## EXECUTIVE SUMMARY

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**Canonical URL:** [EXECUTIVE SUMMARY](https://www.imf.org/-/media/files/capacity-developement/mnrw/mnrwfy19annualreportjune2019.pdf)

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---

### Program purpose and scope
- The Managing Natural Resource Wealth-Thematic Fund (MNRW) supports policy advice, capacity development (CD) and training on natural resource management issues in low and lower middle-income countries.
- Phase II spans May 2017 through April 2022.
- Core aspects covered: fiscal regime design and implementation, revenue administration, macro fiscal and public financial management, exchange rate policy frameworks, and statistics.
- A program allocation exists for cross-cutting training and research activities.

### Overall progress and demand
- Steady overall progress in Phase II second year (May 2018–April 2019).
- Continued high demand from beneficiary countries; project execution progressing as planned for most projects.
- Steady progress toward achieving milestones and objectives across the program portfolio.

### Financial update and resource availability
- Cumulative spending from May 2017 through April 2019: $9.6 million.
- Remaining budgets for approved projects: $12.5 million.
- Total approved projects as of end-April 2019: $22.3 million.
- Available funds as of end-April 2019: $29 million (targeting ultimately $30 million).
- Total spending in FY19: $5.0 million, up from $4.6 million in FY18.
- Under Phase II (FY18–FY19) average annual spending increased to $5 million compared with average annual spending during Phase I (FY12–FY17) of $3.5 million.
- Direct technical support spending (part of Direct Technical Assistance) rose from 2,724 (FY18, in thousands) to 3,951 (FY19, in thousands) as part of total Direct Technical Assistance of 16,717 (Indicative Expenditure Envelope, in thousands).

### Program portfolio allocation (total approved budgets $22.3 million)
- Module 1 (fiscal regime): $4.2 million — 19 percent of total approved portfolio; nine country projects.
- Module 2 (revenue administration): $4.9 million — 22 percent of total portfolio; seven country projects.
- Module 3 (macro-fiscal and PFM): $3.0 million — 14 percent of total portfolio; five country projects.
- Module 4 (exchange rate and macroprudential policy frameworks): $1.6 million — 7 percent of total portfolio; one country project (Uganda) with umbrella analytical work.
- Module 5 (statistics): $3.0 million — 14 percent of total portfolio; government finance and real sector work streams.
- Workshops and training: $3.0 million — 13 percent of the program portfolio.
- Research and analytical tools (including FARI): $1.2 million — 5 percent of program portfolio.
- Remainder (11 percent): analytical support, initial country engagement activities, and other project management costs.

### Project execution and module-level developments
- Total MNRW FY19 Actual Expenses: 4,982 (in thousands); FY18 Actual Expenses: 4,625 (in thousands); Actual Total Expenses as of April 30, 2019: 9,607 (in thousands).
- Direct Technical Assistance (A) total approved budget (as of April 30, 2019): 16,717 (in thousands).
  - Module 1: Fiscal Regimes — Approved Budgets 4,161 (in thousands); FY18 Expenses 1,049 (in thousands); FY19 Expenses 977 (in thousands); Actual Total Expenses 2,026 (in thousands).
  - Module 2: Revenue Administration — Approved Budgets 4,897 (in thousands); FY18 Expenses 487 (in thousands); FY19 Expenses 1,092 (in thousands); Actual Total Expenses 1,579 (in thousands).
  - Module 3: Macro-Fiscal — Approved Budgets 3,025 (in thousands); FY18 Expenses 505 (in thousands); FY19 Expenses 740 (in thousands); Actual Total Expenses 1,245 (in thousands).
  - Module 4: Exchange Rate and Macroprudential — Approved Budgets 1,584 (in thousands); FY18 Expenses 103 (in thousands); FY19 Expenses 273 (in thousands); Actual Total Expenses 376 (in thousands).
  - Module 5: Statistics — Approved Budgets 3,051 (in thousands); FY18 Expenses 581 (in thousands); FY19 Expenses 869 (in thousands); Actual Total Expenses 1,449 (in thousands).
- Scoping Missions: Approved Budgets 593 (in thousands); FY18 Expenses 294 (in thousands); FY19 Expenses 191 (in thousands); Actual Total Expenses 485 (in thousands).
- Research Projects and Analytical Tools: Approved Budgets 1,192 (in thousands); FY18 Expenses 441 (in thousands); FY19 Expenses 104 (in thousands); Actual Total Expenses 541 (in thousands).
- Workshops & Training: Approved Budgets 2,986 (in thousands); FY18 Expenses 1,350 (in thousands); FY19 Expenses 596 (in thousands); Actual Total Expenses 1,946 (in thousands).
- Project Management: Approved Budgets 723 (in thousands); FY18 Expenses 200 (in thousands); FY19 Expenses 139 (in thousands); Actual Total Expenses 338 (in thousands).
- Total (A+B+C+D+E+F+G) Approved Budgets: 22,279 (in thousands); FY18 Total Expenses: 4,625 (in thousands); FY19 Total Expenses: 4,982 (in thousands); Actual Total Expenses: 9,607 (in thousands); Remaining Budget: 12,493 (in thousands); Execution 43%.

