## Japan‑IMF Partnership on Capacity Development — Annual Report (JSA2020)

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### Overview of IMF Capacity Development and Japan Partnership
- Capacity development (CD) comprises hands-on technical assistance and training to help countries build effective economic institutions and implement more effective policies.
- CD contributes to progress toward the Sustainable Development Goals (SDGs) and is fully integrated with the IMF’s lending and surveillance activities.
- CD accounts for about one-third of the IMF’s spending.
- Delivery modalities include short-term staff visits from IMF headquarters in Washington, DC; in-country placements of long-term resident advisors; a network of regional CD centers; face-to-face training; and free online learning courses.
- Since 2017, Japan has supported the development and delivery of IMF online learning.
- Over 90 percent of countries that have requested IMF financial assistance have also received CD in the form of technical advice, practical tools, and policy-oriented training.

### Japan‑IMF Partnership at a Glance — Funding and Reach
- The Government of Japan is the longest standing partner in IMF capacity development efforts, with $685 million in funding to date.
- More than 100 IMF member countries have benefited from Japan-funded CD activities.
- In fiscal year 2020 (FY2020), the Government of Japan provided a new contribution of $34 million, of which $29 million financed a large portfolio of 26 bilateral programs.
- In the past five years, Japan has consistently been responsible for about one-fifth of all external financing to IMF CD.
- Japan-funded CD typically addresses: fiscal issues, monetary and capital market reforms, macroeconomic statistics, and macroeconomic management.
- Japan has committed resources to selected multi-partner thematic initiatives including:
  - Anti-Money Laundering/Combating the Financing of Terrorism Thematic Fund (AML-CFT)
  - Tax Administration Diagnostic Assessment Tool (TADAT)
  - Revenue Mobilization Thematic Fund (RMTF)
  - Data for Decisions (D4D) Fund
- Japan supports scholarship programs: Japan-IMF Scholarship Program For Asia (JISPA) and Japan-IMF Scholarship Program for Advanced Studies (JISP), and supports the IMF Regional Office for Asia and the Pacific (OAP).

### Funding Details and Financial Statements
- External partner–financed activities in FY2020 totaled about $168 million.
- The Japan Subaccount (JSA) channels Japan’s support to IMF CD.
- Since FY1990, JSA contributions total $685 million, allocated as follows:
  - About $556 million for IMF CD projects
  - $39 million for activities of the Regional Office for Asia and the Pacific (OAP)
  - $91 million for the Japan-IMF Scholarship Program for Asia and the Japan-IMF Scholarship Program for Advanced Studies
- In the period FY2011–2020, Japan alone was responsible for almost 20 percent of external financing for IMF CD.
- Contributions by Japan, FY1990–2020 (selected figures from TABLE 1, in millions of U.S. dollars):
  - Japan’s Contributions: 528.0 (FY1990–2015); 30.4 (FY2016); 28.9 (FY2017); 33.7 (FY2018); 30.4 (FY2019); 33.7 (FY2020); Total FY1990-2020: 685.1
  - Capacity Development: 425.1 (FY1990–2015); 24.8 (FY2016); 23.8 (FY2017); 27.9 (FY2018); 25.5 (FY2019); 28.6 (FY2020); Total: 555.8
  - Regional Office for Asia and the Pacific: 29.0; 1.8; 1.7; 2.1; 2.0; 2.1; Total: 38.8
  - Scholarships: 73.9; 3.7; 3.4; 3.7; 2.9; 3.0; Total: 90.5
  - The Japan-IMF Scholarship Program for Asia: 48.4; 2.8; 2.5; 2.8; 2.4; 2.4; Total: 61.3
  - Japan-IMF Scholarship Program for Advanced Studies: 25.5; 0.9; 0.9; 0.8; 0.5; 0.6; Total: 29.2
- JSA Financial Statement (Administered Accounts—Japan Financial Statement FY2020, In Thousands of U.S. Dollars):
  - Balance Sheet as of April 30, 2020 and 2019:
    - Cash and cash equivalents: 60,428 (2020); 55,211 (2019)
    - Total assets: 60,428 (2020); 55,211 (2019)
    - Total resources: 60,428 (2020); 55,211 (2019)
  - Income Statements and Changes in Resources for the Years Ended April 30, 2020 and 2019:
    - Balance, beginning of the year: 55,211 (2020); 50,937 (2019)
    - Income earned on investments: 1,021 (2020); 1,227 (2019)
    - Contributions received: 33,707 (2020); 30,440 (2019)
    - Contributions transferred (net): (3,109) (2020); (1,315) (2019)
    - Operating expenses: (26,403) (2020); (26,078) (2019)
    - Net changes in resources: 5,217 (2020); 4,275 (2019)
    - Balance, end of the year: 60,428 (2020); 55,211 (2019)
  - Note: IMF arranges for an annual audit of the JSA by its external auditors; separate certificate of completion provided to the Japanese authorities.

### Strategic Priorities and Rationale
- Japan’s support rests on the IMF’s comprehensive understanding of country-specific demands through regular policy dialogue and stakeholder coordination.
- Priority CD areas emphasized (especially during FY20 amid COVID-19):
  - Ensuring fiscal and macroeconomic sustainability in recovery
  - Proper public financial management
  - Debt transparency and sustainability
  - Enhancing domestic revenue mobilization
- IMF CD complements IMF financial support (emergency assistance and regular programs) by integrating technical advice and training.

### Japan‑IMF Initiative on Online Learning and COVID‑19 Response
- IMF Institute Learning Channel created to ramp up response to COVID-19 with free, bite-size micro-learning videos (typically up to 5 minutes).
- Channel currently offers 30 micro-learning videos addressing public debt statistics for policymakers.
- Japan financed development and delivery of IMF online learning; Japan is prominently acknowledged.
- Learning Channel first featured on April 17 in the 2020 Spring Meetings newsletter; new micro-learning content posted biweekly on Tuesdays; available on YouTube under the tagline “Come and Grow.”
- Online learning achievements (Japan‑IMF Initiative on Online Learning, JSA#: JPN204):
  - 23 online courses developed and over 100 deliveries since launch.
  - In FY2020, six new online courses and 44 reruns supported.
  - Online courses attracted over 75,000 active participants; over 23,000 government officials and 16,000 members of the general public from 191 countries have successfully completed an online course.
  - Course satisfaction: 4.5 out of 5; 98 percent of learners indicate content was relevant and useful; learning gains about 19 percentage points.
  - COVID‑19 response: learner enrollment up by 55 percent and course completions more than doubled over Q4 of FY20; IMF Institute Learning Channel launched with close to 1,000 subscribers and over 7,000 views within first weeks.

### Lessons Learned on Remote CD Delivery
- Transition to remote CD delivery at the end of FY20 due to COVID-19; remote TA example: Lao P.D.R. customs law review enabling timely revision and submission.
- Critical success factors for remote CD:
  - (i) beneficiary has been responsive to prior advice;
  - (ii) good technology and internet access available at headquarters and staff homes;
  - (iii) issue is narrowly defined and specific;
  - (iv) issue is a priority under the current COVID-19 crisis;
  - (v) pre-existing relationships between Fund staff/experts and country officials;
  - (vi) additional time allowed to complete work remotely due to added coordination and communication challenges.
- Conclusion: Remote CD is possible and can be effective but is more challenging for broader diagnostics or structural reforms; remote delivery complements but does not substitute in-country CD.

### Selected Country and Thematic Outcomes (High‑Level Results)
- Mali — Cash management and expenditure forecasting:
  - 2019 Action Plan; February 2020 national training workshop mobilized more than 90 participants.
  - Expenditure commitment plans launched in eight pilot ministries; IMF resident advisor provided guidance to four ministries.
  - Commitment plans to be integrated into information systems, particularly AICE2.
- State Bank of Vietnam — Blended online course and VTC support:
  - SBV core FPAS group participated in IMF online course on monetary policy analysis and forecasting (MPAFx); weekly VTC calls and virtual training on adapting pandemic-impact toolBox to Vietnam data.
- Myanmar — FIRST treasury reporting system and treasury automation:
  - FIRST fully functional at Treasury level; web-based roll-out ongoing; FIRST 2.0 development expected to start in the second half of 2020 to unify budget and financial reporting and include modular accounting.
- Climate resilience seminar for small island states:
  - Seminar held in December 2019 at IMF HQ with senior officials from 26 states across Caribbean, Pacific, and Indian Ocean; emphasis on fiscal policies, institutions, infrastructure governance, CCPAs, and partner experiences.
- Kenya — PIMA follow-up and budget costing tool:
  - October 2019 expert visit supported prototype budget costing tool; training provided to approximately 300 staff across 74 ministries, departments and agencies during a three-day workshop.
- Myanmar — Financial sector TA amidst COVID-19:
  - Central Bank of Myanmar implemented monetary easing, liquidity provision and temporary relaxation of supervisory requirements.
  - All four MCM resident advisors provided technical advice; IMF Policy Notes supported crisis discussions.
  - Virtual TA adopted; lessons include planning ahead, agreeing short-term goals, leveraging advisors’ expertise and using local interpreters.
  - Risks: slower implementation pace, difficulty securing senior management time, poor connectivity.

### High‑Level Peer‑to‑Peer Forum: Central Bank Communications in ASEAN‑5 (Box 9)
- Closed-door interactive forum among ASEAN-5 central banks and international/IMF experts; second in expected annual series.
- Objective: integrate IMF CD with country surveillance and combine discussions on “why and what to communicate” with “how to communicate.”
- Communication challenges:
  - Integrated policy frameworks with multiple objectives and instruments pose serious communication challenges.
  - Need to reach broader audiences via new media platforms and make messages accessible and “relatable.”
  - Communications on complex integrated frameworks (e.g., balancing financial stability and shielding from volatile capital flows) require careful calibration and clarity.
- Key takeaway: Effective communication is essential for clarity of central bank mandate, policy signaling, and accountability.

