30, 2026, and all FY2026 activities fell under Phase II of the FSSF (2024–2029).
- Total FSSF spending in FY2026 was $5.2 million.
- Phase II budget utilization as of April 30, 2026:
  - 47 percent of the approved Phase II budget spent overall;
  - 45 percent utilization for FRM and 55 percent for FSM.
  - Within FRM: 91 percent for FSSR Diagnostics, 29 percent for FSSR Follow-up TA programs, and 98 percent for multi-country workshops.
- FSSF-financed programs use a strategic logical framework (logframe) consistent with the IMF’s results-based management (RBM) framework.

### Financial Reform Module (FRM): delivery, diagnostics, and follow-up
- Role and management:
  - Strengthen capacity to identify, monitor, measure, analyze, and mitigate risks to financial stability.
  - Managed by IMF’s Monetary and Capital Markets Department (MCM).
- FY2026 resource use:
  - FY2026 FRM spending on MCM CD programs: $3.7 million.
  - FSSF accounted for 9.4 percent of overall MCM external funding in FY2026.
- Diagnostics and pipeline:
  - FSSR diagnostics completed in FY2026: Bhutan, Kosovo, Mauritania, Solomon Islands, and Zambia.
  - Total completed FSSR diagnostics to date: 33.
  - Work on FSSR in Lao P.D.R. initiated in FY2026 (scoping mission completed; main mission scheduled for early FY2027).
- Core diagnostic elements typically assessed:
  - (i) financial regulation and supervision;
  - (ii) payment systems oversight and operations;
  - (iii) systemic risk analysis;
  - (iv) crisis preparedness and the financial safety net;
  - (v) financial sector statistics.
- Typical diagnostic recommendations:
  - Prioritize supervisory engagement and risk-based supervision.
  - Enhance solvency and liquidity stress testing.
  - Implement enabling legislation for crisis management and resolution (Special Resolution Regime, SRR).
  - Expand data coverage and improve quality/granularity of financial sector statistics.
  - Strengthen governance and operational capacity of payment systems and deposit insurance/resolution frameworks.
- Selected country takeaways and follow-up timing:
  - Bhutan: large financial system share of GDP, concentrated banking sector, microfinance activity, rapid digital transformation; recommended prioritizing supervisory engagement, fraud prevention in payments oversight, broader reporting variables, solvency and liquidity stress tests, and enabling crisis management legislation; follow-up TA workplan to begin in FY2027.
  - Kosovo: sizeable system dominated by foreign-owned banks; progress on risk-based supervision, stress testing, and macroprudential capital buffers; needs to strengthen supervisory operating model, implement Pillar 2, and enhance macroprudential calibration; follow-up TA workplan agreed March 2026 and implementation began April 2026.
  - Mauritania: small, bank-dominated, family-controlled banks; recommendations include transition to risk-based/consolidated supervision, prioritize IFRS 9, expand supervisory perimeter, operationalize financial stability framework, strengthen crisis management and deposit guarantee mechanisms, and improve statistical capacity; follow-up TA workplan to begin in FY2027.
  - Solomon Islands: concentrated bank-dominated with foreign branches and national provident fund; recommended operationalize Basel-aligned prudential standards, strengthen home-host supervision, develop branch-tailored stress testing and systemic risk analysis, establish proportionate resolution framework, and improve automation and timeliness of statistics; follow-up TA workplan to begin in FY2027.
  - Zambia: bank-dominated with foreign banks, sovereign linkages, concentration, and dollarization risks; recommended issuing pending regulatory reforms, strengthen Bank of Zambia supervision and FMIs oversight, use data warehouse project to enhance statistics (particularly nonbank sector), and enhance staff capacity; follow-up TA workplan to begin in FY2027.
- Ongoing FRM follow-up TA programs (FY2026):
  - Burundi, Cabo Verde, Democratic Republic of Congo (DRC), Eswatini, Kenya, Kosovo, Lesotho, Madagascar, Nepal, Papua New Guinea, Somalia, and Zimbabwe.
  - Two TA programs concluded in FY2026: Rwanda and Sierra Leone (both benefitted from bilateral long-term experts on bank regulation and supervision).
- Multilateral FRM activities:
  - Supervisory and Regulatory Online Course (SROC), Cyber Risk Supervision Online Course (CRSOC), and the Ninth Annual Cybersecurity Workshop.

### Financial Statistics Module (FSM): demand, implementation, and integration
- Role and management:
  - Put reliable and comprehensive financial sector statistics in policymakers’ hands (FSIs and Balance Sheet Approach (BSA)).
  - Overseen by IMF’s Statistics Department (STA).
- FY2026 delivery highlights and progress:
  - Strong demand from FSSF-eligible countries for CD to improve financial statistics under FSIs and BSA submodules.
  - Implementation accelerated: 95 percent of FY2026–FY2027 Q2 workplan activities completed, up from 63 percent over the same period last year.
  - Support shifted to expanding FSI coverage for nonbank financial institutions (NBFIs) as basic FSI compilation became widespread.
  - BSA work continued to strengthen core underlying statistics: Monetary and Financial Statistics (MFS), Government Finance Statistics (GFS), and International Investment Position (IIP).
  - Nearly all FY2026 FSSR diagnostics included an FSM component to identify data gaps early and enable targeted follow-up support.
- Workplan implementation (May 2025–October 2026; as of April 2026):
  - FSIs: Planned 17; implemented 12 = 5 TA missions and 7 training workshops (In-person— 5; Virtual— 7). Implementation rate 71%.
  - BSA: Planned 17; implemented 17 = 15 TA missions and 2 training workshops (In-person— 16; Virtual— 1). Implementation rate 100%.
  - Total planned 34; implemented 29. Total implementation rate 85%.
  - STA participation in FSSRs: Planned 4; implemented 7 (In-person: 4; Virtual: 3). Implementation rate 175%.
  - Total with STA participating in FSSRs: Planned 38; implemented 36. Implementation rate 95%.
- Delivery modalities:
  - In-person missions accounted for 70 percent of all CD activities.
  - Remote delivery expanded where efficient: nearly 60 percent of CD on FSIs delivered virtually.
  - All TA activities for BSA were delivered in person.
- Continuous engagements:
  - Delivered during FY2026 to Ghana, Lesotho, Vietnam, Bolivia, Guinea, Tajikistan and Malawi.
  - Over FY2021-26, STA provided support through nearly 272 continuous engagements.
  - FY2026 enhancements: a more structured continuous engagement approach linking engagements to ongoing TA project objectives and outcomes.

### Programmatic delivery, monitoring, and operational issues
- TA program design and execution:
  - TA programs are typically three-year engagements; many follow-up TA programs are in early implementation stages and execution is expected to pick up in FY2027.
- Execution dynamics and constraints:
  - FY2025–2026 expenditures relative to endorsed budgets show modest execution rates for recently commenced programs (Kenya, Kosovo, Madagascar, Papua New Guinea, and Somalia) and higher utilization for concluding programs (Rwanda and Sierra Leone).
  - Staff monitor budget execution closely and reallocate resources from lower-traction to higher-traction activities.
  - Lower traction causes include absorptive capacity constraints (understaffing, reorganization, delays in implementing recommendations, leadership changes, high staff turnover), security concerns, and political instability.
  - Example: Nepal Follow-up TA has shown limited traction over two fiscal years due to capacity constraints, political challenges, and evolving priorities; IMF staff proposed closing the program and redirecting remaining funds to programs with stronger traction.
- Governance:
  - The FSSF Steering Committee (SC) of donors and IMF representatives provides strategic direction, meets once a year (with a mid-year check) to review progress and endorse 12–18 month workplans; SC observers include the World Bank.

### FSSR follow-up TA activities — costs, starts, and country outputs
- Overall finances and program status:
  - Overall expenses under the FSSR follow-up TA programs stood at $1.6 million.
  - With the conclusion of the Rwanda and Sierra Leone programs, 12 active programs remain.
  - Five programs started in FY2026: Kenya, Madagascar, Papua New Guinea, Kosovo, and Somalia.
  - The start of the Vanuatu program was delayed to FY2027 after a major earthquake in December 2024.
- Selected country TA activities and key outputs (selected highlights):
  - Burundi: collateral framework for monetary refinancing and ELA; recommendations for SRR; IT and cybersecurity supervision strengthening; integration of IRRBB; operationalizing bank scoring system; workshop on credit file reviews.
  - Cabo Verde: program extension through February 2027; May 2026 mission on deposit insurance, resolution financing, operational readiness for depositor reimbursement, data infrastructure; October 2026 mission planned to strengthen stress testing.
  - DRC: Financial Stability Department established September 2024; resident advisor support; risk dashboard and stress testing frameworks; inaugural Financial Stability Committee meeting in December 2025; first Financial Stability Report; progress on insurance risk-based supervision, ICAAP, LCR transposition, onsite inspections, payment institutions prudential framework, and SRR operationalization.
  - Eswatini: training on risk-based solvency frameworks; recovery planning requirements advanced; coordination with South African Reserve Bank.
  - Kenya: FSSR main diagnostic November 2024; reform workplan finalized January 2026; ELA framework operationalization support February 2026; DSIBs framework and Basel III implementation support March 2026.
  - Kosovo: FSSR update diagnostic concluded September 2025; final report January 2026; follow-up TA workplan prepared March 2026 and delivery commenced April 2026; first mission on Basel Pillar 2 and Supervisory Review Process.
  - Lesotho: progress on early warning indicators and bank recovery planning; April 2026 mission operationalized recovery plan oversight; FY2026 systemic risk/stress testing TA delayed; twenty-month extension supports intensified FY2027 delivery.
  - Madagascar: three-year TA workplan finalized January 2026 focusing on bank resolution, banking regulation and supervision, and ELA operationalization; MCM hiring French-speaking resident advisor.
  - Nepal: limited engagement over two fiscal years due to absorption capacity constraints and political uncertainty; proposed closure of the Nepal FSSR follow-up TA program in FY2027; decision communicated during April 2026 Spring Meetings.
  - Papua New Guinea: ELA operationalization (August 2025); LEG review of Banks and Financial Institutions Act 2000 (October 2025); macroprudential policy framework elements (January 2026); systemic risk monitoring improvements (April 2026).
  - Rwanda: program ending in FY2026; resident advisor consolidated supervisory reforms; training on financial analysis and climate risk supervision; final recommendations on credit risk, Pillar 3 disclosures, climate-related financial risks, and microfinance supervision.
  - Sierra Leone: follow-up TA concluded June 2025; final assessment January 2026 found core objective largely achieved.
  - Somalia: TA began September 2025; reviewed prudential rules and delivered credit risk training; April 2026 mission completed impact study and finalized asset classification and provisioning regulation; developed supervisory reporting templates; Financial Stability Committee inaugural meeting November 2025.
  - Zimbabwe: Phase I-funded program extended December 2024 for 18 months under Phase II; March 2025 mission finalized Basel III implementation; delivery slowed due to resource constraints; hybrid missions planned May–July 2026 and August–September 2026 for consolidated supervision and supervisory framework upgrades.

### Multi-country CD activities and online courses
- Multi-country activities in FY2026:
  - Continued Supervisory and Regulatory Online Course (SROC).
  - Continued Cyber Risk Supervision Online Course (CRSOC).
  - Organized the Ninth Annual Cybersecurity Workshop.
  - Online courses used for blended CD: foundational concepts via courses followed by country-tailored bilateral TA.
- Supervisory and Regulatory Online Course (SROC) — statistics and feedback:
  - Delivered since 2018 in partnership with the Financial Stability Institute (FSI) of the Bank for International Settlements.
  - Updated in 2021 to include climate risks and fintech developments.
  - Eighth edition concluded in March 2026.
  - Five hundred sixty-five participants from 102 jurisdictions registered in FY2026.
  - Recorded a 54 percent completion rate.
  - Nearly 26 percent of participants were from FSSF-eligible countries.
  - Participant feedback:
    - Ninety-eight percent of participants who completed the course evaluation considered the SROC “very satisfactory” or “satisfactory”.
    - Seventy-five percent commented on course highlights, praising content and structure and valuing IMF case studies and live webinars.
    - Main suggestions: incorporate more recent case studies and hands-on exercises, and improve the portal to prevent connectivity issues.