### Country-level highlights and adjustments
- Module 1: Nine projects mainly in sub-Saharan Africa (Cameroon, Ghana, Liberia, Mozambique, Nigeria, Sierra Leone, and Uganda) plus Myanmar and Guyana. FY19 expenditure around $1.0 million, slightly below FY18 due to fewer activities in Ghana, Nigeria, and Uganda. Proposal to close Module 1 project with Cameroon because of little traction; freed-up resources to be reallocated.
- Module 2: Significant ramp-up with country focus in sub-Saharan Africa (Ghana, Kenya, Liberia, Mozambique, Sierra Leone, Uganda) and a new large project in Guyana. FY19 expenditure $1.1 million versus $0.5 million in FY18. Close collaboration between Modules 1 and 2 leveraged synergies between tax policy and revenue administration.
- Module 3: Expenditure increased to about $0.7 million up from $0.5 million in FY18 as two new projects (Niger and Uganda) moved to full implementation. Country coverage includes Francophone sub-Saharan Africa, Mongolia, and Bolivia. New project proposed for Senegal.
- Module 4: Expenditure picked up in first half of FY19 but slowed in second half. Temporary interruption due to a 4-month vacancy for HQ-based Long-Term Expert (LTX); new LTX arrived in April 2019 and will resume TA handbook and mission activity. Subproject on strengthening monetary policy framework in the Bank of Uganda managed by the new LTX; follow-up mission on monetary policy communications expected in the third quarter of the fiscal year.
- Module 5 (statistics): Total expenditure $0.9 million, up from $0.6 million in FY18. Government finance work trained officials from 19 African countries to improve natural resource revenue reporting in the EITI Summary Data Template (SDT) per GFSM 2014 classification and conducted one country mission to Uganda. Real sector work stream conducted four country missions (Cameroon, Senegal, Timor-Leste, Zambia) to compile national accounts template tables and held two workshops training staff from seven African and six Middle-Eastern eligible countries.

### Research, analytical tools, and events
- FARI (Fiscal Analysis of Resource Industries) project continues development; pilot model template for fiscal regime evaluation and revenue forecasting applied in Guyana, Ghana, Gambia, Mongolia, and Mozambique and is close to completion.
- FARI reform strategy envisages:
  - (i) continuing development of the FARI tool for fiscal regime design and implementation, revenue forecasting, and revenue risk assessment;
  - (ii) building capacity for fiscal regime analysis and revenue management, including FARI use;
  - (iii) maintaining the IMF role as a standard setter and thought leader in extractives fiscal regime analysis and design.
- In March 2019, the Bank of Mozambique and the IMF co-organized a high-level conference on policy options for managing expected natural gas revenue; conference opened by President Nyusi and included domestic policymakers and international experts.

### Notable country case: Guyana preparing for oil
- Since 2015 Guyana made a total of 12 discoveries in the Stabroek block; development of the Liza field is underway with first oil from Phase 1 expected in 2020.
- Total production may go as high as 750,000 barrels of oil per day (bopd) by 2025 with several fields potentially developed.
- Petroleum production per capita in Guyana could temporarily become one of the highest in the world if outlook materializes.
- Guyana enacted a Natural Resource Fund Act approved in early 2019; the task is to implement the petroleum revenue management framework.
- IMF CD support in Guyana under MNRW:
  - Module 1 started mid-2017 to support implementation of fiscal regime for petroleum, establish a petroleum revenue management framework, and assist in reforming fiscal regimes for future investments.
  - Module 2 started early 2019 to set up a petroleum revenue unit in the Guyana Revenue Authority (GRA), build GRA capacity on petroleum accounting, cost recovery audits, other tax matters, and develop a risk-based compliance strategy. An IMF peripatetic advisor began working at GRA in January 2019.
- Authorities in Guyana have demonstrated strong ownership and commitment to ongoing projects.