### JSA Technical Assistance and Training — FY2016–FY2020 Portfolio Highlights (Selected Budgets)
- FY2020 Program (Overall Program Budget in millions of U.S. dollars):
  - APD FAD: Strengthening Public Financial Management in selected South-East Asian Countries — 6.0
  - Global FAD: Strengthening Global Infrastructure Governance — 7.5
  - APD STA: Regional Government Finance Statistics — 3.5
  - APD FAD: Eleventh IMF Japan High Level Tax Conference for Asian Countries in Tokyo — 0.2
- FY2019 Program (selected):
  - AFR FAD: Strengthening Fiscal Sustainability through Core Budget Functions in Fragile States in Sub‑Saharan Africa — 5.2
  - APD FAD: Supporting Tax Administration Reforms in Selected Asian Countries — 4.5
  - APD Training: Singapore Training Institute — 8.2
  - APD MCM: Cambodia — 2.0; Indonesia — 2.8; Cambodia (systemic analysis) — 0.9
  - APD CDOT: Integrating Macro-Financial Analysis into Macroeconomic Management — 3.2
- FY2018 Program (selected):
  - APD FAD: Developing Customs Administrations in the Southeast Asia Region — 4.0
  - APD FAD: Supporting Improved Treasury Management and Modernization of Financial Management Systems — 4.0
  - Global Training: Japan-IMF Initiative on Online Learning — 4.5
  - APD MCM: Supporting Monetary and Foreign Exchange Operations in Cambodia, Myanmar and Vietnam — 3.2
  - APD STA: Improving External Sector Statistics in the Asia-Pacific Region — 3.3

### Externally Financed Appointee (EFA) Program and Scholarship Outcomes
- EFA program established July 2013; Board approved EFA Subaccount in August 2013; initial maximum of 15 appointments at a time.
- EFA appointees assigned to IMF core surveillance and program activities and provide CD; cost financed by home country.
- Eight countries, including Japan, participate; nine Japanese officials hired under the program.
  - Two officials currently participate in the program as economists.
  - One official will conclude his assignment and will return to Japan this summer (FY2020 context).
- Japan-IMF Scholarship Program (JISP) participation and hiring outcomes:
  - JISP administered by IMF with Institute of International Education (IIE).
  - Of the 26 former JISP alums currently on IMF staff: 22 were hired as staff members through the EP (1 is a current EP and 21 are former EPs); remainder joined at the mid-career level.
  - The most recent scholar joined the Fund in September 2018 as an EP.
  - Table summary (Number of Japanese Scholars Accepted to JISP and to the IMF, 1996–2020) — scholars accepted to JISP listed as: 9 5 7 7 7 3 4 4 5 4 4 5 1 4 5; scholars accepted to IMF listed as: 1 1 2 1 1 1 1 1 6

### Annex I — New and Ongoing CD Programs in FY2020 (Program Budgets and Status)
- Selected active programs with Overall Program Budget, Approved Budget through FY20, Expenses through FY20 (in millions of U.S. dollars unless otherwise indicated):
  - FAD_APD_2020_02 (JPN127) — Strengthening Public Financial Management in selected South‑East Asian Countries; Status: Active; Overall Program Budget: 6.0; Approved Budget through FY20: 2.2; Expenses through FY20: 1.7
  - FAD_IMF_2020_01 (JPN128) — Strengthening Global Infrastructure Governance; Status: Active; Overall Program Budget: 7.5; Approved Budget through FY20: 2.3; Expenses through FY20: 1.6
  - STA_APD_2020_01 (JPN513) — Regional Government Finance Statistics; Status: Active; Overall Program Budget: 3.5; Approved Budget through FY20: 1.4; Expenses through FY20: 0.7
  - ICD_STI_2019_01 (JPN205) — Singapore Training Institute; Status: Active; Overall Program Budget: 8.2; Approved Budget through FY20: 5.4; Expenses through FY20: 4.7
  - MCM_KHM_2019_01 (JPN417) — Cambodia - Strengthening Risk‑based Banking Supervision; Status: Active; Overall Program Budget: 2.0; Approved Budget through FY20: 1.1; Expenses through FY20: 0.6
  - MCM_IDN_2019_01 (JPN418) — Indonesia - Banking, Non‑Bank Financial Institution and Conglomerate Supervision; Status: Active; Overall Program Budget: 2.8; Approved Budget through FY20: 1.8; Expenses through FY20: 0.3
  - APD_TTA_2019_01 (JPN604) — Integrating Macro‑Financial Analysis into Macroeconomic Management; Status: Active; Overall Program Budget: 3.2; Approved Budget through FY20: 1.6; Expenses through FY20: 1.1
  - MCM_EAC_2019_01* (JPN404) — Supporting Preparations for Monetary Union in the East Africa Community; Status: Active; Overall Program Budget: 5.0; Approved Budget through FY20: 5.0; Expenses through FY20: 3.9
    - * Formerly MCM_EAC_2012_01. Budgets and expenses shown cumulative from FY12 through FY20.

### Selected Project Objectives and Key Results (FY2020 and Earlier)
- Eleventh IMF Japan High Level Tax Conference for Asian Countries in Tokyo (FAD_APD_2020_04):
  - Objective: strengthen capacity of senior tax policymakers and tax administrators and enhance revenue mobilization.
  - Key result: The conference did not take place as planned this year due to the COVID‑19 Pandemic.
- Strengthening Public Financial Management in Selected South East Asian Countries (JPN127):
  - Objective: CD in macro‑fiscal management, forecasting, budget planning and execution, fiscal reporting and fiscal risk management.
  - Progress: traction in seven of nine eligible countries; notable progress in at least six (Cambodia, Myanmar, Lao P.D.R., Indonesia, Malaysia, Philippines, Vietnam noted with country-specific advances).
- Infrastructure Governance Facility (JPN128):
  - Objective: strengthen infrastructure governance and investment efficiency with debt sustainability considerations.
  - FY2020 delivery: funded 7 HQ-led missions, 5 STX visits, joint workshop for two regions, two LTX advisors; PIMAs conducted in Belize, Gabon, Cambodia, Eswatini, Moldova, Mauritania; follow-up in Togo; seminar for small islands; IG Facility secretariat set up to develop a digital platform and PIMA Handbook for publication in 2021.
- Regional Government Finance Statistics (JPN513):
  - Objective: compile, analyze, and disseminate GFS and PSDS in line with international standards.
  - Progress: activities in Cambodia, Lao P.D.R., Myanmar, Philippines, Indonesia; Indonesia expanded GFS coverage; Philippines published PSDS for the first time in FY20; Myanmar refined annual GFS and began compiling quarterly GFS for the first time.

### FY2019 and Earlier Project Results (Selected Highlights)
- Integrating Macro‑Financial Analysis into Macroeconomic Management (JPN604):
  - Delivery: two in‑country and two regional courses; three in‑country and two regional workshops; inter‑agency core groups in Cambodia, Lao P.D.R., and Myanmar produced reports and adopted forecasting tools.
- Strengthening Fiscal Sustainability in Fragile States in Sub‑Saharan Africa (JPN125):
  - Country outcomes include TSA frameworks, PFM reform strategies, IFMIS plans, public sector balance sheets, and pilot transitions to AICE2 in Mali.
- Supporting Tax Administration Reforms in Selected Asian Countries (JPN126):
  - Lao P.D.R.: CRM introduced; risk register and compliance improvement plan developed; draft 2021‑2025 strategic plan prepared.
  - Bhutan: Resident advisor installed July 2019; new GST law passed effective July 1, 2021.
- Singapore Regional Training Institute (JPN205):
  - FY2019 delivery: 48.6 weeks of training; ~1,045 officials reached; 28 courses in Singapore plus regionals; average learning gain 61 percent; average satisfaction 4.7/5.
  - COVID‑19 response: retooled to remote delivery; expanded webinar/remote training program.
- Myanmar — Central Bank modernization and FX operations (JPN413):
  - CBM moved to a market-based Reference Exchange Rate, removed trading band limitation, moved to rules-based intervention framework; CBM switched to rule-based FX auctioning on November 1, 2019.
  - IFRS go-live approved for 2020/2021 fiscal year ending September 30, 2021.
  - Internal Audit Department developed first three-year risk-based audit plan and completed first risk-based audit fieldwork in December 2019.
  - COVID‑19 slowed TA but resident advisors continue remote support.

### Regional and Sectoral Achievements
- Developing Customs Administrations in Southeast Asia (JPN123): strategic plans, enforcement strategies, intelligence units, ICT departments, draft customs law submissions, and regional workshop sharing innovations (e.g., blockchain).
- External Sector Statistics for West and Central Africa (JPN511): all project countries now follow BPM6; quarterly BOP compiled by all countries; IIP published by 12 countries; ESS quality improved significantly; Senegal subscribed to SDDS in November 2017.
- Supporting Preparations for Monetary Union in the East African Community (JPN404):
  - Progress toward monetary union by 2024 with uneven country progress; D-SIB framework, systemic risk dashboard, regional stress-testing, EAMI bill approved and consented by Heads of State; target for price-based framework shifted to 2021.
  - COVID‑19 impacting EAC and slowing TA provision.

*Source: Annual Report, Japan‑IMF Partnership on Capacity Development, Institute for Capacity Development, IMF.*

### Introduction and Background

### Introduction and Background

### Overview of IMF Capacity Development
- Capacity development (CD) comprises hands-on technical assistance and training to help countries build effective economic institutions and implement more effective policies.
- CD helps countries achieve growth and development objectives and contributes to progress toward the Sustainable Development Goals (SDGs).
- CD is fully integrated with the IMF’s lending and surveillance activities and accounts for about one-third of the IMF’s spending.
- Delivery modalities include short-term staff visits from IMF headquarters in Washington, DC; in-country placements of long-term resident advisors; a network of regional CD centers; face-to-face training; and free online learning courses.
- Since 2017, Japan has supported the development and delivery of IMF online learning.
- In response to the COVID-19 pandemic, CD adapted to support countries’ immediate crisis priorities and longer-term recovery needs.
- Over 90 percent of countries that have requested IMF financial assistance have also received CD in the form of technical advice, practical tools, and policy-oriented training.