### CRSOC, Annual Cybersecurity Workshop, and FRM FY2027 outlook
- CRSOC (Cyber Risk Supervision Online Course):
  - Made available to the public starting in September 2022.
  - Course structure: five modules and a practical assignment based on a case study.
  - FY2026 participation and outcomes:
    - 881 participants registered (316 government officials and 565 members of the public).
    - 359 active participants.
    - 226 completed the course.
    - About half of participants were from FSSF-eligible countries.
    - Registered participants declined relative to FY2025, which had 1,461 participants.
    - All survey respondents indicated that the course objectives were fully met.
    - Course updates under consideration with completion expected by FY2028.
- Ninth Annual Cybersecurity Workshop (January 2026):
  - Held in Washington, D.C. in-person.
  - Attended by 104 participants from 83 countries, including many FCS (a 40 percent increase in countries represented versus prior year).
  - Theme: “Cyber Resilience in an Age of Uncertainty”.
  - Threat observations presented:
    - Geopolitical and economic uncertainty heightens cyber risks, including a sustained rise in supply-chain attacks.
    - A 20–50 percent increase in ransomware incidents across most countries.
    - Accelerating use of AI to exploit vulnerabilities, conduct fraud and deepfake campaigns, and facilitate large-scale information theft.
    - Shift toward hybrid conflict combining physical and digital domains; financial sector remains a prime target for nation-state activity.
  - Workshop lessons and emphasis:
    - Cybersecurity regulation and supervision need to be adaptive, principles-based, risk mitigating, and enabling.
    - Effective governance, cyber hygiene, detection, incident response, and investment are essential.
    - Third-party risk management is a central concern.
  - Publication launched: IMF Departmental Paper on “Good Practices in Cyber Risk Regulation and Supervision.”
- Outlook for FRM delivery — FY2027 workplan:
  - Bilateral CD to continue in twelve countries: Burundi, Cabo Verde, DRC, Eswatini, Kenya, Kosovo, Lesotho, Madagascar, Nepal, Papua New Guinea, Somalia and Zimbabwe.
  - TA program expected to be launched in Vanuatu.
  - New follow-up TA programs beginning in: Bhutan, Mauritania, Solomon Islands, and Zambia.
  - FSSR diagnostic for Lao P.D.R will conclude in FY2027.
  - New diagnostics to be conducted in Liberia, Tanzania and Timor-Leste (request letter received), resulting in a total of four FSSR diagnostics to be conducted during FY2027.
  - Multi-country CD activities to continue, including new editions of SROC and CRSOC, and the Tenth Annual Cybersecurity Workshop.
- Examples of impactful FRM CD in FY26:
  - Kenya (March 2026): onsite mission supported CBK to develop DSIB identification and supervision framework.
  - Sierra Leone: resident advisor placement transitioned supervision to risk-based framework; supervisory staff training and reorganization.
  - Kosovo: 2025 FSSR update focused on banking supervision and macroprudential framework leading to new TA program.

### FSM recent developments, impact, and pipeline
- FSM tangible FY2026 outcomes:
  - Yemen: assistance to compile financial sector statistics enabling resumption of bilateral surveillance after a decade.
  - Somalia and India: compilation and dissemination of FSIs and MFS data based on latest frameworks (2019 FSIs Guide and 2016 MFSCGM, respectively) for the first time.
  - The Gambia: improved consistency between monetary and fiscal data, a structural benchmark for unlocking an upper credit tranche facility.
- FSIs sub-module findings:
  - All but five FSIs reporting countries have implemented and disseminated FSIs based on the 2019 FSIs Guide templates and methodology.
  - Demand shifted toward implementing the 2019 FSIs Guide methodology, expanding coverage to nonbanks, and compiling FSIs for NFCs and HHs.
  - Capacity building in FY2026:
    - Six regional webinars; about 426 officials from 124 countries (including those from 55 LLMICs/FCS) participated.
- BSA sub-module outcomes and delivery:
  - Delivered 15 TA missions in FY2026 supporting eligible LLMICs (including three FCS) to develop primary statistics required for BSA matrices.
  - MFS outcomes included improvements in DRC, new ODC dataset in Guinea, methodology improvements in Timor Leste, Tajikistan, and Vietnam, resumption of MFS reporting for six BEAC countries, and expansion of NBFI coverage in Eswatini and Somalia.
  - IIP outcomes included strengthened IIP compilation in Malawi and Bolivia.
  - Joint MFS and FSI objectives often delivered within the same missions (e.g., DRC, Madagascar, Somalia).
- FY2027/28 FSM priorities and planned activities:
  - Rationale: financial vulnerabilities remain elevated; continued need for timely, granular, and integrated financial sector data.
  - Delivery modalities: mix of TA missions, regional training workshops, and continuous engagements; centered on in-person activities with selective virtual delivery.
  - FSIs sub-module planned activities:
    - Prioritize strengthening compilation frameworks and expanding coverage of FSIs (nonbanks, NFCs, HHs).
    - Proposed FY2027/28 work plan includes nine bilateral TA missions with three regional placeholders for FSIs.
  - BSA sub-module planned activities:
    - Prioritize consistent source data for BSA primary statistics, focus on NBFIs and digital money.
    - FY2027/28 BSA work plan includes 34 CD activities in total, including five FSSR missions and 27 TA mission placeholders broken down across regions and statistical domains.
- Examples of impactful FSM CD in FY2026:
  - The Gambia: roadmap to resolve inconsistencies between monetary and fiscal data; improved reporting templates and staff capacity.
  - Somalia: reconstruction of statistical frameworks; MFS and FSIs now regularly compiled and shared; ongoing expansion to NBFIs.
  - Yemen: restoration of core datasets for areas under control of the Internationally Recognized Government; ongoing focus on knowledge transfer and institutional arrangements.
  - Tajikistan: MFS mission February 2026 improved quality and initiated OFC coverage expansion; commitment to commence regular reporting under 2019 FSI framework by end-October 2026.
- Status of FSM workplan execution (selected metrics):
  - Under the FSM, CD activities during FY2026 included 36 against 38 planned CD activities in the 18-month work plan.
  - FSIs: Twelve CD activities completed comprising five TA missions and seven trainings.
  - BSA-MFS: Ten CD activities in approved work plan and two added to meet emerging demand.
  - Regional workshops: MFS workshop at PFTAC (18 participants; 17 from FSSF-eligible countries) and CCAMTAC workshop on Reflecting Digitalization (27 participants; 15 from FSSF-eligible countries).

### Financial update, fundraising, budgeting, and proposed endorsements
- Fundraising and resources:
  - Seven donor partners—China, Germany, Luxembourg, the Republic of Korea, Saudi Arabia, Sweden, and Switzerland—have signed contribution agreements totaling $26.5 million.
  - Since the last Steering Committee meeting:
    - Germany’s €5 million contribution agreement has been finalized.
    - Saudi Arabia announced another $0.9 million, bringing its total contributions to $5 million.
  - Total resources in or committed to the subaccount now amount to $28.5 million, including the new $0.9 million announcement from Saudi Arabia, $0.9 million in interest income and $0.2 million transferred from Phase I.
  - Remaining gap against the $40 million funding target: $11.5 million.
  - Cash position and inflows:
    - $22.3 million has been received in the sub-account (including interest income and transfers).
    - Available cash balances, together with expected inflows from signed agreements, are sufficient to support planned activities through end of April FY2028.
  - IMF will continue engagement with Phase I contributors not yet committed to Phase II and pursue outreach to additional partners.
- FY2026 expenses and execution:
  - Total expenses in FY2026 reached $5.2 million.
  - Stronger execution anticipated in FY2027 as many TA programs are multi-year and early-stage programs advance.
- Workplan and budget adjustments:
  - At the FY25 Annual Meeting, Steering Committee endorsed a work program totaling $13.6 million through October 2026.
  - IMF staff seek endorsement for an additional budget of $6.7 million, bringing the total endorsed budget to $20.3 million.
    - This amount includes $2.8 million in reallocation, already reflected during the reporting period.
    - Reallocations were within the Steering Committee’s approved threshold, resulting in an upward adjustment of the total budget to $16.4 million.
    - The remaining $3.9 million represents new funding to be allocated as follows:
      - $2.0 million for new FSSR diagnostics,
      - $260,000 for multi-country activities,
      - $1.8 million for the Statistics Module,
      - $25,000 for governance.
  - IMF will monitor implementation progress and may propose an updated work plan for consideration at the mid-year Steering Committee meeting if warranted.
- Proposed endorsement items (selected):
  1. Increase FSM workplan by $1.8 million, reaching a total allocation of $5 million for the Phase as presented in Appendix IV, Table IV-3.
  2. Increase FRM Budget by $4.8 million, reaching a total allocation of $15.2 million for the Phase as presented in Table 3.
  3. Increase governance budget by $25,000, amounting to a total budget of $75,000.
  4. Adjustments to FRM follow-up TA programs (changes above 15% of allocated budget):
     - Reduce Lesotho follow-up budget by $107,000.
     - Reduce Kingdom of Eswatini follow-up budget by $427,024, of which $159,524 are allocated to the Diagnostics.
     - Release the remaining Nepal budget $632,217 and allocate $148,325 to the Diagnostics.
  5. Switzerland and Sweden to assume the role of Chair and Vice Chair, respectively, of the FSSF Steering Committee for FY27.
- Selected informational notes on budget changes:
  - Reduce Kenya follow-up budget by $251,342.
  - Increase DRC follow-up budget by $170,850.
  - Increase Sierra Leone follow-up budget by $5,350 (to cover final assessment mission).
  - Changes within 15% of allocated budgets include extensions and conclusions: extension of Eswatini and Lesotho follow-up programs till 12/31/2027; extension of Cabo Verde follow-up program till 02/28/2027; conclusion of the Nepal follow-up program; Sierra Leone final assessment report; Kosovo follow-up program—funding program proposal.

### Program logframe and strategic objectives (Appendix I — End-April 2026)
- Strategic objective:
  - Assist low and lower-middle income countries (LLMICs) and fragile and conflict-affected states (FCS) to support financial sector stability and deepening by addressing risks to financial stability.
- MCM Reform Module — Diagnostic Sub-Module:
  - Objective 1: Strengthened capacity in financial stability policy making and implementation supported by a systematic diagnostic.
  - Outcomes:
    - Authorities have a better understanding of their capacity to tackle risks to financial stability.
    - FSSR diagnostics completed in Bhutan, Kosovo, Mauritania, Solomon Islands and Zambia.
    - Follow-up TA programs will be approved in the coming months, with TA activities starting afterwards.
    - New TA programs have started in Kenya, Madagascar, Papua New Guinea, Kosovo and Somalia.
- MCM Reform Module — Follow-up TA Sub-Modules (selected objectives and outcomes):
  - Regulation and Supervision (Objective 2.1–2.3): develop/strengthen banks, insurance, securities and derivatives regulatory and supervisory frameworks; enhance data gathering and analytics.
  - FMIs and payments (Objective 2.4): strategy for national payment system, legal/regulatory framework for FMIs, strengthened FMI oversight and risk management.
  - Systemic Risk Oversight (Objectives 3.1–3.3): establish organizational structures and toolkits for systemic risk monitoring and macroprudential policy frameworks.
  - Financial Safety Nets (Objectives 4.1–4.4): develop/strengthen SRR, deposit insurance, crisis preparedness, and central bank LOLR capacity.
  - Multi-country Activities (Objective 5): enhance capacity on international standards and best practice through courses and workshops.
- STA Statistics Module — FSI and BSA Sub-Modules (selected objectives and outcomes):
  - Strengthen compilation and dissemination of FSIs and BSA statistics; ensure methodological alignment with international standards; increase staff capacity through training; compile and disseminate new datasets and improve timeliness, consistency, and periodicity of data.
  - Progress highlights across multiple jurisdictions for MFS, GFS, IIP, and FSIs documented in missions and workshops.

*Source: Financial Sector Stability Fund (FSSF) Annual Report FY2026 (May 1, 2025–April 30, 2026), IMF.*

### 1. Building Blocks of the FSSF ____________________________________________________________________________ 7

### 1. Building Blocks of the FSSF

### Executive summary and program structure
- The Financial Sector Stability Fund (FSSF) is a thematic fund supporting the IMF’s programmatic capacity development (CD) on financial stability issues in low and lower-middle income countries (LLMICs) and fragile and conflict-affected states (FCS).  
- The FSSF has two modules: the Financial Reform Module (FRM) and the Financial Statistics Module (FSM).  
- FY2026 covers May 1, 2025, to April 30, 2026, and all FY2026 activities fell under Phase II of the FSSF (2024–2029).  
- Total FSSF spending in FY2026 was $5.2 million.  
- Phase II budget utilization as of April 30, 2026: 47 percent of the approved Phase II budget spent overall; 45 percent utilization for FRM and 55 percent for FSM. Within FRM: 91 percent for FSSR Diagnostics, 29 percent for FSSR Follow-up TA programs, and 98 percent for multi-country workshops.  
- FSSF-financed programs use a strategic logical framework (logframe) consistent with the IMF’s results-based management (RBM) framework.

