## CAPACITY DEVELOPMENT STRATEGY 2022–25 — Monetary and Capital Markets (taar2022-25)

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### Our mission and mandate
- MCM supports global financial and monetary stability through high-quality capacity development (CD) combining technical assistance and training to enhance financial sector policies and operations, monetary and exchange rate policy frameworks, and debt management practices.
- Legal basis: "If requested, the Fund may decide to perform financial and technical services, including the administration of resources contributed by members, that are consistent with the purposes of the Fund." — Article V, Section 2(b), Articles of Agreement of the International Monetary Fund.
- Strategic alignment:
  - Guided by the IMF’s CD Strategy and the 2018 Review which emphasizes enhancing impact and efficiency of CD.
  - CD delivery informed by the Managing Director’s Global Policy Agenda (GPA), the IMF Interdepartmental Committee on Capacity Building, CDMAP, and IEO recommendations.

### A disrupted world — modality changes and blended delivery
- COVID-19 and technological change disrupted CD delivery; MCM adapted by:
  - adopting a fully virtual CD program,
  - providing just-in-time COVID-19 advice and "COVID notes",
  - using online training, webinars, and new formats to amplify reach.
- Virtual modalities enabled:
  - supplementing mission travel with web-based activities,
  - virtual meetings between in-person missions,
  - bringing specific individuals online during missions,
  - broader reach via online training and webinars.
- Modality outlook:
  - Virtual delivery expected to remain an important complement (not substitute) to in-person work.
  - Blended model includes virtual engagements, in-person missions, STXs, LTXs, RCDCs, workshops, toolkits, and large-scale courses.

### Core principles (Elements 1–7)
- Element 1 — Demand-driven, country-tailored CD:
  - Acts only on clear requests from member countries to ensure ownership and sustainability.
  - Tailors advice to country context; delivery can be programmatic/long-term or rapid/targeted.
  - FSSR is flagship programmatic CD product producing a medium-term CD roadmap and a project implementation plan, usually covering three years.
  - TA Strategy Division manages needs assessments, work plans, implementation facilitation, and support to resident/long-term experts.
- Element 2 — Expertise in core and emerging areas:
  - Core topics: financial supervision and regulation, central banking, debt management, crisis management, monetary and macroprudential policy, capital flow management, financial stability, and digital money and finance.
  - Emerging priorities: CBDC, digital payments, fintech/crypto supervision, cybersecurity, climate-related financial risks, and gender inclusion.
  - COVID-19 increased demand for central banking, supervision, crisis management, and debt management CD.
- Element 3 — Quality assurance and expert staffing:
  - Recruit staff and experts with significant hands-on experience; HQ backstopping of external experts.
  - Extensive review and clearance process for all CD outputs.
  - LTXs carry out upwards of 60 percent of MCM CD.
- Element 4 — Alignment with surveillance and IMF programs:
  - CD prioritized in cooperation with IMF country teams to achieve synergies with surveillance and program work; integration with FSAPs and FSSRs emphasized.
  - Around 75 MCM economists and financial sector experts are members of AD country teams.
- Element 5 — Blended modalities:
  - Full range of modalities individually or in combination: virtual/in-person, TA and trainings, toolkits, regional workshops, peripatetic advisors, targeted advisory sessions, long-term advisors bilaterally and at RCDCs.
  - Scoping and preparatory work can be remote to save travel and improve mission efficiency.
- Element 6 — Partnerships and resource mobilization:
  - Internal coordination across IMF (ADs, ICD, LEG, STA, ITD) and external partners (World Bank, BIS Financial Stability Institute, Toronto Centre and donors).
  - External partners support over 80 percent of MCM CD field work including RCDC activities and bilateral/multilateral projects.
- Element 7 — Feedback, results-based management (RBM), and continuous improvement:
  - Logframe for every project with objectives, outcomes, milestones, and verifiable indicators embedded in CDMAP.
  - Major investment in 2021 updating the RBM catalogue; an RBM database tracks compliance and guides decision-making.
  - All donor-funded CD projects receive periodic assessments; MCM conducts one major project evaluation per year and will participate in IMF evaluations starting FY23.