### Japan-IMF Partnership at a Glance
- The Government of Japan is the longest standing partner in IMF capacity development efforts, with $685 million in funding to date.
- More than 100 IMF member countries have benefited from Japan-funded CD activities.
- In fiscal year 2020 (FY2020), the Government of Japan provided a new contribution of $34 million, of which $29 million financed a large portfolio of 26 bilateral programs.
- In the past five years, Japan has consistently been responsible for about one-fifth of all external financing to IMF CD.
- Japan-funded IMF programs typically address fiscal issues, monetary and capital market reforms, macroeconomic statistics, and macroeconomic management.
- Japan has committed resources to selected multi-partner thematic initiatives, including:
  - Anti-Money Laundering/Combating the Financing of Terrorism Thematic Fund (AML-CFT)
  - Tax Administration Diagnostic Assessment Tool (TADAT)
  - Revenue Mobilization Thematic Fund (RMTF)
  - Data for Decisions (D4D) Fund
- The IMF-Japan partnership has expanded to include support for IMF online courses and implementation through the IMF Capacity Development Office in Thailand (CDOT) and the IMF-Singapore Regional Training Institute (STI).
- In FY2020, Japan funded two bilateral projects focusing on debt management in West Africa and the Pacific.
- Japan supports two scholarship programs:
  - Japan-IMF Scholarship Program For Asia (JISPA)
  - Japan-IMF Scholarship Program for Advanced Studies (JISP)
- Japan also supports the IMF Regional Office for Asia and the Pacific (OAP).

### Funding and Implementation Facts
- External partner–financed activities in FY2020 totaled about $168 million.
- The Japan Subaccount (JSA) of the Framework Administered Account for Selected Fund Activities channels Japan’s support to IMF CD.
- Since FY1990, JSA contributions total $685 million, allocated as follows:
  - About $556 million for IMF CD projects
  - $39 million for activities of the Regional Office for Asia and the Pacific (OAP)
  - $91 million for the Japan-IMF Scholarship Program for Asia and the Japan-IMF Scholarship Program for Advanced Studies
- In the period FY2011–2020, Japan alone was responsible for almost 20 percent of external financing for IMF CD.
- Several JSA-funded programs are implemented through CDOT and STI; contributions also support the Data for Decisions Fund, TADAT, and the Externally Financed Appointees Program.

### Strategic Priorities and Rationale
- Japan’s support is based on the view that the IMF is well placed to provide timely, appropriate CD given its comprehensive understanding of country-specific demands through regular policy dialogue and coordination with stakeholders.
- Priority CD areas include ensuring fiscal and macroeconomic sustainability in recovery, proper public financial management, debt transparency and sustainability, and enhancing domestic revenue mobilization—areas that became more important during FY20 amid the COVID-19 pandemic.
- IMF CD is presented as an essential complement to IMF financial support through emergency assistance and regular programs, enhancing impact via integrated technical advice and training.

*Source: Japan-IMF Partnership on Capacity Development — Introduction and Background.*

### Appendix 1 presents a summary of all JSA

### Appendix 1 presents a summary of all JSA programs

### External partner contributions for capacity development (FY2011-2020)
- Breakdown of external partner shares:
  - Japan 19%
  - European Commission 17%
  - United Kingdom 8%
  - Canada 8%
  - Switzerland 7%
  - Others 41%
- Notes:
  - Source: Capacity Development Information Management System (CDIMS).
  - Excludes in-kind contributions. Funds received during FY2011-2020, not adjusted for Regional Training Centers (RTCs) cost recovered directly.
  - Based on 3-year averages of signed agreements, Japan is the second top partner with a share of 16%, after the EU with 21%.

### Contributions by Japan, FY1990-2020 (key figures)
- TABLE 1. CONTRIBUTIONS BY JAPAN, FY1990-2020 (In millions of U.S. dollars)
  - F Y1990 -2015F Y2016F Y2017F Y2018F Y2019FY2020
  - Tot al  FY1990-2020
  - Japan’s Contributions 1 528.0 30.4 28.9 33.7 30.4 33.7 685.1
  - of which
  - Capacity Development 2 425 .1 24.8 23.8 27.9 25.5 28.6 555.8
  - Regional Office for Asia and the Pacific 29.0 1.8 1.7 2 .1 2.0 2 .1 38.8
  - Scholarships 73.9 3.7 3.4 3.7 2.9 3.0 90.5
  - The Japan-IMF Scholarship Program for Asia 48.4 2.8 2.5 2.8 2.4 2.4 61.3
  - Japan-IMF Scholarship Program for Advanced Studies 25.5 0.9 0.9 0.8 0.5 0.6 29.2
- Notes attached to the table:
  - Source: Institute for Capacity Development, IMF.
  - Until FY10, contributions to the JSA and the Japan-IMF Scholarship Program for Advanced Studies were administered under the Japan Administered Account for Selected IMF Activities (JAA) and the Framework Administered Account for Selected IMF Activities (FAA), respectively. New contributions are now administered under the Japan Subaccount under the IMF Framework Administered Account for Selected Fund Activities (SFA). The JAA and the FAA accounts are closed, with the remaining funds transferred under Japan Subaccount under SFA.
  - Includes $154,603 transferred to finance the operations of the Office of the Executive Director for Japan in FY11, and $324,344 transferred to SPR and OBP to cover expenses in support to Japan’s G20 Presidency in FY19-20.

### Japan annual contributions to capacity development by activity, FY1990-2020 (figure summary)
- Activity categories shown across FY1990–FY2020:
  - CD and OAP
  - Scholarships
  - Multi-Partner Initiatives
- Note: Includes $154,603 transferred to finance the operations of the Office of the Executive Director for Japan in FY11, and $324,344 transferred to SPR and OBP to cover expenses in support to Japan’s G20 Presidency in FY19.

### The Japan-IMF Initiative on Online Learning (Box 1)
- Purpose and format:
  - IMF Institute Learning Channel created to ramp up IMF’s response to COVID-19 with a permanent source of free, bite-size learning videos accessible to government officials and the general public.
  - Micro-learning videos are short, typically up to 5 minutes.
  - Channel organized by thematic sections and video playlists (example: “Macroeconomic Statistics” → “What i s public sector debt?”).
- Current content and focus:
  - Channel currently offers 30 micro-learning videos addressing key issues for policymakers related to public debt statistics.
- Japan’s role and visibility:
  - Development and delivery of the IMF’s online learning product made possible with financial support from the Government of Japan; Japan is prominently acknowledged on the channel.
- Promotion and updates:
  - The Learning Channel was first featured on April 17 in the 2020 Spring Meetings newsletter.
  - New micro-learning content is posted biweekly on Tuesdays.
  - The channel is available on YouTube under the tagline “Come and Grow.”

### Japan’s participation in IMF CD multi-partner thematic vehicles (FY20 contributions)
- TABLE 2. JAPAN’S PARTICIPATION IN IMF CD MULTI-PARTNER THEMATIC VEHICLES (In millions of U.S. dollars)
  - FY20 Contributions to Multi-Partner Vehicles 3.0
  - Tax Administration Diagnostic Assessment Tool Subaccount (TADAT) - Phase II 0.5
  - Data for Decisions Fund Subaccount (D4D) 2.0
  - Externally Financed Appointee Subaccount (EFA) - Cohort III 0.5

### Lessons learned on remote capacity development delivery (Box 2)
- Context:
  - Transition to remote CD delivery at the end of FY20 due to COVID-19.
  - Example: remote CD to Lao P.D.R. where expert reviewed draft customs law, enabling timely revision and submission to government and National Assembly.
- Critical success factors identified:
  - (i) beneficiary has been responsive to prior advice;
  - (ii) good technology and internet access available at headquarters and staff homes;
  - (iii) issue is narrowly defined and specific;
  - (iv) issue is a priority under the current COVID-19 crisis;
  - (v) pre-existing relationships between Fund staff/experts and country officials;
  - (vi) additional time allowed to complete work remotely due to added coordination and communication challenges.
- Conclusion:
  - Remote CD is possible and can be effective but is more challenging for broader, multi-agenda missions or diagnostics and for structural reforms requiring in-country support. Remote delivery complements but does not substitute in-country CD.