### Financial Reform Module (FRM): delivery, diagnostics, and follow-up
- Role: strengthen capacity to identify, monitor, measure, analyze, and mitigate risks to financial stability. Managed by IMF’s Monetary and Capital Markets Department (MCM).  
- FY2026 FRM spending on MCM CD programs: $3.7 million (FSSF accounted for 9.4 percent of overall MCM external funding in FY2026).  
- FSSR diagnostics completed in FY2026: Bhutan, Kosovo, Mauritania, Solomon Islands, and Zambia. Total completed FSSR diagnostics to date: 33. Work on FSSR in Lao P.D.R. was initiated in FY2026 (scoping mission completed; main mission scheduled for early FY2027).  
- FRM delivery highlights and common diagnostic focuses:
  - Core diagnostic elements: (i) financial regulation and supervision; (ii) payment systems oversight and operations; (iii) systemic risk analysis; (iv) crisis preparedness and the financial safety net; and (v) financial sector statistics.  
  - Typical diagnostic recommendations include prioritizing supervisory engagement and risk-based supervision; enhancing solvency and liquidity stress testing; implementing enabling legislation for crisis management and resolution; expanding data coverage and improving quality/granularity of financial sector statistics; and strengthening governance and operational capacity of payment systems and deposit insurance/resolution frameworks.  
- Country-specific diagnostic takeaways (selected):
  - Bhutan: relatively large financial system as a share of GDP; concentrated banking sector with microfinance activity; rapid digital transformation; need to prioritize supervisory engagement, fraud prevention in payments oversight, broader reporting variables, solvency and liquidity stress tests, and enabling crisis management legislation; follow-up TA workplan to begin in FY2027.  
  - Kosovo: sizeable financial system dominated by foreign-owned banks; follow-up diagnostic found progress on risk-based supervision, stress testing, and macroprudential capital buffers but identified needs to strengthen supervisory operating model, implement modern supervisory review (Pillar 2), and enhance macroprudential calibration; follow-up TA workplan agreed March 2026 and implementation began April 2026.  
  - Mauritania: small, bank-dominated system with family-controlled banks; recommendations include transition to risk-based/consolidated supervision, prioritize IFRS 9, expand supervisory perimeter, operationalize financial stability framework, strengthen crisis management and deposit guarantee mechanisms, and improve financial sector statistics; follow-up TA workplan to begin in FY2027.  
  - Solomon Islands: concentrated bank-dominated system with foreign bank branches and national provident fund; recommended operationalize Basel-aligned prudential standards, strengthen home-host supervision of foreign branches, develop branch-tailored stress testing and systemic risk analysis, establish proportionate resolution framework, and improve automation and timeliness of statistics; follow-up TA workplan to begin in FY2027.  
  - Zambia: bank-dominated system with foreign banks, sovereign linkages, concentration, and dollarization risks; recommended issuing pending regulatory reforms, strengthen Bank of Zambia supervision and FMIs oversight, use data warehouse project to enhance statistics (particularly nonbank sector), and enhance staff capacity; follow-up TA workplan to begin in FY2027.  
- Ongoing FRM follow-up TA programs (FY2026): Burundi, Cabo Verde, Democratic Republic of Congo (DRC), Eswatini, Kenya, Kosovo, Lesotho, Madagascar, Nepal, Papua New Guinea, Somalia, and Zimbabwe. Two TA programs concluded in FY2026: Rwanda and Sierra Leone (both benefitted from bilateral long-term experts on bank regulation and supervision).  
- Multilateral FRM activities included: Supervisory and Regulatory Online Course, Cyber Risk Supervision Online Course, and the Ninth Annual Cybersecurity Workshop.

### Financial Statistics Module (FSM): demand, implementation, and integration
- Role: put reliable and comprehensive financial sector statistics in policymakers’ hands (FSIs and Balance Sheet Approach (BSA)) to assess stability, vulnerabilities, and interconnectedness. Overseen by IMF’s Statistics Department (STA).  
- FY2026 FSM delivery highlights:
  - Strong demand from FSSF-eligible countries for CD to improve financial statistics under the Financial Soundness Indicators (FSI) and Balance Sheet Approach (BSA) submodules.  
  - Implementation accelerated: 95 percent of FY2026–FY2027 Q2 workplan activities completed, up from 63 percent over the same period last year.  
  - As basic FSI compilation became widespread, support increasingly shifted to expanding FSI coverage for nonbank financial institutions (NBFIs) in most eligible countries.  
  - BSA work continued to strengthen core underlying statistics, particularly Monetary and Financial Statistics (MFS), Government Finance Statistics (GFS), and International Investment Position (IIP).  
  - Nearly all FY2026 FSSR diagnostics included an FSM component, helping identify data gaps early, strengthen the evidentiary basis for diagnostics, and enable more targeted follow-up support to improve capacity to monitor vulnerabilities and inform financial stability policy.

### Programmatic delivery, monitoring, and operational issues
- TA programs are typically three-year engagements; many follow-up TA programs are in early implementation stages and execution is expected to pick up in FY2027.  
- Execution dynamics:
  - FY2025–2026 expenditures relative to endorsed budgets show modest execution rates for recently commenced programs (Kenya, Kosovo, Madagascar, Papua New Guinea, and Somalia) and higher utilization for concluding programs (Rwanda and Sierra Leone).  
  - Staff monitor budget execution closely and reallocate resources from lower-traction to higher-traction activities. Lower traction causes include absorptive capacity constraints (understaffing, reorganization, delays in implementing recommendations, leadership changes, high staff turnover), security concerns, and political instability.  
  - Example: Nepal Follow-up TA has shown limited traction over two fiscal years due to capacity constraints, political challenges, and evolving priorities; IMF staff proposed closing the program and redirecting remaining funds to programs with stronger traction.  
- Governance: The FSSF Steering Committee (SC) of donors and IMF representatives provides strategic direction, meets once a year (with a mid-year check) to review progress and endorse 12–18 month workplans; SC observers include the World Bank.

### Financial update and outlook
- FY2026 FSSF spending: $5.2 million.  
- Of the approved Phase II budget, 47 percent spent as of April 2026.  
- Execution of TA programs expected to increase in FY2027 as several TA missions are planned and early-stage programs advance.  
- Staff will continue reallocating resources to optimize traction and execution across programs.

*Source: Financial Sector Stability Fund (FSSF) Annual Report FY2026 (May 1, 2025–April 30, 2026), IMF.*

### 11.      FSSR follow-up TA activities continued in FY2026. Overall expenses under the FSSR

### fssf-annual-report-fy2026-aug-2026-final - 11.      FSSR follow-up TA activities continued in FY2026. Overall expenses under the FSSR

### Overview
- Overall expenses under the FSSR follow-up TA programs stood at $1.6 million.
- With the conclusion of the Rwanda and Sierra Leone programs, 12 active programs remain.
- Five programs started in FY2026: Kenya, Madagascar, Papua New Guinea, Kosovo, and Somalia.
- The start of the Vanuatu program was delayed to FY2027 after a major earthquake in December 2024.

### Country TA activities — summary findings and key outputs
- Burundi
  - May 2025 mission: supported updating the collateral framework for monetary refinancing operations and identifying assets eligible as collateral for Emergency Liquidity Assistance (ELA).
  - June–August 2025: MCM and LEG joint desktop review of the 2017 Banking Law’s resolution and crisis-management provisions; produced recommendations for a Special Resolution Regime (SRR).
  - January 2026: in-country mission to strengthen IT and cybersecurity risks supervision.
  - January 2026: support for integrating interest rate risk in the banking book (IRRBB) into the regulatory framework.
  - March 2026: follow-up on operationalizing the bank scoring system.
  - February 2026: workshop on implementing credit file reviews.

- Cabo Verde
  - Program extension through February 2027; FY2026 TA slowed due to capacity constraints at Banco de Cabo Verde.
  - May 2026 mission: assisted central bank and deposit guarantee fund on deposit insurance and resolution financing, operational readiness for depositor reimbursement, data infrastructure, and policy/strategic issues.
  - October 2026 mission planned to strengthen stress testing framework and analytical capacity.

- Democratic Republic of the Congo (DRC)
  - Financial Stability Department established in September 2024; resident advisor support continued in FY2026 for macrofinancial surveillance and risk analysis.
  - Emphasis on systemic risk tools: risk dashboard and stress testing frameworks.
  - Creation of a Financial Stability Committee; inaugural meeting held in December 2025.
  - Issuance of the country’s first Financial Stability Report.
  - June and December 2025 missions: advanced transition to risk-based insurance supervision with training, rating tool, and implementation roadmap.
  - Banking reforms: missions on ICAAP and recovery planning (July 2025); Liquidity Coverage Ratio transposition (September 2025); onsite inspections with new risk-based scoring (October 2025); March 2026 work on payment institutions prudential framework and Supervisory Review Process follow-up.
  - June and August 2025 missions: established framework for bank recovery plans and operationalized the SRR after resolution responsibilities transferred to the Financial Stability Department, completing related FSSR objectives.

- Kingdom of Eswatini
  - Continued progress on insurance supervision and bank recovery planning.
  - August 2025 mission: intensive training on risk-based solvency frameworks, transition examples, project planning, Own Risk and Solvency Assessment (ORSA), and data for industry calibration.
  - February 2026 mission: advanced recovery planning requirements for banks, supervisory tools for plan assessment, and coordination with the South African Reserve Bank on parent-subsidiary recovery strategies.

- Kenya
  - Main FSSR diagnostic mission: November 2024; follow-up workplan mission: May 2025.
  - Reform workplan finalized January 2026; implementation began in FY2026 across financial regulation and supervision, crisis preparedness (including bank resolution), and macro stress testing.
  - February 2026 mission: supported development and operationalization of an ELA framework (public regulation, internal procedures, communication, collateral, domestic and cross-border coordination).
  - March 2026 mission: assisted Bank Supervision Department in updating Domestic Systemically Important Banks (DSIBs) framework and implementing Basel III capital framework.
  - Forthcoming mission to review data, establish roadmap for data collection, and build analytical capacity for systemic risk analysis.

- Kosovo
  - FSSR update diagnostic concluded September 2025; final report transmitted January 2026.
  - Follow-up TA workplan prepared and agreed March 2026; delivery commenced April 2026.
  - First mission supported implementation of Basel Pillar 2 framework and Supervisory Review Process (SRP), including guidance on ICAAP report review and integration into SRP/Pillar 2 assessments.
  - Several follow-up TA missions planned for FY2027.

- Lesotho
  - FY2026 progress on early warning indicators and bank recovery planning; systemic risk analysis and stress testing expected to resume in early FY2027.
  - April 2026 mission: finalized guidelines and assessment framework for recovery plans, operationalized recovery plan oversight, and advanced cooperative arrangements with the South African Reserve Bank.
  - FY2026 systemic risk/stress testing TA delayed due to capacity constraints; a twenty-month extension of the program phase (which ended April 2026) supports intensified FY2027 delivery.

- Madagascar
  - Main FSSR diagnostic mission concluded November 2024; follow-up workplan mission May 2025.
  - Three-year TA workplan finalized January 2026 focusing on: (i) strengthening the bank resolution framework, (ii) enhancing banking regulation and supervision, and (iii) operationalizing ELA.
  - MCM hiring a French-speaking resident advisor to be placed at the CFSB.
  - April 2026 mission: advanced ELA framework implementation (legal requirements, operational procedures, risk controls for nonmarketable collateral).
  - Next engagement: desktop review of legislation and assessment of bank liquidation regime to support bank resolution.

- Nepal
  - Three-year TA workplan agreed March 2024, anchored in the 2023 FSSR diagnostic; initial supervisory training on IFRS 9 and expected credit loss in September 2024.
  - Engagement limited over two fiscal years due to absorption capacity constraints, frequent turnover of technical counterparts, elevated political uncertainty (including September 2025 protests and leadership change), and shifting institutional priorities.
  - November 2025 scoping mission identified potential follow-up activities; momentum did not materialize.
  - Proposed closure of the Nepal FSSR follow-up TA program in FY2027; decision communicated to new NRB Governor during April 2026 Spring Meetings.

- Papua New Guinea
  - August 2025 mission: advanced operationalization of the ELA framework to support removal of exchange restrictions and restore kina convertibility under ECF and EFF arrangements, and enhance liquidity management capacity.
  - October 2025 LEG mission: reviewed amendments to the Banks and Financial Institutions Act 2000 with recommendations to strengthen licensing, supervision, and resolution in line with Basel Core Principles and international resolution standards.
  - January 2026 TA: helped establish key elements of a macroprudential policy framework; future support to create a dedicated financial stability unit.
  - April 2026 mission: strengthened systemic risk monitoring via solvency and liquidity stress testing tools, macrofinancial heatmaps, and staff risk assessment capability.