### Core and growing CD areas — findings and activities
- Financial supervision and regulation:
  - Highest share of MCM CD; focus on banking supervision, Basel Core Principles, Basel II/III, risk-based supervision, conglomerates, securities, insurers, nonbank financial institutions, Islamic banking, and accounting standards.
  - Nonbank financial intermediation growth and fintech/crypto regulation are rising demands.
  - At end-2021 there were 15 long-term advisors on banking supervision deployed in RCDCs or bilaterally.
  - SROC delivered for the last 3 years to over 1,400 participants from 100 countries; to continue in refreshed form.
- Central banking:
  - Institutional and operational capacity building across monetary operations, FX operations, governance, banknote management, balance sheet reporting.
  - Analytical developments: modern forecasting techniques, "at-risk" balance sheet assessments, Value-at-Risk framework for FX intervention triggers.
  - MOID updated on a 3–4-year cycle; last update in 2018 reflecting responses from 125 countries, including 2 monetary unions.
  - CBLD most recent update is 2021.
  - New CBTC-based program for central bank transparency launched in 2022 using a five-pillar review framework.
- Debt management:
  - CD on issuing/refinancing debt, MTDS, Annual Borrowing Plans, LCBM development, monitoring public debt liabilities.
  - New demand areas: liability management operations (LMO), ESG bonds, investor relations.
  - FY21 MOOC on MTDS: first run Jan–Feb 2021 with 175 participants passing; second run May 2021 made open access; third run launched Sept 2021; a French version under development.
- Financial crisis management and bank resolution:
  - Emphasis on financial safety nets (supervisory early intervention, resolution regime, deposit insurance, central bank liquidity).
  - Regional training and an online bank resolution course under development with the BIS Financial Stability Institute.
  - As pandemic wanes, focus expected on tackling high levels of NPLs and supporting specialist workout units, timebound NPL reduction strategies, and asset market development.
- Distressed assets and NPLs:
  - CD will support oversight of banks with high NPLs and development of country-tailored NPL reduction strategies leveraging best practices and related IMF work on unwinding COVID-19 interventions.
- Monetary policy and macroprudential frameworks:
  - Strengthen interaction between monetary, macroprudential, FX, capital flow, and reserves management policies.
  - FPAS work and advanced small open economy DSGE model development for policy interactions; calibration work with Malaysia and Thailand underway.
  - TA handbook chapters on FX flexibility options and central bank communication published/in preparation.
- Capital flow management and Article VIII issues:
  - CD guided by the Institutional view on liberalization and management of capital flows; AREAER database is an important CD input.
  - Article VIII CD supports elimination of measures inconsistent with Article VIII obligations and improving FX system functioning; LEG cooperation on jurisdictional issues.
- Financial stability:
  - High demand for stress testing, liquidity and FX market vulnerability analysis, and corporate sector analysis.
  - Expansion of systemwide linkage and contagion analysis aided by Balance Sheet Approach/financial accounts data from STA.
- Digital money and finance:
  - Initial CD on fintech/crypto regulation, payment systems/FMI modernization, e-money, marketplace lending, sandboxes, RegTech/SupTech, and CBDCs.
  - "More than 100 countries" are currently investigating CBDC; CD ranges from early exploration to detailed design.
  - Major JSA-funded project to build a digital money toolkit and online seminars/training over the medium term.
- Cybersecurity:
  - Three-pillar approach since 2017: annual cybersecurity risk workshop, periodic regional workshops, and bilateral deep-dive projects.
  - New CD tools: an online cyber course and a cyber supervision toolkit under finalization.
  - Core program: cybersecurity risk regulation and supervision; rising demand on third-party provider oversight, cyber testing, information sharing, and incident reporting.
- Climate-related financial risks:
  - High priority and rapid growth area; focus on incorporating climate risk into financial stability analysis and stress testing, closing data gaps, developing toolkits, and building central bank capacity to reflect climate and transition risks in policies and balance sheets.
- Gender-balanced financial sector policies:
  - Activities to promote gender-balanced policies, financial inclusion, and gender diversity in leadership; coordination with IMF Senior Advisor on Advancing the Fund’s Gender Work and partners like Women’s World Banking and the Toronto Centre.

### Delivery channels, staffing, and quality control — key figures
- Long-term advisors (LTXs) and resident advisors:
  - LTXs placed bilaterally or in RCDCs; assignments range between one and five years.
  - At end-April 2021, MCM had 30 resident advisors in total, of which 21 were in RCDCs with FCS or directly in these countries.
  - LTXs undertake upwards of 60 percent of MCM CD.
- Staffing and backstopping:
  - HQ backstopping of external experts; each LTX works with a TA country manager and an HQ backstopper.
  - Backstopping practices include review of briefs and reports, regular calls, and an annual HQ workshop.
- Delivery via RCDCs:
  - RCDCs are primary platforms for supervisory issues and regional CD, complemented by HQ missions and webinars.