### Selected country and thematic outcomes from JSA-supported CD (boxes and examples)
- Mali — Improving cash management through better expenditure forecasting (Box 3):
  - 2019 Action Plan: help line ministries improve their ability to forecast expenditure for integration into annual cash plan.
  - February 2020 national training workshop mobilized more than 90 participants from the Ministry of Finance and Financial Directorates of line ministries and public institutions.
  - Post-workshop: expenditure commitment plans launched in eight pilot ministries; IMF resident advisor provided methodological guidance and hands‑on support to four ministries.
  - Commitment plans initially on spreadsheets will be integrated into information systems, particularly AICE2, as part of cash management module designed with JSA support.
- State Bank of Vietnam — Blended online course and videoconferencing support (Box 5):
  - IMF mission scaled up virtual TA for FPAS development; SBV’s core FPAS group participated in IMF online course on monetary policy analysis and forecasting (MPAFx).
  - Weekly VTC calls supplemented the online course; virtual training provided on adapting an IMF pandemic-impact toolBox to Vietnam data to estimate GDP impact by sector.
- Myanmar — “FIRST” Treasury reporting system and treasury automation (Box 4):
  - FIRST (Financial Information Reporting System for the Treasury) designed to capture monthly financial information of Union Ministries, SEEs, and State Governments into a single Treasury database and provide consolidated reports.
  - FIRST fully functional at Treasury level; rollout of web-based data collection for departments and SEEs ongoing; automated email or CD-ROM input provided for limited-connectivity entities.
  - FIRST 2.0 development expected to start in the second half of 2020, aiming to unify budget and financial reporting and include a modular accounting application for spending units.
- Climate resilience seminar for small island states (Box 6):
  - Seminar held in December 2019 at IMF HQ; brought together senior officials of finance ministries from 26 states from Caribbean, Pacific, and Indian Ocean.
  - Emphasis on strong fiscal policies, effective fiscal institutions, infrastructure governance, climate change policy assessments (CCPAs), and development partner experiences in building resilience.
- Kenya — PIMA follow-up and budget costing tool (Box 7):
  - October 2019 expert visit supported development of prototype budget costing tool to operationalize 2019 Budget Guidelines costing instructions.
  - New budget costing tool and guidelines developed; training provided to approximately 300 staff across 74 ministries, departments and agencies during a three-day workshop.
- Myanmar — Financial sector technical assistance amidst COVID-19 (Box 8):
  - COVID-19 expected to negatively impact economy via shrinking domestic and export demand, drop in remittances and commodity prices; banking sector was already weak pre-pandemic.
  - Central Bank of Myanmar implemented monetary easing, liquidity provision and temporary relaxation of supervisory requirements.
  - All four MCM resident advisors provided technical advice and supported policy dialogue between authorities and IMF country team; IMF Policy Notes provided relevant background for crisis-related discussions.
  - Virtual TA modalities were adopted; lessons include planning ahead, agreeing short-term goals, leveraging advisors’ expertise and Fund-wide knowledge, and use of local interpreters.
  - Risks: slower implementation pace, difficulty securing senior management time, poor connectivity.
  - Outlook: ongoing impact of COVID-19 on monetary and financial stability will influence CD delivery and may generate more ad-hoc requests for advice.

*Annual Report, Japan-IMF Partnership on Capacity Development, Institute for Capacity Development, IMF.*

### Box 9. High-Level Peer-to-Peer Forum: Central Bank Communications in ASEAN-5

### High-Level Peer-to-Peer Forum: Central Bank Communications in ASEAN-5

### Event purpose and participants
- The event was a closed-door, highly interactive forum among ASEAN-5 peers and International and IMF experts.
- It was the second in what is expected to become a series of annual high-level peer-to-peer forums with ASEAN-5 central banks.
- A key objective was to integrate IMF capacity development with country surveillance conversations.
- The forum combined discussions on “why and what to communicate” with experiences on “how to communicate.”

### Communication challenges identified
- Integrated policy frameworks (i.e. monetary policy regimes with multiple key objectives and instruments) pose serious communication challenges.
- Central bank communications face new demands to reach broader audiences and to make messages accessible and “relatable” in a rapidly evolving and challenging digital landscape.
- Communications on complex integrated frameworks—such as maintaining financial stability and shielding the economy from volatile capital flows—require careful policy calibration and artful, clear communications.

### Broad key takeaways
- Effective communication is essential to the clarity of the central bank mandate and to the efficacy of its operations—both for the purpose of policy signaling and accountability.
- The range of communication channels has widened significantly, with central banks aiming to reach broader audiences and through new media platforms.
- Central bank communications on complex integrated frameworks is particularly challenging and requires careful calibration and clarity (e.g., balancing financial stability and protection from volatile capital flows).

*Source: Japan-IMF Partnership on Capacity Development Annual Report (Box 9).*

### 2020. The most recent scholar joined

### 2020. The most recent scholar joined

### Japan-IMF Scholarship Program (JISP) participation and hiring outcomes
- JISP is administered by the IMF in collaboration with the Institute of International Education (IIE).
- Of the 26 former JISP alums currently on IMF staff:
  - 22 were hired as staff members through the EP (1 is a current EP and 21 are former EPs).
  - The remainder joined at the mid-career level.
- The most recent scholar joined the Fund in September 2018 as an EP.
- Table summary (Number of Japanese Scholars Accepted to JISP and to the IMF, 1996–2020):
  - SCHOLARS ACCEPTED to JISP: 9 5 7 7 7 3 4 4 5 4 4 5 1 4 5
  - SCHOLARS ACCEPTED to IMF: 1 1 2 1  1 1  1  1 6

### JSA Technical Assistance and Training—FY2016–FY2020 portfolio highlights
- Fiscal Year 2020 Program (Overall Program Budget in millions of U.S. dollars unless otherwise indicated):
  - APD FAD: Strengthening Public Financial Management in selected South-East Asian Countries — 6.0
  - Global FAD: Strengthening Global Infrastructure Governance — 7.5
  - APD STA: Regional Government Finance Statistics — 3.5
  - APD FAD: Eleventh IMF Japan High Level Tax Conference for Asian Countries in Tokyo — 0.2
- Fiscal Year 2019 Program:
  - AFR FAD: Strengthening Fiscal Sustainability through Core Budget Functions in Fragile States in Sub-Saharan Africa — 5.2
  - APD FAD: Supporting Tax Administration Reforms in Selected Asian Countries — 4.5
  - APD Training: Singapore Training Institute - Continuing Training on Economic and Financial Policy Analysis in Asia — 8.2
  - APD MCM: Cambodia - Strengthening Risk-based Banking Supervision — 2.0
  - APD MCM: Indonesia - Banking, Non-Bank Financial Institution and Conglomerate Supervision — 2.8
  - APD MCM: Cambodia - Systemic Financial Stability Analysis — 0.9
  - APD CDOT: Integrating Macro-Financial Analysis into Macroeconomic Management — 3.2
- Fiscal Year 2018 Program:
  - APD FAD: Developing Customs Administrations in the Southeast Asia Region — 4.0
  - APD FAD: Supporting Improved Treasury Management and Modernization of Financial Management Systems — 4.0
  - Global Training: Japan-IMF Initiative on Online Learning — 4.5
  - APD MCM: Supporting Monetary and Foreign Exchange Operations in Cambodia, Myanmar and Vietnam — 3.2
  - APD MCM: Myanmar: Building Comprehensive Bank Supervision and Regulation — 2.1
  - APD MCM: Strengthening Financial Supervision in Mongolia — 2.7
  - APD STA: Improving External Sector Statistics in the Asia-Pacific Region — 3.3
- Fiscal Year 2017 Program:
  - MCD FAD: Fiscal Risk Analysis & management, public investment management, budget preparation, and fiscal reporting in Caucasus and Central Asian countries and Iran — 5.2
  - AFR FAD: Modernization of Customs Administration in West Africa — 3.0
  - APD MCM: Strengthening Modernization of the Central Bank of Myanmar — 4.2
  - AFR STA: External Sector Statistics for West & Central Africa — 4.0
- Fiscal Year 2016 Program:
  - APD LEG: National Risk Assessment / National Strategy and Continued Development of AML/CFT Framework in Myanmar — 1.3
  - APD STA: Regional Government Finance Statistics — 3.5
- Fiscal Year 2015 Program:
  - APD STA: Enhanced Data Dissemination in Countries in the Asia-Pacific Region — 2.1
- Fiscal Year 2012 Program:
  - AFR MCM/STA: Supporting Preparations for Monetary Union in the East Africa Community — 5.0

### Joint Japan-IMF field visits (FY1996–FY2020)
- The publication lists 23 joint field visits carried out between March 1996 and March 2019, including a variety of regional technical assistance centers and country visits.
- Because of scheduling difficulties, joint field visits were not carried out in FY2005 and FY2015.
- Field visits were cancelled in 2020 due to the COVID-19 pandemic.

### Externally Financed Appointee (EFA) Program
- The EFA program was established to accommodate member countries’ interest in having their officials employed temporarily by the IMF to gain experience and build skills.
- The cost of placing and hosting appointees is financed by the home country.
- IMF management approved the EFA program in July 2013 with an initial maximum of 15 appointments at a time.
- The Board approved establishment of the EFA Subaccount in August 2013.
- EFA appointees:
  - Are assigned to IMF core surveillance and program activities and also provide capacity development (CD).
  - Are supervised by IMF senior staff.
- To date, eight countries, including Japan, participate in the EFA and have made corresponding financial contributions to the program.
- A total of nine Japanese officials have been hired under the program.
  - Two officials currently participate in the program as economists.
  - One official will conclude his assignment and will return to Japan this summer.

### JSA Financial Statement (Administered Accounts—Japan Financial Statement FY2020, In Thousands of U.S. Dollars)
- Balance Sheet as of April 30, 2020 and 2019:
  - Cash and cash equivalents: 60,428 (2020); 5 5 , 211 (2019)
  - Total assets: 60,428 (2020); 5 5 , 211 (2019)
  - Total resources: 60,428 (2020); 5 5 , 211 (2019)
- Income Statements and Changes in Resources for the Years Ended April 30, 2020 and 2019:
  - Balance, beginning of the year: 55, 211 (2020); 50,937 (2019)
  - Income earned on investments: 1,021 (2020); 1, 227 (2019)
  - Contributions received: 33,707 (2020); 30,440 (2019)
  - Contributions transferred (net): (3,10 9) (2020); (1, 315) (2019)
  - Operating expenses: (26,403) (2020); (26,078) (2019)
  - Net changes in resources: 5, 217 (2020); 4,275 (2019)
  - Balance, end of the year: 60,428 (2020); 5 5 , 211 (2019)
- Note: The IMF arranges for an annual audit of the JSA to be undertaken by its external auditors, in connection with their annual audit of the IMF’s own accounts, and for a separate certificate of completion to be provided to the Japanese authorities.
- Footnote: Net of accruals. The financial statement of the Administered Accounts in the IMF annual report, which includes this Subaccount, reports year end accruals separately.