### Box 2 — Mozambique: Facilitating a High-Level Policy Discussion
- Mozambique’s natural gas reserves are estimated to be over 100 trillion cubic feet, placing the country as the third-largest proved natural gas reserve holder in Africa, after Nigeria and Algeria.
- Event: "Preparing Mozambique for the Natural Gas Era", held March 27-28, 2019 in Maputo.
- Attendance: approximately 180 participants including governors, members of parliament, senior government officials, private sector representatives, and international experts from Norway, Botswana, Chile, East Timor, Trinidad & Tobago, UNU-WIDER, and development partners.
- Presidential proposals at conference: creation of a savings fund, establishment of an annual proportion of revenues for the state budget, and use of revenues to diversify the economy.
- Based on an application of the FARI methodology, FAD discussed the revenue potential of gas development and emphasized the importance of good design and proper implementation of a fiscal regime.
- Conference outcome: expected to accelerate traction for ongoing tax policy and administration reforms; existing MNRW projects supporting tax policy and administration reforms are expected to gain traction.
- Mozambique capacity-building highlights:
  - Mozambique (M1): Capacity and tools for mining and gas modeling are being developed. A sectoral mining revenue forecasting model has been handed over.
  - Mozambique (M2): Large-scale mining revenue risk matrix has been completed. Progress on developing modalities for information sharing and cooperation between the regulatory authorities.

### Training activities and participation
- Expenditure on multi-country training amounted to about $0.6 million.
- Course delivery and schedule:
  - Macroeconomic Management in Resource-Rich Countries delivered face-to-face at the Africa Training Institute (ATI) and the Joint Vienna Institute (JVI); program budget covered costs associated with hosting participants from MNRW eligible countries.
  - Online English-language course made available as a MOOC in September 2018 and again in January 2019 (self-paced, open enrollment).
  - New online French-language course launched over seven weeks starting in April 2019 for government officials.
  - During FY20, face-to-face course to be delivered at ATI, JVI, and IMF HQ; both English-language and French-language online courses to be launched on a self-paced basis with open enrollment.
  - Online course on Energy Subsidy Reform made available in January 2019 on a self-paced basis with open enrollment and will be made available year-round in FY20.
- Participation metrics:
  - Energy subsidy reform MOOC: over 300 active participants; completed by 124, of which 62 were government officials.
  - Macroeconomic management course:
    - Two face-to-face courses delivered with 60 participants.
    - Online English-language course: 1,137 active participants; completed by 518, of which 293 were government officials.
    - Online French-language course (launched April 2019): 263 registered officials.

### Governance and proposed Steering Committee actions
- MNRW has flexibility to respond to new project requests given remaining resources.
- Proposals for Steering Committee discussion and endorsement include:
  - New project proposals for Senegal and The Gambia.
  - Expansion in scope and length of projects for Ghana and Guyana.
  - Extensions for projects in Kenya and Liberia.
  - Budget-neutral reallocation of funds between Module 4 projects (statistics).
  - Closure of the Module 1 project with Cameroon to free up resources for other projects.

*Source: Managing Natural Resource Wealth Thematic Fund Phase II — Executive Summary (FY19).*

*Source: IMF MNRW Phase II Annual Report (FY19) — Box 2, "Mozambique: Facilitating A High-Level Policy Discussion."*

### EXECUTIVE SUMMARY ......................................................................................................

### mnrwfy19annualreportjune2019 - EXECUTIVE SUMMARY

### Program purpose and scope
- The Managing Natural Resource Wealth-Thematic Fund (MNRW) supports policy advice, capacity development (CD) and training on natural resource management issues in low and lower middle-income countries.
- Phase II spans May 2017 through April 2022.
- Core aspects covered: fiscal regime design and implementation, revenue administration, macro fiscal and public financial management, exchange rate policy frameworks, and statistics.
- A program allocation exists for cross-cutting training and research activities.

### Overall progress and demand
- Steady overall progress in Phase II second year (May 2018–April 2019).
- Continued high demand from beneficiary countries; project execution progressing as planned for most projects.
- Steady progress toward achieving milestones and objectives across the program portfolio.