### Fragile and conflict-affected states (FCS) and regional priorities
- FCS engagement:
  - Over the past ten years MCM CD to FCS amounted to about US$130 million, about 25 percent of the IMF’s total CD in these countries.
  - More than half of MCM’s total FCS CD spending was in the African region with substantial amounts in Asia Pacific and the Middle East and Central Asia.
  - Seven FSSRs out of 22 were conducted in FCS: Djibouti, The Gambia, Guinea, Kosovo, Sierra Leone, West Bank and Gaza, and Zimbabwe.
  - FSSR engagements with Democratic Republic of Congo and Tajikistan have just started.
  - A third of TA missions were in FCS in FY21.
  - CD in FCS emphasizes gradual, sequenced reforms with realistic milestones; blended modalities and LTXs are critical for continuity.
- CCAMTAC region:
  - Priority focus delivered via new RCDC in Almaty, Kazakhstan, tailored to diverse country needs across the Caucasus, Central Asia, and Mongolia.

### FSSR, FSSF, donors, and coordination
- Financial Sector Stability Review (FSSR):
  - Launched 2017; diagnostic review plus three-year action plan; aimed at low and lower middle-income countries (LLMICs).
  - Two modules: diagnostic review and targeted TA missions/workshops on financial sector statistics.
  - Financed through a Financial Sector Stability Fund (FSSF) supported by donor contributions.
  - Current FSSF donors listed in the source include China, European Investment Bank, Germany, Italy, Luxembourg, Saudi Arabia, Sweden, Switzerland, and the United Kingdom.
  - FSSF co-finances SROC, Annual Cybersecurity Supervision Workshop, and the MCM Cybersecurity Online Course under development.

### Results-based management, assessment, and evaluation
- RBM implementation:
  - Logframes for every project, embedded in CDMAP and aligned with IMF RBM rollout in FY2017.
  - 2021 update to the RBM catalogue in CDMAP and development of an RBM database to track compliance and guide coverage decisions.
  - MCM trained staff and experts to develop medium-term projects anchored in RBM.
- Assessment and evaluation practices:
  - All donor-funded CD projects receive periodic assessments; expansion to internally funded projects began in FY19.
  - MCM conducts evaluations of one major project per year using OECD DAC criteria.
  - Participation in IMF evaluations program planned with an evaluation of a major CD program beginning FY23.

*Source: CAPACITY DEVELOPMENT STRATEGY 2022–25 — Monetary and Capital Markets (taar2022-25)*

### Section 1

### CAPACITY DEVELOPMENT STRATEGY 2022–25

### OUR MISSION
- The IMF Monetary and Capital Markets Department (MCM) supports global financial and monetary stability through the delivery of high-quality capacity development (CD) to assist our member countries in enhancing financial sector policies and operations, promoting sound and efficient financial systems, effective monetary and exchange rate policy frameworks, and sound debt management practices.
- "Capacity development is at the core of what MCM does—we are here to help our member countries build resilient financial sectors and much of that is long-term institution building that we do through CD." — Tobias Adrian, Financial Counsellor and Director, Monetary Capital Markets Department (MCM Capacity Development Annual Report, 2021)
- Note: Capacity development is an overarching term that combines technical assistance and training work.

### A DISRUPTED WORLD — CHALLENGES AND MODALITY CHANGES
- COVID-19 and accelerating technological change have disrupted economic and financial sector performance and the modalities of CD delivery.
- MCM adapted by:
  - adopting a fully virtual CD program,
  - providing just-in-time advice on COVID-19 impacts,
  - developing a series of "COVID notes",
  - using technology and new formats to amplify messages and support.
- Virtual delivery enabled continued engagement and lessons for future CD:
  - supplementing mission travel with web-based activities,
  - meeting virtually between in-person missions,
  - bringing specific individuals online during missions,
  - using online training and webinars to reach a broader audience.
- MCM expects virtual modalities to remain an important complement to in-person work, though not a substitute.

### HISTORICAL CONTEXT AND LEGAL BASIS
- MCM CD traces to the early 1960’s when technical assistance was the sole mandate of the Central Banking Service unit.
- By the 1960s the Fund accepted special responsibility for increasing technical assistance demands, especially in central banking and fiscal affairs; the Executive Board inaugurated the Central Banking Service and the Fiscal Affairs Department in 1963 and 1964, respectively.
- Legal basis: "If requested, the Fund may decide to perform financial and technical services, including the administration of resources contributed by members, that are consistent with the purposes of the Fund." — Article V, Section 2(b), Articles of Agreement of the International Monetary Fund.