*Japan-IMF Partnership on Capacity Development Annual Report (selected extracts, FY1996–FY2020).*

### ANNEX I.

### ANNEX I.

### New and Ongoing Capacity Development (CD) Programs in FY2020 — Program Budgets and Status
- FAD_APD_2020_02 (JPN127) — FY20, APD, FAD; Strengthening Public Financial Management in selected South‑East Asian Countries; Status: Active; Overall Program Budget: 6.0; Approved Budget through FY20: 2.2; Expenses through FY20: 1.7
- FAD_IMF_2020_01 (JPN128) — FY20, Global, FAD; Strengthening Global Infrastructure Governance; Status: Active; Overall Program Budget: 7. 5; Approved Budget through FY20: 2.3; Expenses through FY20: 1.6
- STA_APD_2020_01 (JPN513) — FY20, APD, STA; Regional Government Finance Statistics; Status: Active; Overall Program Budget: 3.5; Approved Budget through FY20: 1.4; Expenses through FY20: 0.7
- FAD_APD_2020_04 (Seminar) — FY20, APD, FAD; Eleventh IMF Japan High Level Tax Conference for Asian Countries in Tokyo; Status: Active; Overall Program Budget: 0.2; Approved Budget through FY20: 0.2; Expenses through FY20: 0.0
- FAD_AFR_2019_01 (JPN125) — FY19, AFR, FAD; Strengthening Fiscal Sustainability through Core Budget Functions in Fragile States in Sub‑Saharan Africa; Status: Active; Overall Program Budget: 5.2; Approved Budget through FY20: 3.5; Expenses through FY20: 2.7
- FAD_APD_2019_01 (JPN126) — FY19, APD, FAD; Supporting Tax Administration Reforms in Selected Asian Countries; Status: Active; Overall Program Budget: 4.5; Approved Budget through FY20: 3.2; Expenses through FY20: 2.3
- ICD_STI_2019_01 (JPN205) — FY19, APD, Training; Singapore Training Institute - Continuing Training on Economic and Financial Policy Analysis in Asia; Status: Active; Overall Program Budget: 8.2; Approved Budget through FY20: 5.4; Expenses through FY20: 4.7
- MCM_KHM_2019_01 (JPN417) — FY19, APD, MCM; Cambodia - Strengthening Risk‑based Banking Supervision; Status: Active; Overall Program Budget: 2.0; Approved Budget through FY20: 1.1; Expenses through FY20: 0.6
- MCM_IDN_2019_01 (JPN418) — FY19, APD, MCM; Indonesia - Banking, Non‑Bank Financial Institution and Conglomerate Supervision; Status: Active; Overall Program Budget: 2.8; Approved Budget through FY20: 1.8; Expenses through FY20: 0.3
- MCM_KHM_2019_02 (JPN419) — FY19, APD, MCM; Cambodia - Systemic Financial Stability Analysis; Status: Active; Overall Program Budget: 0.9; Approved Budget through FY20: 0.8; Expenses through FY20: 0.6
- APD_TTA_2019_01 (JPN604) — FY19, APD, CDOT; Integrating Macro‑Financial Analysis into Macroeconomic Management; Status: Active; Overall Program Budget: 3.2; Approved Budget through FY20: 1.6; Expenses through FY20: 1.1
- FAD_APD_2018_01 (JPN123) — FY18, APD, FAD; Developing Customs Administrations in the Southeast Asia Region; Status: Operationally closed; Overall Program Budget: 4.0; Approved Budget through FY20: 4.0; Expenses through FY20: 3.4
- FAD_APD_2018_02 (JPN124) — FY18, APD, FAD; Supporting Improved Treasury Management and Modernization of Financial Management Systems; Status: Operationally closed; Overall Program Budget: 4.0; Approved Budget through FY20: 4.0; Expenses through FY20: 3.0
- ICD_IMF_2018_04 (JPN204) — FY18, Global, Training; Japan‑IMF Initiative on Online Learning; Status: Operationally closed; Overall Program Budget: 4.5; Approved Budget through FY20: 4.5; Expenses through FY20: 4.0
- MCM_APD_2018_01 (JPN414) — FY18, APD, MCM; Supporting Monetary and Foreign Exchange Operations in Cambodia, Myanmar and Vietnam; Status: Active; Overall Program Budget: 3.2; Approved Budget through FY20: 2.9; Expenses through FY20: 1.3
- MCM_MMR_2018_02 (JPN415) — FY18, APD, MCM; Myanmar: Building Comprehensive Bank Supervision and Regulation; Status: Active; Overall Program Budget: 2.1; Approved Budget through FY20: 1.5; Expenses through FY20: 1.3
- MCM_MNG_2018_04 (JPN416) — FY18, APD, MCM; Strengthening Financial Supervision in Mongolia; Status: Active; Overall Program Budget: 2.7; Approved Budget through FY20: 2.1; Expenses through FY20: 0.6
- STA_APD_2018_02 (JPN512) — FY18, APD, STA; Improving External Sector Statistics in the Asia‑Pacific Region; Status: Active; Overall Program Budget: 3.3; Approved Budget through FY20: 3 .1; Expenses through FY20: 2.0
- FAD_MCD_2017_01 (JPN121) — FY17, MCD, FAD; Fiscal Risk Analysis & management, public investment management, budget preparation, and fiscal reporting in Caucasus and Central Asian countries and Iran; Status: Active; Overall Program Budget: 5.2; Approved Budget through FY20: 5.2; Expenses through FY20: 4.4
- FAD_AFR_2017_01 (JPN122) — FY17, AFR, FAD; Modernization of Customs Administration in West Africa; Status: Operationally closed; Overall Program Budget: 3.0; Approved Budget through FY20: 3.0; Expenses through FY20: 2.4
- MCM_MMR_2017_01 (JPN413) — FY17, APD, MCM; Strengthening Modernization of the Central Bank of Myanmar; Status: Active; Overall Program Budget: 4.2; Approved Budget through FY20: 2.3; Expenses through FY20: 2.1
- STA_AFR_2017_04 (JPN511) — FY17, AFR, STA; External Sector Statistics for West & Central Africa; Status: Operationally closed; Overall Program Budget: 4.0; Approved Budget through FY20: 4.0; Expenses through FY20: 3.9
- LEG_MMR_2016_01 (JPN302) — FY16, APD, LEG; National Risk Assessment / National Strategy and Continued Development of AML/CFT Framework in Myanmar; Status: Active; Overall Program Budget: 1.3; Approved Budget through FY20: 1.3; Expenses through FY20: 1.2
- STA_APD_2016_10 (JPN510) — FY16, APD, STA; Regional Government Finance Statistics; Status: Closed; Overall Program Budget: 3.5; Approved Budget through FY20: 3.5; Expenses through FY20: 3.4
- STA_APD_2015_10 (JPN509) — FY15, APD, STA; Enhanced Data Dissemination in Countries in the Asia‑Pacific Region; Status: Operationally closed; Overall Program Budget: 2.1; Approved Budget through FY20: 2.1; Expenses through FY20: 1.8
- MCM_EAC_2019_01* (JPN404) — FY12, AFR, MCM/STA; Supporting Preparations for Monetary Union in the East Africa Community; Status: Active; Overall Program Budget: 5.0; Approved Budget through FY20: 5.0; Expenses through FY20: 3.9
  - * Formerly MCM_EAC_2012_01. Budget and expenses shown cumulative from FY12 through FY20.

### Selected FY2020 Projects — Objectives and Key Results
- Project: Eleventh IMF Japan High Level Tax Conference for Asian Countries in Tokyo (IMF ID: FAD_APD_2020_04; Implementation: from 05/2019 to 04/2021)
  - Objective: strengthen capacity of senior tax policymakers and tax administrators in Asian countries to address tax policy and administration challenges and enhance revenue mobilization.
  - Key result: The conference did not take place as planned this year due to the COVID‑19 Pandemic.

- Project: Strengthening Public Financial Management in Selected South East Asian Countries (JSA#: JPN127; IMF ID: FAD_APD_2020_02; Implementation: from 05/2019 to 04/2022)
  - Objective: CD in macro‑fiscal management and forecasting, budget planning and execution, fiscal reporting and fiscal risk management to make budgeting more strategic, execution more robust, risk analysis more comprehensive, and reporting more reliable.
  - Progress and results:
    - Delivery led by Bangkok‑based Regional PFM Advisor; traction in seven of nine eligible countries; notable progress in at least six.
    - Cambodia: FMIS roll‑out advanced; FMIS broadened to integrate non‑tax revenue reporting.
    - Myanmar: Treasury reporting system FIRST fully functional at Treasury level; web‑based roll‑out to departments and SEEs ongoing; support to strengthen oversight of SEEs.
    - Lao P.D.R.: Modernization of chart of accounts commenced in collaboration with the World Bank.
    - Indonesia: Development of a transparent budget baseline methodology and a budget analysis toolkit; training for 30 budget analysts and outreach; strategy for public sector balance sheet approach developed.
    - Malaysia: Structure and elements of a new fiscal responsibility law developed; institutional requirements for debt and contingent liabilities management identified.
    - Philippines: Guidance provided to strengthen governance and financial oversight of government‑owned and controlled corporations.
    - Vietnam: Support for drafting a new public‑private partnership law; workshops on fiscal risk management and governance of public service delivery units.
    - Regional PFM Advisor provides regional training and coordinates with CDOT and CDOT’s Regional Treasury Advisor.