### Financial update and resource availability
- Cumulative spending from May 2017 through April 2019: $9.6 million.
- Remaining budgets for approved projects: $12.5 million.
- Total approved projects as of end-April 2019: $22.3 million.
- Available funds as of end-April 2019: $29 million (targeting ultimately $30 million).
- Total spending in FY19: $5.0 million, up from $4.6 million in FY18.
- Increased FY19 spending primarily reflected increased spending in Modules 2, 3 and 5, offsetting lower spending on cross-country training.
- Under Phase II (FY18–FY19) average annual spending increased to $5 million compared with average annual spending during Phase I (FY12–FY17) of $3.5 million.
- Direct technical support spending rose from $2,724 (FY18, in thousands) to $3,951 (FY19, in thousands) as part of total Direct Technical Assistance of 16,717 (Indicative Expenditure Envelope, in thousands).

### Program portfolio allocation (total approved budgets $22.3 million)
- Module 1 (fiscal regime): $4.2 million — 19 percent of total approved portfolio; nine country projects.
- Module 2 (revenue administration): $4.9 million — 22 percent of total portfolio; seven country projects.
- Module 3 (macro-fiscal and PFM): $3.0 million — 14 percent of total portfolio; five country projects.
- Module 4 (exchange rate and macroprudential policy frameworks): $1.6 million — 7 percent of total portfolio; one country project (Uganda) with umbrella analytical work.
- Module 5 (statistics): $3.0 million — 14 percent of total portfolio; government finance and real sector work streams.
- Workshops and training: $3.0 million — 13 percent of the program portfolio.
- Research and analytical tools (including FARI): $1.2 million — 5 percent of program portfolio.
- Remainder (11 percent): analytical support, initial country engagement activities, and other project management costs.

### Project execution and module-level developments
- Total MNRW FY19 Actual Expenses: 4,982 (in thousands); FY18 Actual Expenses: 4,625 (in thousands); Actual Total Expenses as of April 30, 2019: 9,607 (in thousands).
- Direct Technical Assistance (A) total approved budget (as of April 30, 2019): 16,717 (in thousands).
  - Of which Module 1: Fiscal Regimes — Approved Budgets 4,161 (in thousands); FY18 Expenses 1,049 (in thousands); FY19 Expenses 977 (in thousands); Actual Total Expenses 2,026 (in thousands).
  - Module 2: Revenue Administration — Approved Budgets 4,897 (in thousands); FY18 Expenses 487 (in thousands); FY19 Expenses 1,092 (in thousands); Actual Total Expenses 1,579 (in thousands).
  - Module 3: Macro-Fiscal — Approved Budgets 3,025 (in thousands); FY18 Expenses 505 (in thousands); FY19 Expenses 740 (in thousands); Actual Total Expenses 1,245 (in thousands).
  - Module 4: Exchange Rate and Macroprudential — Approved Budgets 1,584 (in thousands); FY18 Expenses 103 (in thousands); FY19 Expenses 273 (in thousands); Actual Total Expenses 376 (in thousands).
  - Module 5: Statistics — Approved Budgets 3,051 (in thousands); FY18 Expenses 581 (in thousands); FY19 Expenses 869 (in thousands); Actual Total Expenses 1,449 (in thousands).
- Scoping Missions: Approved Budgets 593 (in thousands); FY18 Expenses 294 (in thousands); FY19 Expenses 191 (in thousands); Actual Total Expenses 485 (in thousands).
- Research Projects and Analytical Tools: Approved Budgets 1,192 (in thousands); FY18 Expenses 441 (in thousands); FY19 Expenses 104 (in thousands); Actual Total Expenses 541 (in thousands).
- Workshops & Training: Approved Budgets 2,986 (in thousands); FY18 Expenses 1,350 (in thousands); FY19 Expenses 596 (in thousands); Actual Total Expenses 1,946 (in thousands).
- Project Management: Approved Budgets 723 (in thousands); FY18 Expenses 200 (in thousands); FY19 Expenses 139 (in thousands); Actual Total Expenses 338 (in thousands).
- Total (A+B+C+D+E+F+G) Approved Budgets: 22,279 (in thousands); FY18 Total Expenses: 4,625 (in thousands); FY19 Total Expenses: 4,982 (in thousands); Actual Total Expenses: 9,607 (in thousands); Remaining Budget: 12,493 (in thousands); Execution 43%.