- Rwanda
  - Program ending in FY2026: resident advisor consolidated supervisory reforms and capacity building.
  - Training in financial analysis improved methodology for the National Bank of Rwanda’s published yield curve; groundwork for AFRITAC East mission on yield-curve modeling.
  - Resident advisor supported climate risk supervision via attachment to the National Bank of Georgia; designed study program for regulatory framework for climate risk, taxonomy, and disclosure standardization.
  - Final recommendations: strengthen credit risk supervision, enhance Pillar 3 disclosures, advance supervision of climate-related financial risks, and develop risk-based supervision for microfinance institutions.

- Sierra Leone
  - FSSR follow-up TA program concluded June 2025 with end of resident advisor’s contract under Phase II.
  - Final two months of tenure (first two months of FY26): resident advisor finalized guidelines on third party and operational risk management (pending approval).
  - Engagement helped establish modern supervisory framework and build supervisory capacity for risk assessments and corrective actions.
  - Final assessment (January 2026): core objective of strengthening Bank of Sierra Leone’s supervision and regulatory framework largely achieved, notably in implementing risk-based supervision and improving onsite inspection quality.

- Somalia
  - TA activities began September 2025 supporting banking supervision, payment system oversight, and financial stability frameworks.
  - October 2025 Nairobi mission: reviewed prudential rules on asset classification and provisioning; delivered credit risk training.
  - April 2026 follow-up mission: completed impact study of draft asset classification and credit provisioning regulation, finalized regulation, and developed supervisory reporting templates for credit operations.
  - November 2025 desk reviews: assessed National Payment System against the Principles for Financial Market Infrastructures and draft Oversight Policy Framework.
  - November 2025 Financial Stability Committee inaugural meeting: presentation on governance models for fragile and emerging contexts.
  - February 2026 desktop review: plans to reorganize Financial Stability and Research functions.

- Zimbabwe
  - FSSF Phase I-funded program extended December 2024 for 18 months through targeted follow-up TA under FSSF Phase II focusing on Basel III capital, consolidated supervision, and corporate governance.
  - March 2025 mission: finalized Basel III capital framework implementation.
  - Delivery slowed due to temporary authority resource constraints; hybrid mission scheduled May–July 2026 to modernize consolidated supervision guidelines, prudential limits on intra-group exposures, reporting templates, and enforcement measures.
  - Second hybrid mission planned August–September 2026 to upgrade supervisory framework, prepare consolidated supervision manual, develop group-level institutional profiles, review organization/processes/staffing, and enhance procedures for monitoring banking groups’ compliance with consolidated prudential requirements.

### Multi-country CD activities and online courses
- Multi-country activities in FY2026:
  - Continuation of the Supervisory and Regulatory Online Course (SROC).
  - Continuation of the Cyber Risk Supervision Online Course (CRSOC).
  - Organization of the Nineth Annual Cyber Security Workshop.
  - Online courses intended for blended CD delivery: fundamental concepts via courses followed by country-tailored bilateral TA.

- Supervisory and Regulatory Online Course (SROC) — key statistics and feedback
  - Delivered since 2018 in partnership with the Financial Stability Institute (FSI) of the Bank for International Settlements.
  - Updated in 2021 to include climate risks and fintech developments and to refresh IMF case studies.
  - Eighth edition concluded in March 2026.
  - Five hundred sixty-five participants from 102 jurisdictions registered in FY2026.
  - Recorded a 54 percent completion rate.
  - Nearly 26 percent of participants were from FSSF-eligible countries.
  - Participant feedback:
    - Ninety-eight percent of participants who completed the course evaluation considered the SROC “very satisfactory” or “satisfactory”.
    - Seventy-five percent commented on course highlights, praising content and structure and valuing IMF case studies and live webinars.
    - Main suggestions: incorporate more recent case studies and hands-on exercises, and improve the portal to prevent connectivity issues.

*Source: FSSF Annual Report FY2026.*

### 16.      Initially launched for financial sector regulators and supervisors, the CRSOC was made

### Financial Sector Support: CRSOC, Cybersecurity Workshop, FRM and FSM FY2026

### CRSOC (Cyber Risk Supervision Online Course)
- Initially launched for financial sector regulators and supervisors; made available to the public starting in September 2022.
- Course objective: advance participants’ understanding of cyber risk, including potential impact on financial institutions and financial stability.
- Structure: five modules and includes a practical assignment based on a case study.
- FY2026 participation and outcomes:
  - 881 participants registered (316 government officials and 565 members of the public).
  - 359 active participants.
  - 226 completed the course.
  - About half of participants were from FSSF-eligible countries.
  - Registered participants declined relative to FY2025, which had 1,461 participants, with a larger drop among public sector participants.
  - All survey respondents indicated that the course objectives were fully met.
  - Participant feedback: appreciated content, elaborate details, comprehensive coverage, and structure; several participants noted the course was concise and relevant and that they learnt new knowledge and skills.
- Course updates: updates to the course material are under consideration, with completion expected by FY2028.

### Annual Cybersecurity Workshop (Ninth Annual, January 2026)
- Purpose: update cybersecurity risk supervisors from LLMICs on threat and defense developments and enhance capacity.
- Format and attendance:
  - Held in Washington, D.C. in an in-person format.
  - Attended by 104 participants from 83 countries, including many FCS.
  - This is a 40 percent increase in terms of countries represented compared to the previous year’s event.
- Theme: “Cyber Resilience in an Age of Uncertainty”.
- Threat landscape observations presented at the workshop:
  - Geopolitical and economic uncertainty results in heightened cyber risks, including a sustained rise in supply-chain attacks.
  - A 20–50 percent increase in ransomware incidents across most countries.
  - Accelerating use of AI to exploit vulnerabilities, conduct fraud and deepfake campaigns, and facilitate large-scale information theft.
  - Shift toward hybrid conflict combining physical and digital domains; financial sector remains a prime target for nation-state activity.
- Workshop lessons and policy emphasis:
  - Cybersecurity regulation and supervision need to be adaptive, principles-based, risk mitigating, and enabling rather than stifling innovation.
  - Effective governance, cyber hygiene, detection, incident response, and investment remain essential across all institutions.
  - Third-party risk management is a central concern due to growing dependencies and concentration risks in complex service-provider ecosystems.
- Publication launched: IMF Departmental Paper on “Good Practices in Cyber Risk Regulation and Supervision,” drawing on CD experience and FSAP diagnostics; illustrated how the IMF Cyber Risk Supervision Toolbox can strengthen national regulatory and supervisory frameworks.

### Outlook for FRM (Financial Regulation and Markets) Delivery — FY2027 Workplan
- Continued CD delivery under ongoing and upcoming follow-up TA programs and new diagnostics.
- Bilateral CD to continue in twelve countries: Burundi, Cabo Verde, DRC, Eswatini, Kenya, Kosovo, Lesotho, Madagascar, Nepal, Papua New Guinea, Somalia and Zimbabwe.
- TA program expected to be launched in Vanuatu.
- New follow-up TA programs beginning in: Bhutan, Mauritania, Solomon Islands, and Zambia.
  - Individual program proposals with logframes and country-level objectives will be circulated to the FSSF Steering Committee for information.
- FSSR diagnostic for Lao P.D.R will conclude in FY2027.
- New diagnostics to be conducted in Liberia, Tanzania and Timor-Leste (request letter received), resulting in a total of four FSSR diagnostics to be conducted during FY2027.
- Multi-country CD activities to continue, including new editions of SROC and CRSOC, and the Tenth Annual Cybersecurity Workshop.

### Examples of Impactful FRM CD Support in FY26 (Selected)
- Kenya (March 2026): Onsite IMF mission supported the Central Bank of Kenya (CBK) to develop a practical framework for identifying systemically important banks and how they should be supervised; improved ability to focus supervisory resources on institutions with greatest economic impact.
- Sierra Leone (follow-up TA concluded October 2025): Resident advisor placement helped transition supervision from compliance-focused checks to a modern risk-based supervision approach. Key achievements:
  - A new risk-based supervision framework developed, approved, and published.
  - On-site inspections strengthened with emphasis on root causes of risks and management assessment.
  - Banking Supervision Department reorganized to improve coordination between on-site and off-site supervision.
  - Supervisory staff received extensive training and hands-on coaching to strengthen analytical skills and judgment.
- Kosovo: Targeted FSSR update in 2025 focused on banking supervision and macroprudential framework; resulted in a new TA program. Authorities showed strong ownership and implementation of recommendations from the 2019 FSSR and subsequent TA.

### Financial Statistics Module (FSM) — Recent Developments and Impact (FY2026)
- FY2026 marked the first fully fledged year of FSSF Phase II for FSM, focusing on enhancing coverage, availability, and quality of financial sector statistics through improvements in source data and compilation frameworks for FSIs and balance sheet statistics (BSA).
- STA support enhanced countries’ capacity to conduct macroprudential analysis, monitor financial vulnerabilities, and support Fund surveillance.
- Tangible FSM outcomes in FY2026 included:
  - Yemen: Assistance to compile financial sector statistics to enable resumption of bilateral surveillance after a decade.
  - Somalia and India: Compilation and dissemination of FSIs and MFS data based on the latest statistical frameworks (2019 FSIs Compilation Guide and 2016 MFSCGM, respectively), for the first time.
  - The Gambia: Improved consistency between monetary and fiscal data, a structural benchmark for unlocking an upper credit tranche facility.
- Workplan implementation (May 2025–October 2026; as of April 2026):
  - FSIs: Planned 17; implemented 12 = 5 TA missions and 7 training workshops (In-person— 5; Virtual— 7). Implementation rate 71%.
  - BSA: Planned 17; implemented 17 = 15 TA missions and 2 training workshops (In-person— 16; Virtual— 1). Implementation rate 100%.
  - Total planned 34; implemented 29. Total implementation rate 85%.
  - STA participation in FSSRs: Planned 4; implemented 7 (In-person: 4; Virtual: 3). Implementation rate 175%.
  - Total with STA participating in FSSRs: Planned 38; implemented 36. Implementation rate 95%.
  - Note: Implementation rates are calculated against the original 18-month plan.
- Delivery modalities and modalities mix:
  - In-person missions accounted for 70 percent of all CD activities.
  - Remote delivery expanded where efficiency gains existed; nearly 60 percent of CD on FSIs delivered virtually, largely through regional webinars and FSSR scoping missions.
  - All TA activities for BSA were delivered in person.
  - Hands-on regional workshops used where feasible to provide consolidated support (example: MFS Workshop delivered for 10 countries through PFTAC).
- Continuous engagements (formerly short-term/limited engagements):
  - Proven cost-effective for timely, targeted support since COVID19 introductions.
  - Delivered during FY2026 to Ghana, Lesotho, Vietnam, Bolivia, Guinea, Tajikistan and Malawi.
  - Over FY2021-26, STA provided support through nearly 272 continuous engagements.
  - FY2026 enhancements: a more structured continuous engagement approach linking engagements to ongoing TA project objectives and outcomes to improve sustainability and accountability.

### Examples of Impactful FSM CD Support in FY2026 (Box 3 highlights)
- The Gambia: In-person mission funded by FSSF to the Central Bank of Gambia (CBG) identified causes of inconsistencies between monetary and fiscal data and developed a roadmap with timelines and responsibilities; improved staff capacity and banks’ reporting template; recommended further technical capacity enhancement and improved data collection tools.
- Somalia: Sustained TA missions and targeted training supported reconstruction of statistical frameworks; MFS covering central bank and ODCs and FSIs are now regularly compiled and shared with the IMF; ongoing support focuses on expanding coverage to nonbank financial institutions and strengthening data compiler capacity and reporting granularity.
- Yemen: STA support since 2020 to restore key datasets; complementary FSSF support covered MFS and external sector statistics; multidisciplinary IMF team supported compilation of core datasets for areas under control of the Internationally Recognized Government; ongoing support focuses on knowledge transfer and strengthening institutional arrangements and data sharing mechanisms; expansion to include significant nonbank coverage is underway.
- Tajikistan (MFS mission delivered February 2026): Enhanced quality, consistency, and analytical value of data reported by the central bank and ODCs, including recording of e-money; initiated expansion of coverage to other financial corporations (OFC); supported development and use of BSA matrix; migration to IMF’s 2019 FSI Guide reporting framework for deposit takers with authorities committed to commence regular reporting under the new FSI framework by end-October 2026.