- Project: Infrastructure Governance Facility (JSA#: JPN128; IMF ID: FAD_IMF_2020_01; Implementation: from 05/2019 to 04/2022)
  - Objective: strengthen infrastructure governance, improve infrastructure investment efficiency, promote good infrastructure spending decisions with debt sustainability consideration, and raise awareness of good practices.
  - FY2020 delivery and results:
    - Funded 7 headquarters‑led missions, 5 STX visits, a joint workshop for two regions, and two LTX advisors; some HQ missions and a regional seminar postponed due to COVID‑19.
    - Focused on Public Investment Management Assessments (PIMAs) and follow‑up missions providing tailored action plans and implementation support across eleven countries.
    - PIMAs conducted in Belize, Gabon, Cambodia, Eswatini, Moldova, and Mauritania; PIMA follow‑up mission in Togo.
    - STX and IG advisors provided implementation support to Angola, Indonesia, Kenya, Uganda, Rwanda and Gabon.
    - Seminar delivered for small islands of the Pacific and the Caribbean on PIM and resilience to climate change.
    - LTX participation raised awareness in international fora including a G20/OECD joint taskforce meeting in Paris in October 2019.
    - IG Facility secretariat set up to develop a digital platform for infrastructure governance information; a PIMA Handbook is being prepared for publication in 2021.

- Project: Regional Government Finance Statistics (JSA#: JPN513; IMF ID: STA_APD_2020_01; Implementation: from 08/2019 to 07/2021)
  - Objective: CD to compile, analyze, and disseminate timely and comprehensive GFS and PSDS in line with international standards to support fiscal policy and IMF surveillance.
  - Progress and results:
    - Opening workshop April 2019; CD activities conducted in Cambodia, Lao P.D.R., Myanmar, Philippines, and Indonesia since August 2019; several March‑April 2020 activities postponed due to COVID‑19.
    - Remote CD initiated in March and late April 2020 to adapt workplans for FY21 to monitor fiscal responses to COVID‑19 and continue delivery remotely.
    - Faster‑paced reformers: Indonesia expanded GFS coverage to regional governments and enterprises and improved quarterly general government data; Thailand continued GFS balance sheets and PSDS for part of the nonfinancial public sector.
    - Medium‑paced reformers: Philippines published PSDS for the first time in FY20 and expanded GFS coverage to general government; Malaysia progressed on GFS implementation aligned with accrual accounting; Mongolia produced general government balance sheet data on an accrual basis.
    - Slower‑paced reformers: Cambodia improved compilation and reporting of budgetary central government GFS and reported PSDS semi‑annually for the first time in FY20; Vietnam finalized Vietnamese Practical GFS Manual for clearance; Lao P.D.R. disseminated quarterly GFS for the first time; Myanmar refined annual GFS and began compiling quarterly GFS for the first time.
    - Ongoing CD on PSDS compilation and arrears identification coordinated with PFM CD from CDOT.

### Selected FY2019 and Earlier Projects — Objectives and Key Results
- Integrating Macro‑Financial Analysis into Macroeconomic Management (JSA#: JPN604; IMF ID: APD_TTA_2019_01; Implementation: from 11/2018 to 10/2021)
  - Target: Cambodia, Lao P.D.R., Myanmar, Vietnam, Mongolia, Papua New Guinea, Timor‑Leste (regional training only).
  - Objective: develop understanding of macro‑financial linkages, enhance macro‑frameworks, forecasting, monitoring and risk assessment tools to inform policy and mitigate shocks.
  - FY20 outcomes:
    - Two in‑country and two regional courses; three in‑country and two regional workshops delivered; substantial learning gains via pre‑ and post‑testing.
    - Inter‑agency core groups in Cambodia, Lao P.D.R., and Myanmar produced internal reports, adopted forecasting tools, and did scenario analysis; support to STI and ICD for model‑based forecasting (Vietnam and Cambodia).
    - COVID‑19 and LTX turnover slowed delivery in last quarter; remote delivery expected into FY21.

- Strengthening Fiscal Sustainability Through Core Budget Functions in Fragile States in Sub‑Saharan Africa (JSA#: JPN125; IMF ID: FAD_AFR_2019_01; Implementation: from 05/2018 to 04/2021)
  - Target: Burkina Faso, Central African Republic, Chad, Congo Republic, Liberia, Malawi, Mali and Zimbabwe.
  - FY20 results (country summaries):
    - Burkina Faso: TSA regulatory framework adopted; accounting reform roadmap designed.
    - Central African Republic: TSA consolidation on track; government and SOE accounts transferred to TSA.
    - Chad: PFM reform strategy designed; formal adoption pending.
    - Republic of Congo: public accounting quality improving; organizational changes pending.
    - Liberia: progress closing excess bank accounts; improvements in cash forecasting and governing structures; TSA remains priority.
    - Malawi: organization code structure developed; IFMIS implementation plan and designs reviewed; public sector balance sheet developed.
    - Mali: transition to AICE2 piloted in four Treasury posts; TSA improvements and pilot ministry commitment plans supported.
    - Zimbabwe: public sector balance sheet and tools for SOE‑related fiscal risk assessment developed.

- Supporting Tax Administration Reforms in Selected Asian Countries (JSA#: JPN126; IMF ID: FAD_APD_2019_01; Implementation: from 05/2018 to 04/2021)
  - Target: Lao P.D.R. and Bhutan.
  - Lao P.D.R. results: CRM introduced; risk register and compliance improvement plan (CIP) developed; HQ unit created for headquarters activities; first draft of 2021‑2025 strategic plan developed; further support impacted by COVID‑19.
  - Bhutan results: Resident advisor installed July 2019; support across legal drafting, process design, IT requirements, organization design, outreach and staff training; new GST law passed with effective implementation date of July 1, 2021; delays in IT procurement make implementation challenging but remote CD continues.

- Singapore Regional Training Institute — Continuing Training on Economic and Financial Policy Analysis in Asia (JSA#: JPN205; IMF ID: ICD_STI_2019_01; Implementation: from 07/2018 to 06/2021)
  - FY2019 delivery (March 2019–April 2020): 48.6 weeks of training; ~1,045 officials reached; 28 courses in Singapore plus regional courses; average learning gain for courses delivered in Singapore: 61 percent; average satisfaction rating: 4.7 on a scale of 1 to 5.
  - Response to COVID‑19: classroom training halted in February 2020; STI retooled to remote delivery, delivered Monetary and Fiscal Policy Analysis and Frameworks course remotely and expanded webinar/remote training program.

- Indonesia — Banking, Non‑Bank Financial Institution and Conglomerate Supervision (JSA#: JPN418; IMF ID: MCM_IDN_2019_01; Implementation: from 05/2018 to 04/2021)
  - Objective: support OJK to strengthen supervision of banks, NBFIs, capital markets, and conglomerates; introduce fintech supervision concepts.
  - FY20 results: resident advisor left in early January 2020 after delivering TA including recommendations to intensify top‑down stress testing, proposals on SME lending linked to macroprudential mandates, and a December 2019 seminar on risk‑based supervision, Basel Pillar 2 and stress testing.
  - COVID‑19 response: switch to virtual modality with remotely delivered workshops from June 2020 focusing on supervisory practices during COVID‑19 and IFRS 9 implementation.

- Cambodia — Strengthening Risk‑Based Banking Supervision (JSA#: JPN417; IMF ID: MCM_KHM_2019_01; Implementation: from 07/2018 to 12/2021)
  - Key achievements:
    - Roadmap to risk‑based supervision developed and endorsed; Task Force of 9 senior managers formed.
    - Draft guidelines for liquidity coverage ratio and capital buffers prepared.
    - On‑site inspection assistance provided; targeted training on IFRS 9 and liquidity risk management delivered.
    - Chart of accounts and financial statements drafted for banks in line with CIFRS; D‑SIBs defined.
    - Six reporting templates improved with excel consistency checks and embedded instructions.
  - COVID‑19 impact: slowdown in NBC work and postponement of training and TA missions.

- Cambodia — Systemic Financial Stability Analysis (JSA#: JPN419; IMF ID: MCM_KHM_2019_02; Implementation: from 07/2018 to 09/2020)
  - Results to July 2019:
    - Strengthened NBC Financial Stability Unit capacity on FSIs, expanded coverage beyond banking and microfinance to real estate and household sectors using external data, and supported macroprudential policy implementation addressing real estate vulnerabilities.
    - NBC launched its first Financial Stability Review in April 2019.
    - Monetary operations advisor improved liquidity forecasting methodology and drafted guidelines on marginal lending facility and recommended use of FX swaps.
  - COVID‑19 impact: some workplan delays and coordination challenges due to work‑from‑home practices.

- Myanmar: Building Comprehensive Bank Supervision and Regulation (JSA#: JPN415; IMF ID: MCM_MMR_2018_02; Implementation: from 02/2018 to 04/2021)
  - Objective: assist CBM to move toward Basel Core Principles compliance, modernize and professionalize supervision, and establish risk‑based supervision.
  - FY20 progress:
    - Strengthened off‑site supervision and credit risk oversight.
    - Transition focus from compliance‑based to risk‑based supervision with resident advisor and STX support; draft risk management and stress testing guidelines prepared.
    - Hands‑on trainings on RBS and risk management provided.
    - Support for COFTAM coordination; 2020 COFTAM meeting postponed due to COVID‑19; resident advisor continues remote support including on emergency measures.

- Mongolia — Strengthening Financial Supervision (JSA#: JPN416; IMF ID: MCM_MNG_2018_04; Implementation: from 04/2018 to 04/2021)
  - Key results:
    - TA roadmap for systemic risk monitoring produced.
    - Bank business plans analyzed; resolution and contingency plans developed; action on a small bank taken following 2018 asset quality review.
    - Appraiser Licensing Law features and BOM regulation on collateral appraisal established.
    - Reorientation to risk‑based supervision with drafting/amending prudential regulations, revising capital framework, and enhancing supervisory tools.
  - COVID‑19 impact: slowed TA delivery and adaptation to virtual modality may require project extension if protracted.