### Country-level highlights and adjustments
- Module 1: Nine projects mainly in sub-Saharan Africa (Cameroon, Ghana, Liberia, Mozambique, Nigeria, Sierra Leone, and Uganda) plus Myanmar and Guyana. FY19 expenditure around $1.0 million, slightly below FY18 due to fewer activities in Ghana, Nigeria, and Uganda. Proposal to close Module 1 project with Cameroon because of little traction; freed-up resources to be reallocated.
- Module 2: Significant ramp-up with country focus in sub-Saharan Africa (Ghana, Kenya, Liberia, Mozambique, Sierra Leone, Uganda) and a new large project in Guyana. FY19 expenditure $1.1 million versus $0.5 million in FY18. Close collaboration between Modules 1 and 2 leveraged synergies between tax policy and revenue administration.
- Module 3: Expenditure increased to about $0.7 million up from $0.5 million in FY18 as two new projects (Niger and Uganda) moved to full implementation. Country coverage includes Francophone sub-Saharan Africa, Mongolia, and Bolivia. New project proposed for Senegal.
- Module 4: Expenditure picked up in first half of FY19 but slowed in second half. Temporary interruption due to a 4-month vacancy for HQ-based Long-Term Expert (LTX); new LTX arrived in April 2019 and will resume TA handbook and mission activity. Subproject on strengthening monetary policy framework in the Bank of Uganda managed by the new LTX; follow-up mission on monetary policy communications expected in the third quarter of the fiscal year.
- Module 5 (statistics): Total expenditure $0.9 million, up from $0.6 million in FY18. Government finance work trained officials from 19 African countries to improve natural resource revenue reporting in the EITI Summary Data Template (SDT) per GFSM 2014 classification and conducted one country mission to Uganda. Real sector work stream conducted four country missions (Cameroon, Senegal, Timor-Leste, Zambia) to compile national accounts template tables and held two workshops training staff from seven African and six Middle-Eastern eligible countries.

### Research, analytical tools, and events
- FARI (Fiscal Analysis of Resource Industries) project continues development; pilot model template for fiscal regime evaluation and revenue forecasting applied in Guyana, Ghana, Gambia, Mongolia, and Mozambique and is close to completion.
- FARI reform strategy envisages:
  - (i) continuing development of the FARI tool for fiscal regime design and implementation, revenue forecasting, and revenue risk assessment;
  - (ii) building capacity for fiscal regime analysis and revenue management, including FARI use;
  - (iii) maintaining the IMF role as a standard setter and thought leader in extractives fiscal regime analysis and design.
- In March 2019, the Bank of Mozambique and the IMF co-organized a high-level conference on policy options for managing expected natural gas revenue; conference opened by President Nyusi and included domestic policymakers and international experts.

### Notable country case: Guyana preparing for oil
- Since 2015 Guyana made a total of 12 discoveries in the Stabroek block; development of the Liza field is underway with first oil from Phase 1 expected in 2020.
- Total production may go as high as 750,000 barrels of oil per day (bopd) by 2025 with several fields potentially developed.
- Petroleum production per capita in Guyana could temporarily become one of the highest in the world if outlook materializes.
- Guyana enacted a Natural Resource Fund Act approved in early 2019; the task is to implement the petroleum revenue management framework.
- IMF CD support in Guyana under MNRW:
  - Module 1 started mid-2017 to support implementation of fiscal regime for petroleum, establish a petroleum revenue management framework, and assist in reforming fiscal regimes for future investments.
  - Module 2 started early 2019 to set up a petroleum revenue unit in the Guyana Revenue Authority (GRA), build GRA capacity on petroleum accounting, cost recovery audits, other tax matters, and develop a risk-based compliance strategy. An IMF peripatetic advisor began working at GRA in January 2019.
- Authorities in Guyana have demonstrated strong ownership and commitment to ongoing projects.

### Governance and proposed Steering Committee actions
- MNRW has flexibility to respond to new project requests given remaining resources.
- Proposals for Steering Committee discussion and endorsement include:
  - New project proposals for Senegal and The Gambia.
  - Expansion in scope and length of projects for Ghana and Guyana.
  - Extensions for projects in Kenya and Liberia.
  - Budget-neutral reallocation of funds between Module 4 projects (statistics).
  - Closure of the Module 1 project with Cameroon to free up resources for other projects.

*Source: Managing Natural Resource Wealth Thematic Fund Phase II — Executive Summary (FY19).*

### Box 2. Mozambique: Facilitating A High-Level Policy Discussion

### Box 2. Mozambique: Facilitating A High-Level Policy Discussion

### Overview of natural gas prospects and policy needs
- Mozambique’s natural gas reserves are estimated to be over 100 trillion cubic feet, placing the country as the third-largest proved natural gas reserve holder in Africa, after Nigeria and Algeria.  
- Several projects are under development with a potential major macro-fiscal impact over the coming years.  
- Policy reforms are needed to realize the full development potential of its natural resources. During the last decade, Mozambique has modernized its tax policy regime for the upstream extractive sector, strengthened the authorities’ capacity for macroeconomic analysis and the tax authorities’ ability to implement and administer the new fiscal regime for the extractive sector. However, considerable gaps in the fiscal policy environment remain.