### Financial Soundness Indicators Sub-Module: Implementation
- FSM progress indicates most FSSF-eligible countries can regularly compile a core set of FSIs, allowing CD to focus on expanding FSIs to non-deposit taking institutions where demand is growing.
- BSA work transitioning toward medium-term objective of expanding data coverage to other financial institutions (nonbanks), reflecting rising demand for CD in this area.
- STA participation in most FSSR missions supported alignment of analytical priorities, sequencing of joint TA programs, and strengthened availability and use of financial sector data for financial stability purposes.

*Source: IMF Financial Sector Stability Fund (FSSF) Annual Report FY2026*

### 32.      CD demand under the FSIs sub-module reflected a shift from establishing core indicators

### 32.      CD demand under the FSIs sub-module reflected a shift from establishing core indicators toward expanding coverage and strengthening the usefulness of FSIs for financial stability analysis

### Financial Soundness Indicators (FSIs) sub-module: findings and activities
- All but five FSIs reporting countries have now implemented and disseminated FSIs based on the templates and methodological guidance of the 2019 FSIs Guide.
- Demand shifted from establishing core indicators to:
  - implementing the 2019 FSIs Guide methodology,
  - expanding coverage to nonbanks,
  - compiling FSIs for key counterpart sectors such as nonfinancial corporations (NFCs) and households (HHs).
- Capacity building in FY2026:
  - Six regional webinars covering all regions of the world.
  - Webinars emphasized compilation of seven new FSIs for NFCs and HHs (liquidity, leverage, asset quality, profitability) in line with the 2019 FSIs Guide.
  - About 426 officials from 124 countries (including those from 55 LLMICs/FCS) participated, representing central banks, financial supervisory authorities, and national statistics offices.
- Bilateral TA in FY2026:
  - Five TA missions supported LLMICs (including three FCS).
  - Somalia and Marshall Islands: assisted authorities in starting to compile FSIs in line with the 2019 FSIs Guide for first-time dissemination.
  - Madagascar and South Sudan: improved collection and processing of source data for the FSIs.
  - Central African Banking Commission (COBAC): strengthened compilation framework and data quality checks to facilitate resumption of regular dissemination.

### Balance Sheet Approach (BSA) sub-module: implementation and outcomes
- FY2026 focus:
  - Strengthening data availability for sectoral financial balance sheets, cross-sector vulnerabilities, and interconnectedness.
  - Developing more consistent and comparable source data for BSA primary statistics, with emphasis on expanding coverage beyond banks to nonbanks and addressing digital money and crypto assets.
- TA delivery and outcomes:
  - The BSA workstream delivered 15 TA missions in FY2026 supporting eligible LLMICs (including three FCS) to develop primary statistics required to compile the BSA matrix.
  - Monetary and Financial Statistics (MFS) outcomes:
    - Improvements in source data and processing in Democratic Republic of Congo (DRC).
    - Compilation of a new dataset for ODCs in Guinea.
    - Improved compilation methodology in Timor Leste, Tajikistan, and Vietnam.
    - Resumption of MFS reporting for six BEAC countries.
    - Expansion of coverage to include NBFIs in Eswatini and Somalia.
    - Improved consistency between MFS and GFS in The Gambia (a structure benchmark under the Fund program).
  - International Investment Position (IIP) outcomes:
    - Strengthened integrated IIP compilation in Malawi (through source data integration and methodological refinements) and Bolivia (through improvements in BOP, IIP, external debt, and reserve assets).
  - Government sector statistics:
    - Intensified support to Kosovo following transfer of GFS compilation responsibility to the Kosovo Agency of Statistics, focusing on general government nonfinancial and financial accounts and balance sheets in line with IMF and Eurostat requirements.
- Integrated delivery approaches:
  - Joint MFS and FSI objectives within the same missions where feasible (e.g., DRC, Madagascar, Somalia).
  - Reserve Bank of India: high-level meeting following FSI training helped resolve methodological issues, enabling India to upgrade monetary statistics to the latest international standard and report MFS using the standardized report forms (SFRs) framework in FY2026 for the first time.
  - Tajikistan: MFS TA mission supported transition to the 2019 FSIs Guide templates for deposit-takers with reporting under the new framework expected to begin by end-May 2026.
- Workshops in FY2026:
  - MFS hands-on workshop for Asia Pacific at PFTAC (18 participants; 17 from FSSF-eligible countries, including five FCS).
  - Workshop on Reflecting Digitalization in Financial Sector Statistics at CCAMTAC (27 participants; 15 from FSSF-eligible countries).
  - Workshop content addressed emerging issues such as digital money and crypto assets.

### Outlook for FSM delivery (FY2027/28)
- Rationale:
  - Financial vulnerabilities remain elevated in many LLMICs amid heightened global uncertainty, persistent debt pressures, and the risk of renewed financial market volatility (WEO, January 2026).
  - Continued need for timely, granular, and well-integrated financial sector data for financial stability analysis and risk monitoring.
- Delivery modalities:
  - Mix of TA missions, regional training workshops, and continuous engagements.
  - Delivery remains centered on in-person activities but will use selective off-site and virtual modalities where efficient or required by country conditions.
  - CD planning will remain flexible with regional placeholders for bilateral TA missions; flexibility extended to the BSA sub-module starting in FY2026 under Phase II.
- FSIs sub-module FY2027/28 priorities and planned activities:
  - Prioritize strengthening compilation frameworks and expanding coverage of FSIs, including nonbanks, NFCs, and HHs.
  - Assistance to countries not yet compiling/reporting FSIs for deposit-takers based on the 2019 FSI Guide (example: Vanuatu).
  - Continued efforts to help countries prioritize preparation and dissemination of FSI metadata (example: Tajikistan).
  - Proposed FY2027/28 work plan includes nine bilateral TA missions with three regional placeholders for the FSIs sub-module.
    - Of the nine TA mission placeholders: three each for Africa and Asia and Pacific regions, two for the Middle East and Central Asia, and one for the Western Hemisphere.
  - Regional webinar plan reduced to two (AFR and APD), plus one FSI workshop for Middle East and Central Asia at CCAMTAC.
- BSA sub‑module FY2027/28 priorities and planned activities:
  - Prioritize development of consistent source data for BSA primary statistics, with particular focus on NBFIs and digital money.
  - Continue strengthening primary statistics for MFS, GFS, and IIP; prioritize compilation of flow data to enhance BSA framework.
  - FY2027/28 BSA work plan includes 34 CD activities in total, including five FSSR missions.
    - Of the 27 TA mission placeholders:
      - MFS placeholders: two (Asia and Pacific), five (Africa), one (Western Hemisphere), seven (Middle East and Central Asia).
      - IIP placeholders: five (Africa), two (Asia and Pacific).
      - GFS placeholders: two (Europe), three (Asia and Pacific).
    - Two training workshops planned for Africa and one for Asia and Pacific on BSA and digitalization.

### Financial update, fundraising, and budgeting (FY2026 data and FY2027/28 proposals)
- Fundraising and resources:
  - Seven donor partners—China, Germany, Luxembourg, the Republic of Korea, Saudi Arabia, Sweden, and Switzerland—have signed contribution agreements totaling $26.5 million.
  - Since the last Steering Committee meeting:
    - Germany’s €5 million contribution agreement has been finalized.
    - Saudi Arabia announced another $0.9 million, bringing its total contributions to $5 million.
  - Total resources in or committed to the subaccount now amount to $28.5 million, including the new $0.9 million announcement from Saudi Arabia, $0.9 million in interest income and $0.2 million transferred from Phase I.
  - Remaining gap against the $40 million funding target: $11.5 million.
  - Cash position and inflows:
    - $22.3 million has been received in the sub-account (including interest income and transfers).
    - Available cash balances, together with expected inflows from signed agreements, are sufficient to support planned activities through end of April FY2028.
  - To close the remaining gap, IMF will continue targeted engagement with Phase I contributors not yet committed to Phase II and pursue outreach to additional partners to diversify donor base.
- Expenses and execution:
  - Total expenses in FY2026 reached $5.2 million.
  - Stronger execution anticipated in FY2027 as TA programs are multi-year, typically spanning three years, and many programs are in early implementation.
- Workplan and budget adjustments:
  - At the FY25 Annual Meeting, Steering Committee endorsed a work program totaling $13.6 million through October 2026.
  - IMF staff seek endorsement for an additional budget of $6.7 million, bringing the total endorsed budget to $20.3 million.
    - This amount includes $2.8 million in reallocation, already reflected during the reporting period.
    - Reallocations were within the Steering Committee’s approved threshold, resulting in an upward adjustment of the total budget to $16.4 million.
    - The remaining $3.9 million represents new funding to be allocated as follows:
      - $2.0 million for new FSSR diagnostics,
      - $260,000 for multi-country activities,
      - $1.8 million for the Statistics Module,
      - $25,000 for governance.
  - IMF will monitor implementation progress and may propose an updated work plan for consideration at the mid-year Steering Committee meeting if warranted.

### Items for information and endorsement (as presented for Steering Committee consideration)
- Proposed endorsement items (selected financial and governance decisions):
  1. Increase FSM workplan by $1.8 million, reaching a total allocation of $5 million for the Phase as presented in Appendix IV, Table IV-3.
  2. Increase FRM Budget by $4.8 million, reaching a total allocation of $15.2 million for the Phase as presented in Table 3.
  3. Increase governance budget by $25,000, amounting to a total budget of $75,000.
  4. Adjustments to the FRM follow-up TA programs (changes above 15% of allocated budget):
     - Reducing Lesotho follow-up budget by $107,000.
     - Reducing the Kingdom of Eswatini follow-up budget by $427,024, of which $159,524 are allocated to the Diagnostics.
     - Releasing the remaining Nepal budget $632,217 and allocating $148,325 to the Diagnostics.
  5. Switzerland and Sweden to assume the role of Chair and Vice Chair, respectively, of the FSSF Steering Committee for FY27.
- Items for information (selected notes):
  - Reducing Kenya follow-up budget by $251,342.
  - Increasing DRC follow-up budget by $170,850.
  - Increasing Sierra Leone follow-up budget by $5,350 (to cover final assessment mission).
  - Changes to FRM country follow-up TA programs within 15% of allocated budget:
    - Extension of The Eswatini and Lesotho follow-up programs till 12/31/2027.
    - Extension of Cabo Verde follow-up program till 02/28/2027.
    - Conclusion of the Nepal follow-up program.
    - Sierra Leone final assessment report.
    - Kosovo follow-up program—funding program proposal.

*Source: FSSF Annual Report FY2026 (FSSF Phase II financial and activity update).*

### Appendix I. FSSF Program-Level Reporting Logframe

### Appendix I. FSSF Program-Level Reporting Logframe (End-April 2026)

### Strategic objective
- Assist low and lower-middle income countries (LLMICs) and fragile and conflict-affected states (FCS) to support financial sector stability and deepening by addressing risks to financial stability.

### MCM Reform Module — Diagnostic Sub-Module
- Objective 1: Strengthened capacity in financial stability policy making and implementation supported by a systematic diagnostic.
- Outcomes (results):
  - Authorities have a better understanding of their capacity to tackle risks to financial stability.
  - FSSR diagnostics completed in Bhutan, Kosovo, Mauritania, Solomon Islands and Zambia.
  - Follow-up TA programs will be approved in the coming months, with TA activities starting afterwards.
  - New TA programs have started in Kenya, Madagascar, Papua New Guinea, Kosovo and Somalia.