- Developing Customs Administrations in the Southeast Asia Region (JSA#: JPN123; IMF ID: FAD_APD_2018_01; Implementation: from 05/2017 to 04/2020)
  - Project conclusion April 2020 with achievements shared at inaugural regional workshop in Myanmar, October 2020.
  - Country highlights:
    - Cambodia: strategic plan through 2023 improved; new enforcement strategy approved; new ICT department functioning.
    - Lao P.D.R.: intelligence unit created; enforcement strategy developed; strategic plan through 2020 approved; draft customs law finalized and submitted to National Assembly.
    - Mongolia (added late FY20): customs diagnostic mission and CD on revising customs laws; results expected in FY21.
    - Myanmar: import/export training manual developed; harmonization of rulings across border posts; rotation policy drafted; anti‑smuggling strategy development started.

- Supporting Improved Treasury Management and Modernization of Financial Management Systems (JSA#: JPN124; IMF ID: FAD_APD_2018_02; Implementation: from 05/2017 to 04/2020)
  - Target: Cambodia, Lao P.D.R., Myanmar and Vietnam.
  - FY20 focus: cash management, accounting, and fiscal reporting improvements.
  - Country results:
    - Cambodia: progress on cash basis IPSAS implementation and accounting reform roadmap; sub‑national PEFA conducted.
    - Lao P.D.R.: advisor ready to support treasury reforms and consulted on new chart of accounts.
    - Myanmar: five working groups in MOPFI on accounting policy, internal audit, double‑entry bookkeeping, cash management and CoA; unified CoA under development; IA Manual developed; PFM Academy training programs initiated.
    - Vietnam: reform strategy of the State Treasury for 2021‑2030 finalized; implementation on track.

- Japan‑IMF Initiative on Online Learning (JSA#: JPN204; IMF ID: ICD_IMF_2018_04; Implementation: from 05/2017 to 04/2020)
  - Achievements:
    - 23 online courses developed and over 100 deliveries since launch; in FY2020, six new online courses and 44 reruns supported.
    - Online courses attracted over 75,000 active participants; over 23,000 government officials and 16,000 members of the general public from 191 countries have successfully completed an online course.
    - Course satisfaction: 4.5 out of 5; 98 percent of learners indicate content was relevant and useful; learning gains about 19 percentage points.
    - COVID‑19 response: full online curriculum made available with extended timelines; learner enrollment up by 55 percent and course completions more than doubled over Q4 of FY20; IMF Institute Learning Channel launched with close to 1,000 subscribers and over 7,000 views within first weeks.

- Supporting Monetary and Foreign Exchange Operations in Cambodia, Myanmar and Vietnam (JSA#: JPN414; IMF ID: MCM_APD_2018_01; Implementation: from 09/2017 to 09/2022)
  - Objective: TA to central banks on monetary and FX operations via a resident advisor based in CDOT.
  - Results:
    - Myanmar: introduction of interest on excess reserves in process; upgrades to credit facility; new I/B data reporting platform and monthly publication of I/B interest rates and transaction amounts initiated; reserve condition publication supports liquidity analysis.
    - Cambodia: reserve requirement framework upgrades; tracking of 10 percent local currency loan‑share requirement; improved liquidity monitoring/forecasting; advised on LPCO and Marginal Lending Facility introduction.
    - Vietnam: limited progress on implementation but knowledge‑sharing events held, including an MCM‑led workshop on foreign currency reserve management in December 2019.
  - Project extended by two years to September 2022 in light of TA needs and COVID‑19.

- Improving External Sector Statistics in the Asia‑Pacific Region (JSA#: JPN512; IMF ID: STA_APD_2018_02; Implementation: from 05/2017 to 10/2021)
  - Objective: improve accuracy, availability, comparability and timeliness of external sector statistics (ESS), focusing on source data, frequency, and new statistical products.
  - Results:
    - Improved compilation procedures and new data sources across countries; pilot IIP and EDS compiled for Lao P.D.R., Myanmar, Nauru and Samoa.
    - Country highlights:
      - Cambodia: strategy to address cross‑border trade data discrepancies; refined international reserves scope; second annual IIP survey conducted.
      - Lao P.D.R.: second annual IIP survey and pilot IIP statement; BOP and reserves data posted on e‑GDDS NSDP; DI database established.
      - Myanmar: improved DI coverage and estimation models for remittances and import valuation adjustments; ITRS quality improved via automated validation checks.
      - Vietnam: pilot method for estimating investment income; manufacturing services survey conducted.
      - Pacific Island Countries: Samoa began disseminating IIP data in February 2020; new ESS compilation worksheets developed for Nauru, Timor‑Leste, and Tonga; work continues on financial account and external debt.

- Fiscal Risk Analysis & Public Investment Management in Caucasus and Central Asia and Iran (JSA#: JPN121; IMF ID: FAD_MCD_2017_01; Implementation: from 05/2016 to 04/2021)
  - Objective: improve PFM across nine countries to support macroeconomic stability and growth through strengthened fiscal reporting, expenditure control, forecasting, medium‑term budgeting, fiscal risk management, and PIM.
  - Progress:
    - Georgia revised chart of accounts and intends to publish IPSAS‑based consolidated central government financial statements for 2020; Kazakhstan introducing accrual accounting for tax revenue.
    - Armenia committed to adopt consolidated IPSAS‑based financial statements at ministerial level by 2023; Uzbekistan intends to implement 12 IPSAS‑based standards from 2021 and has expanded budget content and coverage.
    - Strengthened fiscal risk management: Armenia, Georgia, Kyrgyz Republic, Tajikistan and Uzbekistan publish fiscal risk statements; Armenia advancing PPP secondary regulations; Georgia completed sector classification of public enterprises.
    - PIM improvements underway: Georgia approved a PIM manual; Armenia developing a PIM appraisal manual; Uzbekistan and Armenia developed new medium‑term PFM reform strategies.

- Modernization of Customs Administration in West Africa (JSA#: JPN122; IMF ID: FAD_AFR_2017_01; Implementation: from 01/2017 to 04/2020)
  - Target: Benin, Côte d’Ivoire, Ghana, Liberia, Nigeria, Togo.
  - Results at project end April 2020:
    - 53 percent of milestones fully or largely achieved; with partially achieved milestones included, 83 percent achievement.
    - Regional transit monitoring improved in Benin, Côte d’Ivoire and Togo (97–100 percent of declarations discharged on time in Benin and Togo).
    - Customs valuation control and mirror data analysis techniques introduced; Côte d’Ivoire’s valuation analysis unit operational; Benin building valuation analysis capacity; Liberia preparing for WTO Valuation Agreement adoption.
    - Progress on modernization and full automation of customs procedures with country‑specific focuses.

*Japan‑IMF Partnership on Capacity Development — Annual Report, ANNEX I.*

### Section in Liberia which processes over 90 percent of customs declarations in the port of Monrovia. In most

### Section in Liberia which processes over 90 percent of customs declarations in the port of Monrovia. In most

### Customs modernization and regional workshops
- First tariff classification advanced rulings were issued to enhance customs predictability.
- Regional workshops presented innovations (e.g., blockchain, by a speaker from Japanese Customs) and enabled sharing practices with ECOWAS representatives and other partners (e.g., UNCTAD).
- FAD mobilized Japanese expertise for assignments to three countries and for the workshops.
- Countries were appreciative and eager to learn from the successes of the Japan Customs.
- The project laid foundations which will prove essential to further progress under the successor regional project approved for the region.

### Strengthening Modernization of the Central Bank of Myanmar (JSA #: J PN413; IMF ID: MCM_MMR _ 2017_01)
- Implementation period: from 05/2016 to 09/2021.
- Project focus:
  - (i) capacity in monetary and foreign exchange (FX) operations, including liquidity management, implementation of the agreed exchange rate mechanism, and development of interbank market and monetary instruments; and
  - (ii) central bank accounting, including auditing, systems deployment, and financial services.
- Resident advisors based in Yangon and Nay Pyi Taw facilitated the two workstreams.
- Key progress and technical outcomes:
  - Resident advisor focus narrowed to FX operations at CBM request.
  - Since the appointment of the resident advisor on FX operations in January 2018, the CBM has:
    - moved to a market-based Reference Exchange Rate;
    - removed trading band limitation;
    - moved to a rules-based intervention framework;
    - allowed foreign bank branches for the first time to participate in the CBM FX auctions;
    - introduced, for the first time, a penalty for violation of the NOP limit.
  - Since September 2019, the CBM has started publishing a daily reference exchange rate and FX market transaction volumes data on its website; historical data going back to 2016 has been made available.
  - The CBM started regular (quarterly) consultations on FX market developments with commercial banks’ Treasury functions.
  - The CBM switched to a rule-based foreign exchange auctioning system on November 1, 2019.
  - Resident advisor on accounting and internal audit was appointed in July 2019 after a series of short-term expert missions.
  - IFRS and internal audit progress:
    - In October 2019, the CBM Board approved that the CBM will go live with IFRS in its 2020/2021 fiscal year ending September 30, 2021.
    - In August 2019, the Internal Audit Department (IAD) completed the review, update, and translation of the internal audit charter proposed in previous missions.
    - In October 2019, the IAD developed its first three-year risk-based audit plan and a business strategy to transform the IAD into a modern internal audit function.
    - In December 2019, the IAD completed the fieldwork of its first risk-based audit.
  - COVID-19 impact:
    - The pandemic slowed provision of TA while CBM and the TA project adapted to a virtual modality.
    - Resident advisors continue advising the CBM remotely and support intensified policy dialogue on emergency measures.