### STRATEGIC ALIGNMENT WITH IMF CD FRAMEWORK
- MCM’s CD Strategy is guided by the IMF’s CD Strategy.
- The 2018 Review of the Fund's Capacity Development Strategy sets two mutually reinforcing objectives: enhancing the impact and efficiency of CD.
- CD delivery is informed by broader IMF policy, including the Managing Director’s Global Policy Agenda (GPA).
- The IMF’s Interdepartmental Committee on Capacity Building regularly reviews IMF CD in consideration of member countries’ demand and IMF priorities.
- The CDMAP serves as the IMF’s system for management and administration of CD, including budget and prioritization.
- MCM incorporates recommendations from the IMF’s Independent Evaluation Office (IEO) to improve CD design and delivery.

### RECENT UPDATES AND PRIORITIES
- MCM’s CD Strategy was adopted in 2011 and is updated every three years; MCM’s 2017–20 CD Strategy emphasized value-added, agility, innovation in knowledge creation/management/dissemination, and governance/accountability.
- The October 2021 Agenda includes:
  - Urgent policy action to control the pandemic, limit scarring, and transform the global economy
  - Continued support to the membership in dealing with the ongoing and new challenges
  - Continued assistance to member countries in upgrading policy frameworks and operations, reforming institutions, and enhancing their economic management capacity
  - Transformation of the global economy to achieve a more inclusive, greener, and digital recovery
- Current priorities include:
  - Support for fragile and conflict-affected states (FCS)
  - Financial market deepening for low-income countries
  - Improved financial supervision/regulation and monetary policy frameworks in emerging and some lower-income countries
  - Strengthening CD to countries of Caucasus and Central Asia and Mongolia region
- MCM’s core areas include:
  - Financial sector supervision and regulation
  - Central banking
  - Digital money and finance
  - Debt management and capital market development
  - Monetary, foreign exchange, macroprudential policies, and capital flow management
  - Financial crisis preparedness and management
  - Financial stability/systemic risks

### ELEMENT 1 — DEMAND-DRIVEN, COUNTRY-TAILORED CD
- Principle: MCM provides demand-driven and country-tailored CD to maximize impact.
- Key features:
  - Acts on requests from member countries to ensure strong engagement and ownership.
  - Tailors advice to country context to improve absorption and sustainability; CD can be programmatic/long-term or rapid/targeted.
- Demand-driven assistance:
  - Ownership by stakeholders, and the will and ability of CD recipients to translate policy advice into action, ensures success of CD.
  - MCM acts only on clear demand from authorities and seeks sufficient internal support within recipient authorities.
- Tailored advice:
  - Focus on institutional, organizational, and managerial capacity and impediments (e.g., high staff turnover, lack of absorptive capacity, inadequate resources), especially in low-income and FCS.
  - Customizes toolkits for less complex environments and delivers programmatic CD over time to support reforms.
- Diverse approaches:
  - Responses range from sustained multi-year capacity building to urgent, focused engagements.
  - Regional workshops for peer learning and follow-up bilateral work.
- Financial Sector Stability Review (FSSR):
  - FSSR is MCM’s flagship programmatic CD product (launched in late 2017).
  - Provides in-depth diagnostic of financial sector vulnerabilities and CD needs, producing a medium-term CD roadmap and a project implementation plan, usually covering three years.
  - Aims to secure buy-in, coordinate stakeholders, and monitor effectiveness and impact.
- Centralized CD management:
  - MCM TA Strategy Division is responsible for strategic engagement, needs assessments, country-tailored CD work plans, facilitating implementation, coordinating delivery, and supporting resident or long-term experts (LTXs).

### ELEMENT 2 — EXPERTISE IN CORE AND EMERGING AREAS
- MCM provides highly expert and specialized CD across key financial sector topics and continuously develops new expertise.
- Core expertise builds on MCM’s monetary and financial stability analysis, research, policy development, surveillance, and CD work.
- Goal: be the center of global excellence for monetary and financial sector expertise and leverage that excellence in CD.
- Demand trends:
  - COVID-19 increased demand for central banking, supervision, crisis management, and debt management CD.
  - Digital revolution created growing need for CD across CBDC, digital payments, supervision of fintech and crypto assets, and cybersecurity.
  - Climate-related financial risks and gender inclusion are emerging central issues.
  - Central bank transparency has become important given expanded crisis-recovery roles requiring enhanced accountability.
- MCM seeks to evolve expertise in emerging/growth areas including digital money and finance, climate, and gender to ensure advice is relevant, credible, and actionable.