### MCM Reform Module — Follow-up TA Programs Sub-Module: Regulation and Supervision
- Objective 2.1: Develop/strengthen banks’ regulatory and supervisory frameworks.
- Outcomes (results):
  - Legal and regulatory frameworks underpinning the implementation of risk-based supervision (RBS) are enhanced and/or developed.
  - Institutional structure and operational procedures for RBS are enhanced and/or developed.
  - Supervisors are able to address at an early stage unsafe and unsound practices or activities that could pose risks to banks or to the banking system.
  - Supervisors have sufficient capacity to effectively implement risk-based supervision and other supervisory processes.
- Objective 2.2: Develop/strengthen insurance companies’ regulation and supervision frameworks.
  - Outcomes (results):
    - Legal and supervisory frameworks for insurance companies are developed and/or strengthened.
    - Legal and prudential regulations for risk management, internal control, and governance developed/strengthened.
- Objective 2.3: Develop and/or strengthen the securities and derivatives regulatory and supervisory framework.
  - Outcomes (results):
    - Legal and regulatory frameworks are strengthened.
    - Appropriate data gathering and analytics strengthened.
- Objective 2.4: Enhance safety and efficiency of Financial Market Infrastructures (FMIs) and payments.
  - Outcomes (results):
    - Strategy for national payment system is developed and implemented.
    - Legal and regulatory framework for FMIs and other payment systems and payment services strengthened.
    - FMI oversight and risk management framework strengthened.
- Good progress highlights (selected TA activities and focus areas):
  - Burundi: banking supervision—cyber risk supervision, bank scoring system, IRBB.
  - DRC: Insurance risk-based supervision; banking supervision—work on the LCR, ICAAP, recovery planning, new risk-based scoring methodology, Supervisory Review Process, and prudential framework for payment institutions.
  - Eswatini: Insurance risk-based supervision.
  - Kenya: banking supervision—work on Domestic Systemically Important Banks (DSIBs) framework and Basel III capital framework.
  - Kosovo: banking supervision—work on ICAAP and the Supervisory Review Process.
  - Lesotho: banking supervision—developing an early warning framework and assessment of bank recovery plans.
  - Papua New Guinea: work on legal framework for licensing, supervision, and resolution.
  - Rwanda: banking supervision—work on climate risk and credit risk supervision.
  - Sierra Leone: banking supervision—Third-Party and operational risk management, onsite inspections and work on supervisory practices.
  - Somalia: banking supervision—asset classification and provisioning for credit operations; Payment systems—oversight policy framework.
  - Zimbabwe: banking supervision—Basel III implementation and consolidated supervision.
  - Rwanda and Sierra Leone benefitted from dedicated LTXs on banking supervision.

### MCM Reform Module — Follow-up TA Programs Sub-Module: Systemic Risk Oversight
- Objective 3.1: Strengthen architecture for monitoring systemic risk.
  - Outcomes (results):
    - Organizational structure for monitoring systemic risk is aligned with domestic financial landscape and endowed with enabling framework.
    - Agency has an effective systemic risk-monitoring framework.
    - The results of risk assessments are communicated regularly with target audiences.
- Objective 3.2: Strengthen the toolkit for the identification of threats to financial stability and corrective policies.
  - Outcomes (results):
    - Regular access to the necessary data is secured.
    - Target analytical tools are developed and fully operational.
    - Results of quantitative analysis being disseminated to relevant stakeholders.
- Objective 3.3: Establish and/or strengthen an effective macroprudential policy framework.
  - Outcomes (results):
    - Systemic risk monitoring framework is implemented.
  - Good progress highlights:
    - DRC: development of systemic risk tools such as a risk dashboard and stress testing frameworks; establishment of a Financial Stability Committee; completion of the Financial Stability Report. DRC benefitted from the support of LTXs.
    - Papua New Guinea: strengthened systemic risk monitoring through solvency and liquidity stress testing tools, macrofinancial heatmaps; preparing future creation of a dedicated financial stability unit.
    - Somalia: advanced on institutional framework and financial stability function.

### MCM Reform Module — Follow-up TA Programs Sub-Module: Financial Safety Nets
- Objective 4.1: Develop/ strengthen special resolution regime.
  - Outcomes (results):
    - Resolution authority is established or strengthened.
    - Operational preparedness of the resolution authority is enhanced.
- Objective 4.2: Introduce/strengthen the deposit insurance framework.
  - Outcomes (results):
    - Deposit insurer is established or strengthened.
    - Operational preparedness of the deposit insurer is enhanced.
- Objective 4.3: Strengthen crisis preparedness in line with international best practices to support financial stability.
  - Outcomes (results):
    - Competent authorities engage in effective interagency coordination.
    - Agency-specific contingency plans and interagency national contingency plan are in place.
- Objective 4.4: Develop/strengthen the central bank capacity to provide Lender of Last Resort (LOLR).
  - Outcomes (results):
    - Provision of LOLR support is well-implemented.
  - Progress highlights:
    - Burundi: Collateral framework for ELA, resolution and crisis-management provisions in banking law.
    - DRC: Framework for bank recovery plans and operationalization of the Special Resolution Regime.
    - Eswatini: development of recovery planning requirements for banks.
    - Madagascar: Implementation of ELA framework.
    - Papua New Guinea: operationalization of the ELA framework.

### MCM Reform Module — Multi-Country Activities Sub-Module
- Objective 5: Enhance capacity on latest developments in international standards and best practice in areas of high demand.
  - Outcomes (results):
    - Participants exchange/acquire knowledge and skills in areas of high demand.
  - Activities and participation metrics:
    - The eighth edition of the Supervisory and Regulatory Online Course (SROC) concluded in March 2026, with 565 participants from 102 jurisdictions registered in FY2026 and a 54 percent completion rate.
    - 881 participants registered for the Cyber Risk Supervision Online Course (CRSOC), of whom 359 were active and the course completion rate was above 60 percent. The participants responding to a survey indicated that the objectives of the CRSOC were met.
    - The ninth Annual Cybersecurity workshop took place in January 2025 on the theme of “Cyber Resilience in an Age of Uncertainty”, with 104 participants from 83 countries, including many FCS. This is a 40% increase in terms of countries represented compared to the previous year’s event.

### STA Statistics Module — FSI Sub-Module
- Objective 6.1: Strengthen compilation and dissemination of financial soundness indicators - FSI.
  - Outcomes (results):
    - Methodological basis for the statistics follows internationally accepted standards, guidelines, or good practices.
    - A new data set has been compiled and disseminated internally and/or to the public.
    - Improved periodicity, timeliness, and consistency of data.
  - Progress highlights:
    - Strengthened FSI compilation methodology in Guinea, Madagascar, COBAC and South Sudan.
    - A new data set has been compiled and disseminated publicly in Samoa and Somalia and made available internally for Marshall Islands.
    - Improved periodicity, timeliness, and consistency of data for Burundi, COBAC, and Mauritania.

### STA Statistics Module — BSA Sub-Module
- Objective 7.1: Strengthen compilation and dissemination of balance sheet approach/financial statistics - BSA.
  - Outcomes (results):
    - Staff capacity increased through training, especially on developing source data, compilation methods and dissemination.
  - Training metrics:
    - FSSF supported two BSA training workshops in FY26 in APD and MCD regions, with a total of (46) participants increasing their technical capacity; since FY25, it has supported five BSA training workshops in total, reaching (164+) participants.
    - All the trainings met the minimum requirements of a 15 percent learning gain (the difference between the pre and post quiz).
    - At least half of the participants achieved the minimum target of 60 percent on post course test, and in some cases these targets were even surpassed.
- Objective 7.2: Strengthen compilation and dissemination of monetary and financial statistics, BOP/IIP, and Public Sector Balance Sheet (PSBS) analysis.
  - Outcomes (results):
    - Methodological basis for the statistics follows internationally accepted standards, guidelines, or good practices.
    - Source data are adequate for the compilation of these macroeconomic statistics.
    - A new data set has been compiled and disseminated internally and/or to the public.
    - Improved periodicity, timeliness, and consistency of data.
  - Progress highlights:
    - Strengthened compilation methodology on MFS (El Salvador, BEAC, DRC, Guinea, Sri-Lanka, Timo-Leste, Tajikistan and Vietnam), and GFS (Kosovo).
    - Ensured source data are adequate for the compilation of MFS data in DRC.
    - A new data set for MFS has been compiled and disseminated to the public in Rwanda and disseminated internally in BEAC, Yemen, Somalia, Jordan and Eswatini.
    - Improved periodicity, timeliness and consistency of IIP data in Nepal, Bhutan, and South Sudan and on MFS in Bhutan, Guinea and Gambia.

### Status of the FSM Work Plan for FY2026 (selected entries)
- BSA Workshops: Reflecting Digitalization (MCD) and MFS (APD) — FY2026 — Done.
- BSA MFS country workshops (selected): Eswatini; DRC; Guinea; Somalia; Timor-Leste; Tajikistan; Vietnam; BEAC; Sri Lanka; The Gambia — FY2026 — Done.
- Placeholders rolled over to FY2027: 2 MCD Placeholder; AFR- IIP (2 Placeholders); APD- IIP (1 Placeholders); 3 APD FSI Placeholders; 1 MCD FSI Placeholder; 1 WHD FSI Placeholder.
- FSIs country engagements: COBAC; Somalia; Marshall Islands; Madagascar (Joint FSI-MFS); South Sudan — FY2026 — Done.
- STA participation in FSSR: 2 Bhutan (Main and scoping mission); 2 Solomon Islands (Main and scoping missions); Mauritania (Main mission); Lao (Scoping mission); Zambia (Main mission) — FY2026 — Done.

### Summary of CD Activities Under FSM During FY2026
- Overall delivery:
  - Under the FSM, CD activities during FY2026 included 36 against 38 planned CD activities in the 18-month work plan.
  - The 36 activities comprised 12 out of the 17 planned FSI TA missions and 17 out of 17 BSA activities, as well as participation in seven FSSR missions.
- FSIs: Twelve CD activities completed under the FSIs submodule comprising five TA missions and seven trainings.
  - Marshall Islands: Virtual FSIs TA mission during April 1–9, 2026 assisted authorities in reviewing source data and compiling FSIs for deposit-takers (DTs) for the first time, based on the IMF’s 2019 FSIs Compilation Guide (2019 FSIs Guide).
  - Madagascar: In-person joint MFS and FSI TA mission during March 30–April 10, 2026 delivered development of new bridge tables for both MFS and FSIs and initiated automation of compilation processes in Excel.
  - COBAC: In-person FSIs TA during January 12–23, 2026 supported finalization of provisional framework for compiling FSIs following migration to the SPECTRA reporting system and prepared for resumption of regular dissemination.
  - Somalia: In-person FSIs mission during March 30–April 3, 2026 reviewed FSI source data for deposit takers, corrected mappings in the bridge table, and conducted one-day training for CBS staff on FSI compilation.
  - South Sudan: In-person FSIs TA during March 2–6, 2026 examined adequacy of source data for DTs, reviewed FSI data mappings relative to the 2019 FSIs Guide, assessed DT funding structure and exposure to the Government of South Sudan, updated metadata, and provided one-day training on FSIs.
  - Regional FSIs Workshop at SARTTAC: First training workshop on FSIs for the region held October 27–31, 2025 with 35 participants from 10 countries.
  - Six Regional Virtual workshops on FSIs for nonfinancial corporations (NFCs) and households: Six two-day regional workshops during March-April, 2026 benefitted about 430 participants from 124 jurisdictions, including those from 47 LLIMCs.
- BSA-MFS: Ten CD activities in approved work plan and two added to meet emerging demand.
  - BEAC: In-person MFS TA during April 30–May 11, 2026 advanced implementation of MFS modernization program; validated preliminary data and refined bridge tables for the six CEMAC member countries; initiated SRF 1SR bridge tables for central bank sector.
  - Gambia: In-person MFS TA during April 20–29, 2026 assisted in resolving inconsistencies between fiscal and monetary accounts in central government net financing from the banking system for years 2024–2025; identified, reconciled, and resolved inconsistency; supported a structural benchmark under the program with the IMF.
  - Democratic Republic of Congo: In-person MFS TA during February 16–27, 2026 improved compilation of ODCs sectoral balance sheet, operationalized new 2SR compilation framework, established foundation for automated compilation, and guided development of a dashboard of charts to monitor 2SR time series.
  - Eswatini: MCM-STA joint FSSR mission identified lack of NBFI data (accounts for about 70 percent of the total financial sector assets); MFS TA mission during May 12–23, 2025 produced a sectoral balance sheet for NBFIs on a from-whom-to-whom basis and compiled the financial corporation survey covering the entire financial sector.