### External Sector Statistics for West and Central Africa (JSA #: J P N 511; IMF ID: STA_AFR_2017_04)
- Implementation period: from 05/2016 to 04/2020.
- Target countries: Cameroon, Central African Republic, Chad, Republic of Congo, Equatorial Guinea, Gabon, Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal, Togo, Democratic Republic of Congo (DRC), Guinea, and Djibouti.
- Project objectives:
  - Support compilation and dissemination of better quality external sector statistics (ESS) to enhance evidence-based macroeconomic policies across CEMAC, WAEMU, DRC, Djibouti, and Guinea.
  - Intended key outcomes over four years: (i) use of latest manual/guide concepts and scope; (ii) improved frequency and timeliness; (iii) compilation of new ESS datasets.
- Major achievements by project close:
  - All project countries now follow the Balance of Payments and International Investment Position Manual, sixth edition (BPM6).
  - CEMAC countries caught up with multiyear backlogs of uncompiled/unpublished BOP; timeliness improved elsewhere.
  - All countries now compile quarterly BOP (although only three already publish it).
  - All countries compile an international investment position (IIP); IIP is published by 12 countries.
  - Six countries compile and report quarterly external debt statistics to the World Bank’s QEDS database.
  - ESS data quality in all countries improved significantly.
  - Senegal subscribed to the IMF’s Special Data Dissemination Standard (SDDS) in November 2017.
- Dissemination and institutional recommendations:
  - Two regional workshops in Cameroon and Senegal emphasized:
    - (i) adapting institutional arrangements for data validation to support timely dissemination of quarterly data, and
    - (ii) setting up a public revision policy for quarterly provisional data.
  - Adaptation from high-level validation to lighter technical-level validation to support timeliness.
  - Countries expected to start publishing quarterly BOP and IIP toward end of calendar year 2020 once IT applications are operational, subject to Covid-19 business continuity issues.
  - Quarterly BOP and IIP statistics expected to be disseminated within four months of the end of the reference quarter.
  - By that point, Benin, Burkina Faso, Cameroon, and Niger will be very close to meeting SDDS subscription requirements for ESS.
- Post-project support:
  - STA will continue assistance as needed using donor-funded multilateral vehicles and IMF funds.

### National Risk Assessment, National Strategy and Strengthening Legal and Supervisory Frameworks (JSA #: JPN302; IMF ID: LEG_MMR _ 2016_01)
- Implementation period: from 05/2017 to 07/2020.
- Project focus: support Myanmar’s Money Laundering/Financing of Terrorism (ML/FT) National Risk Assessment (NRA), National Strategy (NS), strengthen AML/CFT legal and regulatory framework, and build CBM capacity for AML/CFT supervision.
- Key outcomes and milestones:
  - NRA completed in October 2017 and findings distributed widely.
  - National Strategy adopted by Cabinet in May 2019.
  - During FY 2020:
    - CBM continued to use offsite and onsite supervisory tools developed under the project.
    - Banks completed a data collection tool and risk management questionnaire as offsite returns submitted to the CBM.
    - FIRAMLD analyzed supervisory returns and used results to develop supervisory priorities.
    - FISD used onsite inspection procedures to conduct bank inspections.
    - Fund assisted CBM to revise a supervision manual reflecting new legal requirements in effect during FY 20.
  - Two CBM officers underwent an attachment with the Monetary Authority of Singapore (MAS); officers reported the attachment made an important contribution to strengthening their AML/CFT supervisory skills.
  - Fund supported AML/CFT legislative drafting committees to strengthen AML law, CFT provisions of the Counter Terrorism Law, the AML Rules, and the CFT Rules to align with FATF standards.

### Regional Government Finance Statistics (JSA #: J PN510; IMF ID: STA_APD_2016_10)
- Implementation period: from 05/2015 to 07/2019; successor project JSA3 commenced in August 2019.
- Target countries: Cambodia, Indonesia, Lao PDR, Malaysia, Mongolia, Myanmar, Philippines, Thailand, and Vietnam.
- Project objective: capacity development on compilation, analysis, and dissemination of annual and quarterly government finance statistics (GFS) and public sector debt statistics (PSDS) compliant with international standards.
- FY20 transitional activities and outcomes:
  - Peripatetic missions in Lao PDR and Myanmar, and a mission to Vietnam focused on completing and testing detailed bridge tables for improved GFS data.
  - Revised GFS datasets were reported to the IMF for surveillance and operational use.
- Status at end of JSA2 and JSA3 objectives (selected country highlights preserved as in source):
  - Indonesia
    - JSA2: Quarterly general government GFS (now meeting G-20 Data Gaps Initiative requirements for data)
    - JSA3 objectives: Complete general government balance sheet; Annual and/or quarterly GFS for nonfinancial public corporations; GFS balance sheet analysis (BSA) consistent with other macroeconomic balance sheets; Use of GFS and PSDS in fiscal analyses (BSA, Debt Sustainability analysis (DSA), etc.).
  - Thailand
    - JSA2: Annual GFS for nonfinancial public corporations; Quarterly PSDS reporting to World Bank/IMF public debt database.
    - JSA3 objectives: Quarterly general government GFS from PFM and AIM sources; Quarterly PSDS reporting suitable for policymaking and surveillance; Complete set of annual GFS statements including financial balance sheets for BSA.
  - Malaysia
    - JSA2: Annual general government GFS; progress with integrating GFS in new AIM system adopting accrual accounting.
    - JSA3 objectives: Quarterly general government GFS; Quarterly PSDS; Complete set of annual GFS statements including balance sheets.
  - Mongolia, Philippines, Cambodia, Lao PDR, Myanmar, Vietnam: continued progress integrating GFS in new AIM systems, expanding coverage to general government, improving internal consistency, and developing quarterly GFS and PSDS with timely dissemination.
  - Myanmar: Annual GFS for six years disseminated on MOF Website and to Fund for surveillance.
  - Vietnam: Annual GFS for 11 years disseminated to Fund for surveillance; GFS Manual for Vietnam drafted.
- Country representatives appreciated Government of Japan funding for successor project and noted need for sustained TA given GFS/PSDS progress links to medium-term PFM reforms.

### Enhanced Data Dissemination in Asia-Pacific (JSA #: JPN509; IMF ID: STA_APD_2015_10)
- Implementation period: from 05/2014 to 04/2020.
- Target countries: Bangladesh, Bhutan, Brunei, Cambodia, Mongolia, Myanmar, Nepal, Papua New Guinea, Samoa, Sri Lanka, Timor-Leste, Vietnam and Lao P.D.R. (included in 2017).
- Project objectives: implement the enhanced GDDS (e-GDDS) and assist countries interested in moving to the SDDS; support National Summary Data Pages (NSDP) and machine-readable dissemination via SDMX.
- Key outcomes:
  - Sri Lanka graduated to the SDDS in 2015.
  - Samoa went live with its NSDP in 2017.
  - In FY18, Bangladesh, Bhutan, Mongolia, and Nepal implemented e-GDDS recommendations and published machine-readable data on NSDPs.
  - In FY19, Cambodia, Lao P.D.R., Timor-Leste, and Myanmar launched NSDPs following e-GDDS missions.
  - Mongolia graduated to the SDDS in 2019—the first Asian case where e-GDDS implementation facilitated advancement to SDDS.
  - Vietnam and Brunei launched NSDPs in 2019 after missions.
  - The project improved data dissemination in 12 Asia and Pacific countries and achieved virtually all objectives on time and under budget.
  - IMF assisted all beneficiary countries except Papua New Guinea to establish an NSDP.
  - Two countries (Sri Lanka and Mongolia) advanced to the SDDS.
  - NSDP launches were accompanied by IMF Press Releases to ensure public outreach and donor visibility.
- Outcome significance:
  - The project provided blueprints of reform for low and lower-middle income countries in other regions and informed a new JSA project on data dissemination approved by the Government of Japan in early 2020.

### Supporting Preparations for Monetary Union in the East African Community (JSA #: JPN404; IMF ID: MCM_EAC _ 2019_01)
- Implementation period: from 05/2011 to 04/2021.
- Target countries: EAC member countries (Burundi, Kenya, Rwanda, South Sudan, Tanzania, and Uganda).
- Project objective: strengthen national central bank capacity for preparations and transition to a monetary union planned for 2024, focusing on monetary policy/operations and financial stability.
- FY20 progress and outputs:
  - Statistical component completed in FY17.
  - In FY18, the Monetary Affairs Committee (MAC) merged Macroprudential Statistics with Macroprudential Analysis and Stress Testing WGs into a new MASS WG.
  - Partner countries remain engaged toward monetary union by 2024, with uneven progress.
  - Achievements include:
    - Framework for identifying domestic systemically important banks (D-SIBs).
    - Interactive systemic risk dashboard.
    - Strengthened capacity for network analysis to map cross-border interconnectedness.
    - Regional stress-testing exercise and a Regional Financial Stability Risk Assessment Report for MAC meetings.
    - Progress in adopting IFRS 9 in accounting frameworks.
  - Monetary Policy and Operations:
    - East African Monetary Institute (EAMI) bill approved by the East African Legislative Assembly in April 2018 and received final consent by the Heads of State at their February 2019 Summit.
    - 5 out of 6 countries have signed the bill to operationalize the EAMI by end-2019; host country not yet selected and no budget in place.
    - Target date for adopting a price-based monetary policy framework shifted from 2018 to 2021 (does not apply to South Sudan).
    - Workshop on monetary operations covered reserve requirement maintenance period, standing facilities, cost of draining reserves, collateral policy, and collateral pooling.
    - IMF conducted stocktaking on regulation, supervision and user protection of mobile money in the EAC region.
  - Financial Stability Framework:
    - TA delivered via EAC-wide Working Group meetings covering Crisis Management and MASS issues.
    - Except for Bank of South Sudan and Burundi to a lesser extent, member countries making steady progress on regional D-SIB framework and analytical tools.
    - New template for harmonized balance sheet and payments data (including mobile money) developed; task force led by Kenya to take it forward.
  - COVID-19 impact:
    - Pandemic is impacting EAC countries and has slowed TA provision.

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_Source: https://www.imf.org/-/media/files/capacity-developement/jsa-annual-reports/jsa2020.pdf_