### High-level policy discussion: "Preparing Mozambique for the Natural Gas Era" conference
- Event: "Preparing Mozambique for the Natural Gas Era", held March 27-28, 2019 in Maputo.  
- Attendance: approximately 180 participants including governors, members of parliament, senior government officials, private sector representatives, and international experts from Norway, Botswana, Chile, East Timor, Trinidad & Tobago, UNU-WIDER, and development partners.  
- Opening interventions and proposals:
  - The conference was opened by the President of Mozambique, Mr. Nyusi, who proposed the creation of a savings fund, establishment of an annual proportion of revenues for the state budget, and the use of revenues to diversify the economy.  
- Analytical inputs and emphasis:
  - Based on an application of the FARI methodology, FAD discussed the revenue potential of gas development, emphasized the importance of a good design and proper implementation of a fiscal regime and pointed to benefits and risks of various policy options.  
- Outcome for country-level support:
  - The conference contributed greatly to the debate on pressing economic and fiscal issues facing Mozambique. As a result of the conference, existing MNRW projects supporting tax policy and administration reforms are expected to gain traction.

### Capacity building and technical assistance results for Mozambique
- Mozambique (M1): Capacity and tools for mining and gas modeling are being developed. A sectoral mining revenue forecasting model has been handed over.  
- Mozambique (M2): Large-scale mining revenue risk matrix has been completed. Progress on developing modalities for information sharing and cooperation between the regulatory authorities.

### Training activities and participation
- Expenditure on multi-country training amounted to about $0.6 million.  
- Course delivery and participation:
  - The course on Macroeconomic Management in Resource-Rich Countries was offered face-to-face at the Africa Training Institute (ATI) and the Joint Vienna Institute (JVI). The program budget covered costs associated with hosting participants from MNRW eligible countries.  
  - The online English-language course was made available as a MOOC in September 2018 and again in January 2019—the second time on a self-paced basis with open enrollment. A new online French-language course was launched over seven weeks starting in April 2019 for government officials. During FY20, the face-to-face course will be delivered at ATI, JVI, and IMF HQ, and both the English-language and French-language online courses will be launched on a self-paced basis with open enrollment.  
  - The online course on Energy Subsidy Reform was made available in January 2019 on a self-paced basis with open enrollment and will be made available year-round in FY20.
- Participation metrics:
  - Energy subsidy reform MOOC: the online course recorded over 300 active participants and was completed by 124, of which 62 were government officials.  
  - Training in macroeconomic management in resource-rich countries:
    - Two face-to-face courses were delivered with 60 participants.  
    - The online English-language course recorded 1,137 active participants and was completed by 518, of which 293 were government officials.  
    - The online French-language course, launched in April 2019 for government officials, has 263 registered officials.

### Wider MNRW Phase II support indicators (selected)
- The conference exemplified innovative country-level support under the MNRW and is expected to accelerate traction for ongoing tax policy and administration reforms in Mozambique.  
- Across the MNRW program portfolio, combining ratings of results and project timelines provides a measure of progress and identifies projects where implementation is lagging.

### Financial status relevant to continued support
- Program Document Budget: US$30 million.  
- Confirmed Phase II contributions: US$29 million.  
- Remaining statutory funding gap: just under US$1 million.  
- Detailed figures from partner contributions and totals (as presented):
  - Partners Total: 27,971 (in thousands of U.S. dollars, as presented in table context).  
  - Internal Transfers Total: 1,077.  
  - Grand Total: 29,048.  
  - Total Cash Available: 29,289 (as presented in cashflow table breakdown).  
  - Total approved projects amount to $22.3 million against available funds of $29 million.  
  - Funding Gap: -952 (preserved exactly as presented).  
- The IMF is reaching out to new partners seeking to secure financial support, and will approach current partners to assess the possibility of additional contributions to meet the current funding gap. The projected cashflow position is satisfactory and allows for uninterrupted delivery of CD activities currently in the pipeline; remaining funds provide flexibility to respond to new project requests.

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_Source: https://www.imf.org/-/media/files/capacity-developement/mnrw/mnrwfy19annualreportjune2019.pdf_