*Source: FSSF Annual Report FY2026 — Appendix I. FSSF Program-Level Reporting Logframe (End-April 2026).*

### 16. Guinea: An MFS TA mission held from August 18 to 29, 2025 supported the Central Bank of the

### 16. Guinea: An MFS TA mission held from August 18 to 29, 2025 supported the Central Bank of the

### Monetary and Financial Statistics (MFS) TA missions — objectives and outcomes
- Guinea (mission dates: August 18–29, 2025)
  - Objective: Resume submission of sustainable and regular monetary statistics and improve their quality for publication on the IMF’s website and for surveillance purposes.
  - Assistance provided: Strengthening MFS compilation for 1SR and 2SR and aligning reported data with international standards set out in the MFSMCG.
- Somalia (mission dates: March 23–27, 2026; held offsite in Nairobi, Kenya)
  - Focus: Examined MFS source data; implemented recommendations from previous mission related to central bank and commercial banks’ data.
  - Additional support: Reviewed draft OFCs reporting templates (insurance corporations, money transfer businesses, microfinance institutions).
  - Capacity building: Two days of training on compilation of MFS and FSIs to strengthen institutional capacity and improve data quality.
- Sri-Lanka (mission dates: April 27–May 8, 2026)
  - Work areas: (i) review compilation of Standardized Report Form (SRF) 1SR for central bank; (ii) improve reporting framework for ODCs and compilation of SRF 2SR for ODCs; (iii) prepare action plan to improve MFS compilation in line with MFSMCG.
- Timor-Leste (mission dates: April 27–May 8, 2026)
  - Tasks: (i) review mapping of source data for central bank monetary accounts to ensure sectoring and instrument classification—including IMF accounts—are aligned with the 2016 MFSMCG; (ii) reassess source data and mappings for other depository corporations following updated chart of accounts for banks and credit unions; (iii) finalize mapping of other financial corporations accounts to bring them fully into the ambit of MFS.
- Tajikistan (mission dates: February 2–13, 2026)
  - Outcomes: Strengthened MFS compilation and alignment with international standards; improved quality of central bank and other depository corporations data (including better capture of e-money); initiated expansion of OFC coverage; hands-on training including on the BSA matrix.
  - Impact: More accurate MFS—particularly improved measurement of broad money—are expected to strengthen the National Bank of Tajikistan’s monetary policy analysis and decision-making.
  - Reporting transition: Supported authorities’ transition to the IMF’s 2019 FSIs Guide templates for DTs, with a commitment to begin reporting under the new framework by end-May 2026.
- Vietnam (mission dates: August 11–22, 2025)
  - Support provided: Assessed source data and strengthened compilation of monetary statistics using IMF SRFs; mapped newly collected ODCs data with sectoral and currency breakdowns into SRF 2SR; aligned key central bank and ODC positions in SRF 1SR/2SR, including clarifying national definitions of monetary base and broad money.
  - Deliverables and targets: Produced revised SRF 1SR/2SR bridge tables; helped position SBV to compile SRFs monthly and begin regular reporting to STA by end-2026; supported improved monetary analysis and enhanced dissemination under the e-GDDS framework.

### Regional workshops and thematic training — reach and content
- MFS workshop for the Asia Pacific Region at PFTTAC (dates: April 27–May 1, 2026; location: Suva, Fiji)
  - Purpose: Consolidated assistance to improve delivery efficiency in lieu of multiple standalone missions.
  - Content: Strengthened capacity to compile MFS in line with the 2016 MFSMCG and to develop/update SRFs for central banks and ODCs via lectures, practical mapping exercises using country data, and bilateral sessions.
  - Coverage: Supported nonreporting countries to initiate MFS compilation and assisted participating countries to review and strengthen existing data mappings.
  - Participation: 18 participants from central banks and national statistics offices, 17 from FSSF-eligible countries, attended the workshop.
- BSA workshop for CCAMTAC on Reflecting Digitalization in Financial Sector Statistics (dates: April 20–24, 2026; location: Almaty, Kazakhstan)
  - Funding: Partially funded by the FSSF.
  - Topics: e-money, central bank digital currencies (CBDCs), crypto assets, stablecoins, decentralized finance, tokenization; drew on STA’s latest methodological work and evolving international statistical standards.
  - Format: Lectures, hands-on exercises, and peer learning to strengthen capacity to collect, classify, and report these instruments in MFS; emphasized cross-agency collaboration.
  - Participation: 27 officials attended, including 15 participants from FSSF-eligible countries.

### BSA-IIP and external sector statistics (ESS) activities
- Malawi (mission type: in-person; outputs)
  - Focus: Compilation and enhancement of the IIP and financial account (FA) entries in ESS to improve data quality and align with methodological standards.
  - Integration: Emphasized integrating data from Reserve Bank of Malawi, Ministry of Finance, and enterprise surveys; ensured consistency with MFS data.
  - Technical guidance: Addressed distortions from exchange rate fluctuations by analyzing sources in original currencies; guidance on classification of loans by central bank and government; addressed underreporting of liabilities related to multilateral development banks.
  - Result: Supported compilation for the first time of an integrated IIP for 2023; advanced production of quarterly ESS to provide more frequent cross-border data.
- Bolivia (mission dates: April 6–17, 2026)
  - Scope: Assessed methodology for compiling BOP, IIP, External Debt Statistics (EDS), and international reserves and foreign currency liquidity (IRFCL) templates; identified deviations from international statistical standards and data gaps.
  - Guidance: Provided specific recommendations on recording challenging transactions and financial positions, including those related to the digital economy and other emerging topics.

### BSA-GFS activities — Kosovo transition
- Kosovo (FY26 activities following MOU in August 2024)
  - Context: KAS assumed responsibility for compiling GFS under MOU signed August 2024.
  - FY26 support: Three in-person TA missions focused on institutional capacity building and developing a new MS-Excel based GFS compilation system to replace the previous Access system.
  - Outputs: Enabled compilation of general government non-financial and financial accounts and balance sheets for 2022, 2023, and 2025; improved consistency with IMF and Eurostat reporting requirements.
  - Outlook: With continued capacity building, KAS positioned to sustain regular GFS and public sector balance sheet compilation going forward.

### STA participation in Financial Sector Surveillance Reports (FSSRs)
- Bhutan
  - Engagement: STA joined scoping mission virtually during October 27–29, 2025 and main mission in-person during February 23–March 6, 2026.
  - Focus: Assessed financial sector data availability and compilation practices; supported development of TA roadmap to strengthen financial stability analysis.
  - Agreed priorities across five workstreams: (i) financial sector regulation and supervision (banking, NBFIs, and digital financial services), (ii) payment systems oversight and operations, (iii) financial safety net and crisis management, (iv) systemic risk analysis and monitoring, and (v) financial sector statistics.
  - Statistics workstream priorities: Improve automation and quality of financial sector datasets by modernizing compilation workflows and reviewing report forms and metadata to strengthen alignment with international guidance on FSIs and MFS.
- Lao PDR (scoping mission: February 2026)
  - Mode: STA participated virtually at the request of the Bank of the Lao PDR (BOL).
  - Outcomes: Introduced FSSR framework; reviewed past IMF TA progress; assessed vulnerabilities and data gaps across bank and nonbank supervision, systemic risk analysis, crisis management and financial safety nets, digital finance, and financial sector statistics.
  - Deliverable: Preliminary understanding on core focus areas, clarified CD needs, and established roadmap and timeline toward the main FSSR mission in May/June 2026.
- Mauritania (scoping mission: September 29–October 2, 2025; main mission: February 3–16, 2026)
  - Contribution: Strengthened institutional capacity and practices for compiling financial sector statistics to support systemic risk monitoring.
  - Key recommendations: Reinforce staffing for monetary statistics and off-site supervision; resume compilation and reporting of MFS in line with the 2016 MFSMCG (including more efficient SRF 2SR compilation using Bank Supervision Application); strengthen MFS and FSI compilation/validation; continue implementation of the 2024 FSI TA recommendations.
  - Follow-up: Agreed workplan for follow-up support to ensure reliable and comprehensive financial sector statistics.
- Solomon Islands (scoping mission: October 27–29, 2025; main mission: February 23–March 6, 2026)
  - Mode: STA participated remotely.
  - Focus: Financial sector statistics workstream; identified data gaps and agreed priorities to improve timeliness and automation of financial sector datasets by modernizing workflows and reviewing report forms and metadata.
  - Additional need: Strengthen government balance sheet data to support systemic analysis, including compilation of BSA.
- Zambia
  - Participation: STA attended main mission in-person and led financial sector statistics discussions with the Bank of Zambia and other stakeholders.
  - Coverage: FSIs and main data sources for the BSA matrix: MFS, IIP, and government financial balance sheet.
  - Outputs: Identified gaps and deviations in compilation and dissemination of financial sector statistics; developed and agreed a workplan to support central bank to ensure availability of reliable and comprehensive financial sector statistics for assessing financial stability risks and vulnerabilities.

*Source: FSSF Annual Report FY2026, IMF.*

### Appendix IV. Multi-Year FSM Pipeline

### Appendix IV. Multi-Year FSM Pipeline

### CD Activities on FSIs — Endorsed and Conducted during FY2018–25
- Table IV-1 reports changes and totals by fiscal year:
  - FY2018–19: Total 9
    - Recipient countries listed: Djibouti, Jordan, Liberia, Mauritania, Morocco, Mozambique, Sierra Leone, Sudan, Zimbabwe
  - FY2020: Change –2; Total 3
    - Recipient countries listed: Congo, Dem. Rep.; Eritrea; Tunisia
  - FY2021: Change +7; Total 14
    - AFR Webinar (1)
    - APD Webinar (1)
    - JVI Webinar (Endorsed January 2021) +1 (1)
    - MCD Webinar (Endorsed January 2021) +1 (1)
    - SARTTAC Webinar (Endorsed January 2021) +1 (1)
    - STI Webinar (Endorsed January 2021) +1 (1)
    - Cabo Verde (1)
    - CEMAC (Endorsed January 2021) +1 (1)
    - Ethiopia (1)
    - Guinea (1)
    - Liberia (1)
    - Micronesia (Endorsed January 2021) +1 (1)
    - Philippines (1)
    - Vietnam (Endorsed January 2021) +1 (1)
  - FY2022: Change +9; Total 16
    - EUR Webinar (1)
    - South Sudan (1)
    - Indonesia (1)
    - Nepal (1)
    - Tunisia (1)
    - AFR Workshop (anglophone) (Endorsed November 2021) +1 (1)
    - AFR Workshop (francophone) (Endorsed November 2021) +1 (1)
    - APD Workshop (Endorsed November 2021) +1 (1)
    - SAR Workshop (Endorsed November 2021) +1 (1)
    - MCD Workshop (Endorsed November 2021) +1 (1)
    - WHD Workshop (Endorsed November 2021) +1 (1)
    - Congo, Democratic Rep. (1)
    - Madagascar (1)
    - Morocco (Endorsed April 2022) +1 (1)
    - Eswatini (Endorsed December 2021) +1 (1)
    - Liberia (Endorsed July 2021) +1 (1)
  - FY2023: Change +2; Total 16
    - FSI & BSA MCD Webinar (1)
    - AFR Workshop (anglophone) (1)
    - AFR Workshop (francophone) (1)
    - APD Workshop (1)
    - MCD Workshop (1)
    - JVI Workshop (Endorsed January 2023) +1 (1)
    - WHD Workshop (Endorsed January 2023) +1 (1)
    - Papua New Guinea (1)
    - Angola (AFR placeholder) (1)
    - Burundi (AFR placeholder) (1)
    - Lesotho (AFR placeholder) (1)
    - Zimbabwe (AFR placeholder) (1)
    - Bangladesh (APD placeholder) (1)
    - Maldives (APD placeholder) (1)
    - Solomon Islands (APD placeholder) (1)
    - Vietnam (APD placeholder) (1)
  - FY2024: Change +1; Total 15
    - AFR Workshop (anglophone) (1)
    - APD Workshop (1)
    - MCD Workshop (1)
    - Workshop for Russian speaking countries (1)
    - WHD Workshop (1)
    - APD Workshop (in-person) Replaced APD BSA Workshop (Endorsed December 2023) +1 (1)
    - Timor-Leste (1)
    - Burundi (AFR placeholder) (1)
    - Comoros (AFR placeholder) (1)
    - Nigeria (AFR placeholder) (1)
    - Liberia (AFR placeholder) (1)
    - Uganda (AFR placeholder) (1)
    - Bhutan (APD placeholder) (1)
    - Cambodia (APD placeholder) (1)
    - Tajikistan (MCD placeholder) (1)
  - FY2025: Total 11
    - Burundi (AFR Placeholder) (1)
    - COBAC (AFR Placeholder) (1)
    - Guinea (AFR Placeholder) (1)
    - Mauritania (AFR Placeholder) (1)
    - Samoa (APD Placeholder) (1)
    - AFR Webinar (AFR Placeholder) (1)
    - APD Webinar (APD Placeholder) (1)
    - MCD Webinar (MCD Placeholder) (1)
    - Euro-Webinar (EURO Placeholder) (1)
    - Russian-Speaking Webinar (EURO Placeholder) (1)
    - WHD Webinar (WHD Placeholder) (1)
  - FY2026: Total 12 (listed as "Done" for multiple entries)
    - COBAC Done (AFR placeholder) (1)
    - Somalia Done (MCD placeholder) (1)
    - Marshall Islands Done (APD placeholder) (1)
    - South Sudan Done (AFR placeholder) (1)
    - Madagascar Done (AFR placeholder) (1)
    - AFR Workshop -NFCs and HHs Done (Regional workshop) (1)
    - APD Workshop-NFCs and HHs Done (Regional workshop) (1)
    - MCD Workshop-NFCs and HHs Done (Regional workshop) (1)
    - EUR-NFCs and HHs - Russian speaking countries Done (Regional workshop) (1)
    - Euro-NFCs and HHs - English Done (Regional workshop) (1)
    - WHD Workshop-NFCs and HHs Done (Regional workshop) (1)
    - APD- SARTAC Workshop Done (Regional workshop) (1)
- Footnotes and operational notes:
  - The planned FSI mission to Haiti was replaced by an MFS mission; the planned mission to Kiribati was canceled due to data confidentiality issues. (footnote 1)
  - The planned missions to Indonesia, Nepal, Papua New Guinea, and Sri Lanka were postponed to FY2022. (footnote 2)
  - The planned missions to Papua New Guinea, Timor-Leste, Uzbekistan, and Sri Lanka are postponed to the next work plan. (footnote 3)
  - The planned missions to Timor-Leste, Uzbekistan and Sri Lanka are postponed to the next work plan. (footnote 4)
  - The planned missions to Uzbekistan and Sri Lanka are postponed to the next work plan as regional placeholders. (footnote 5)

### CD Activities on BSA — Endorsed and Conducted During FY2018–26
- Table IV-2 reports changes and totals by fiscal year:
  - FY2018–19: Total 17
    - Activities and missions include: AFR/MCD Workshop; APD Workshop; Cambodia (FSSR); Zimbabwe (FSSR); Ethiopia (MFS); Mozambique (MFS); Philippines (MFS) Replaced Ukraine; Liberia (MFS, IIP); Mauritania (MFS, IIP); Malawi (MFS, IIP); Madagascar (IIP); Rwanda (IIP); Angola (GFS); Morocco (3 GFS) Replaced Uganda
  - FY2020: Change –1; Total 12
    - EUR/MCD Workshop; Gambia (2 FSSR/MFS); Bangladesh (MFS); Eritrea (MFS); Kosovo (MFS); Uzbekistan (MFS); Nepal (MFS); Liberia (MFS/FSI, IIP); Nigeria (IIP); Ghana (GFS)
  - FY2021: Change +7; Total 23
    - Cabo Verde (MFS) Endorsed January 2021 +1 (1)
    - Cambodia (MFS) Replaced Pakistan (1)
    - Ghana (MFS) (1)
    - Haiti (MFS) Replaced FSI (1)
    - Sudan (MFS) (1)
    - Tunisia (MFS) Endorsed February 2021 +1 (1)
    - Uzbekistan (MFS) Endorsed January 2021 +1 (1)
    - Zimbabwe (MFS) (1)
    - Congo, Rep. (IIP) (1)
    - Gambia (IIP) (1)
    - Liberia (IIP) (1)
    - Malawi (IIP) (1)
    - Mauritania (IIP) (1)
    - Rwanda (IIP) (1)
    - Sudan (IIP) (1)
    - Zambia (IIP) (1)
    - Burkina Faso (GFS) (1)
    - Kiribati (GFS) (1)
    - Lesotho (2 FSSR) +2 (2)
    - Uzbekistan (2 FSSR) +2 (2)
  - FY2022: Change +7; Total 20
    - Anglophone AFR BSA Workshop (1)
    - Bolivia (Multisector) +1 (1)
    - Djibouti (MFS) (1)
    - Ghana (MFS) (1)
    - Malawi (MFS) (1)
    - South Sudan (MFS) (1)
    - Bhutan (MFS) (1)
    - Gambia (MFS) Replaced FSI +1 (1)
    - Republic of Congo (IIP) (1)
    - Kenya (IIP) (1)
    - Rwanda (IIP) (1)
    - Sudan (IIP) (1)
    - Tanzania (IIP) (1)
    - Guatemala (GFS) (1)
    - Madagascar (GFS) (1)
    - El Salvador (MFS,GFS,IIP) +1 (1)
    - Moldova (FSSR) +1 (1)
    - Cabo Verde (FSSR) +1 (1)
    - Tajikistan (FSSR) +1 (1)
    - Lesotho (FSSR) +1 (1)
  - FY2023: Change +1; Total 13
    - Cabo Verde (MFS) Replaced Namibia (MFS) (Endorsed April 2023) (1)
    - Francophone AFR BSA Workshop (1)
    - Gambia (IIP) (1)
    - Honduras (GFS) (1)
    - Jordan (MFS) (1)
    - Kosovo (GFS) (1)
    - Lesotho (MFS) (1)
    - Libya (MFS) (1)
    - Nepal (MFS) (1)
    - Samoa (MFS) Replaced Bolivia (MFS) (Endorsed March 2023) (1)
    - South Sudan (IIP) (1)
    - Eswatini (FSSR) +1 (1)
    - Nepal (FSSR) (1)
  - FY2024: Change +1; Total 16
    - Anglophone AFR BSA Workshop (1)
    - APD BSA Workshop (1)
    - Bolivia (MFS) Replaced the Philippines (MFS) (Endorsed December 2023) (1)
    - Djibouti (MFS) (1)
    - Guatemala (GFS) (1)
    - Honduras (MFS, GFS) (2)
    - Kosovo (GFS) (2)
    - Malawi (IIP) AFR/MCD placeholder (1)
    - Mauritania (MFS) (1)
    - Mozambique (IIP) (1)
    - Sri Lanka (MFS) (1)
    - Yemen (MFS) (1)
    - Eswatini (FSSR) (1)
    - Somalia (FSSR) +1 (1)
  - FY2025: Total 18 (listed items)
    - Rwanda (MFS) (1)
    - DRC (MFS) (1)
    - BEAC (MFS) (1)
    - El Salvador (MFS) (1)
    - Yemen (MFS) (1)
    - Nepal (IIP) (1)
    - Bhutan (IIP) (1)
    - South Sudan (IIP) (1)
    - Kosovo (GFS) (1)
    - MCD BSA (In-person) Workshop (1)
    - APD BSA (In-person) Workshop (1)
    - HQ BSA (In-person) Workshop (1)
    - 2 Kenya (FSSR) (1)
    - PNG (FSSR) (1)
    - Somalia (FSSR) (1)
    - Madagascar (FSSR) (1)
    - 2 Vanuatu (FSSR) (1)
    - Zambia (FSSR) (1)
  - FY2026: Total 24
    - Eswatini -MFS (1)
    - COBAC (1)
    - DRC - MFS (1)
    - Guinea - MFS (1)
    - Somalia - MFS (1)
    - Timo Leste - MFS (1)
    - Vietnam - MFS (1)
    - Sri Lanka- MFS (1)
    - BEAC - MFS– Endorsed in Mid-year Steering Committee Replaced WHD-MFS (1)
    - The Gambia - MFS– Endorsed in mid-April via LOT Replaced APD-GFS (1)
    - MCD Reflecting Digitalization (MFS Workshop) (1)
    - APD-PFTAC MFS (In-person) Workshop (1)
    - Malawi-IIP (1)
    - Kosovo-GFS (3)
    - Bolivia-IIP (1)
    - Bhutan FSSR (2)
    - Solomon Islands FSSR (2)
    - Mauritania FSSR (1)
    - Lao PDR FSSR (1)
    - Zambia FSSR (1)
- Operational notes and cancellations:
  - The planned MFS mission to Ethiopia was canceled. The IIP mission to Liberia and the MFS mission to Nepal were delivered in FY2020 instead of FY2021 on authorities’ request. (footnote 6)
  - STA participation in MCM FSSR missions is decided on a case-by-case basis and not necessarily specified at mission level in the STA work plan. (footnotes 7, 8, 9, 10)
  - For FY2023, Nepal FSSR mission was specified in the STA work plan while Eswatini FSSR mission was not. The planned WHD Workshop, the planned MFS mission to Bolivia, Nigeria, Sudan, and the planned IIP mission to DRC were canceled. (footnote 9)
  - For FY2024, Eswatini FSSR mission was specified in the STA work plan while Somalia FSSR scoping mission was not. The planned multisector mission to Ghana and the planned IIP mission to Nigeria were canceled. Three of the planned MFS missions are rolled over to early calendar year 2025 under Phase II (the Philippines and Vietnam as APD placeholders and Eswatini as AFR placeholder, respectively). (footnote 10)

### FY26/27 Workplan (May 2026–October 2027) — FSI and BSA
- Table IV-3 summarizes approved, new, and total submodules:
  - FSI (footnote 11)
    - Approved 5
    - New 7
    - Total 12
    - Regional/department breakdown:
      - APD: Approved 3; New 0; Total 3
      - AFR: Approved 0; New 3; Total 3
      - MCD: Approved 1; New 1; Total 2
      - MCD-CCAMTAC: Approved 0; New 1; Total 1
      - WHD: Approved 1; New 0; Total 1
      - FSI webinars: Approved 0; New 2; Total 2
  - BSA (footnote 12)
    - Approved 5
    - New 24
    - Total 29
    - Submodule and regional breakdown:
      - AFR-MFS: Approved 0; New 5; Total 5
      - AFR-ATI: Approved 0; New 2; Total 2
      - APD-MFS: Approved 0; New 2; Total 2
      - MCD-MFS: Approved 2; New 5; Total 7
      - WHD: Approved 0; New 1; Total 1
      - EUR-GFS: Approved 0; New 2; Total 2
      - AFR-IIP: Approved 2; New 3; Total 5
      - APD-IIP: Approved 1; New 1; Total 2
      - APD-GFS: Approved 0; New 3; Total 3
      - FSSR: Approved 0; New 5; Total 5
      - FSSR: Approved 0; New 5; Total 5
  - Overall totals:
    - Approved 10
    - New 36
    - Total 46
- Footnotes on potential recipient countries:
  - FSI potential recipients (footnote 11) include: Sri Lanka and Vanuatu in Asia and Pacific region; Eswatini, Kenya and Madagascar in Africa region; Tajikistan (confirmed) and Yemen in Middle East and Central Asia; Honduras in WHD region.
  - BSA potential recipients for MFS TA, IIP TA, and GFS TA (footnote 12) include specific lists per region, with confirmed entries: Tajikistan (confirmed) for MFS TA; Guinea (confirmed) and Mozambique (confirmed) for IIP TA; Kosovo (2 missions) for GFS TA.

### Countries that Benefitted Ad-Hoc Interventions under the FSM in FY2021–26
- Table IV-4 lists countries and number of interventions; Total: 272
  - Selected country counts (alphabetical order as presented):
    - Afghanistan 2
    - Angola 12
    - Bangladesh 6
    - Bhutan 11
    - Bolivia 2
    - Burundi 6
    - Cabo Verde 1
    - Cambodia 2
    - Cameroon 2
    - Chad 1
    - Central African Republic 1
    - Comoros 1
    - Congo, DR 3
    - Djibouti 2
    - Egypt 1
    - El Salvador 6
    - Eritrea 4
    - Eswatini 6
    - Ethiopia 3
    - Gambia, The 1
    - Georgia 11
    - Ghana 3
    - Guinea 6
    - Guinea-Bissau 1
    - Haiti 3
    - Honduras 3
    - India 1
    - Indonesia 8
    - Iraq 2
    - Kenya 6
    - Kosovo 2
    - Lebanon 1
    - Lesotho 13
    - Liberia 8
    - Mauritania 1
    - Madagascar 7
    - Malawi 5
    - Maldives 7
    - Micronesia 2
    - Moldova 1
    - Mongolia 1
    - Morocco 1
    - Mozambique 10
    - Nepal 5
    - Nicaragua 1
    - Nigeria 4
    - Pakistan 4
    - Papua New Guinea 4
    - Philippines 1
    - Republic of Congo 3
    - Rwanda 6
    - Sierra Leone 9
    - Solomon Islands 4
    - Somalia 1
    - South Sudan 5
    - Sri Lanka 2
    - Sudan 6
    - Tajikistan 7
    - Tanzania 2
    - Timor-Leste 2
    - Tunisia 3
    - Ukraine 1
    - Uganda 2
    - Uzbekistan 6
    - Vanuatu 1
    - Vietnam 3
    - West Bank and Gaza 3
    - Zambia 3
  - Footnotes and modality change:
    - The engagements that the East African Community received twice in FY2023 are counted as two for each of partner countries—Burundi, DRC, Kenya, Rwanda, South Sudan, Tanzania, and Uganda. (footnote 13)
    - Ad-Hoc interventions formerly known as short-term engagements have transitioned in FY2026 to the modality of continuous engagements, which requires explicit discussion and agreement with authorities on targeted results before an activity begins, enabling clearer assessment of impact. (footnote 14)

---


_Source: https://www.imf.org/-/media/files/capacity-developement/fssf/fssf-annual-report-fy2026-aug-2026-final.pdf_