### ELEMENT 3 — QUALITY ASSURANCE AND EXPERT STAFFING
- MCM ensures high-quality CD outputs by:
  - Recruiting staff and experts with significant hands-on experience in central banking, supervision, debt management, and policymaking.
  - Backstopping all external experts with HQ staff to link HQ and field work.
  - Implementing an extensive review and clearance process for all CD outputs as part of quality assurance.

### ELEMENT 4 — ALIGNMENT WITH SURVEILLANCE AND IMF PROGRAMS
- MCM integrates CD with IMF surveillance and program activities and aligns CD with IMF priorities to enhance overall economic reform.
- CD efforts are prioritized in cooperation with IMF country teams to achieve synergies with surveillance and program work.
- CD delivery to FCS and the CCAMTAC region remains high priority and aligned with IMF CD priorities.

### ELEMENT 5 — BLENDED MODALITIES
- MCM employs a full range of CD modalities, individually or in combination, to maximize impact:
  - Blend of virtual engagements and in-person missions
  - Technical assistance and trainings
  - Knowledge management products, toolkits, and 'how to' guides
  - Regionally based workshops and technical assistance
  - Large-scale courses
  - Continuous engagements using peripatetic advisors
  - Targeted advisory sessions
  - Long-term advisors bilaterally and at Regional Capacity Development Centers (RCDCs)
- MCM will continue to explore and refine this 'blended model' to meet evolving member country needs.

### ELEMENT 6 — PARTNERSHIPS AND RESOURCE MOBILIZATION
- MCM builds on internal and external partnerships to expand skills, resources, and synergies with CD stakeholders.
- Coordination within the IMF and with other providers ensures complementary deployment of resources and services.
- External funding relationships provide financial resources and implementation partners; MCM will deepen these relationships.

### ELEMENT 7 — FEEDBACK, RESULTS-BASED MANAGEMENT, AND CONTINUOUS IMPROVEMENT
- MCM utilizes feedback processes to ensure high quality and continuous improvement:
  - Strong review and oversight processes to align CD with MCM’s work.
  - Development of results-based management (RBM) framework.
  - Use of project assessments and evaluations to gauge absorption and impact.
  - Adjust priorities, modalities, and design based on assessment findings.

*Source: CAPACITY DEVELOPMENT STRATEGY 2022–25 — Monetary and Capital Markets (Section 1)*

### Section 2

### MCM’S CORE AND NEW GROWING AREAS OF CD

### Financial Supervision and Regulation
- Financial sector supervision and regulation is a core area of MCM expertise and delivers the highest share of MCM CD.
- Work concentrated on banking supervision and regulation, notably implementation of international standards including the Basel Core Principles for Effective Banking Supervision, Basel II/III, and risk-based supervision.
- Supervision CD also covers conglomerate supervision, securities markets, insurers, other nonbank financial institutions, Islamic banking, and accounting standards.
- Demand for technical advice on financial supervision and regulation is expected to remain very strong in core areas.
- Assistance needed to manage the orderly unwinding of exceptional COVID-related regulatory measures as economies recover; the financial impact of the pandemic on institutions is not yet fully recognized.
- Growth of nonbank financial intermediation continues, requiring support for regulating and supervising new players and risks.
- Demand and provision for CD on regulation and supervision of fintech and the crypto asset ecosystem has markedly increased.
- Modalities and capacity:
  - Heavy reliance on LTXs to reflect high-capacity needs and programmatic nature of the work.
  - At end-2021 there were 15 long-term advisors on banking supervision deployed in RCDCs or bilaterally in central banks.
  - RCDCs are a primary platform to serve many member countries on supervisory issues; HQ-delivered missions supplement with work on nonbanks, bespoke requests, and emerging issues (such as cyber and climate risks and Fintech).
- Supervision is a key component of FSSR CD Roadmaps and will continue to be a strong source of CD demand; FSSRs identify gaps requiring multi-year TA and LTX placement.
- Training:
  - Training is a key component; continuous demand to train new and experienced staff.
  - Multi-national, regional, and online courses delivered.
  - The Supervisory and Regulatory Online Course for Banking Supervisors (SROC), in partnership with the Financial Stability Institute of the BIS, has been delivered for the last 3 years to over 1,400 participants from 100 countries and will continue in a refreshed form.
- Blended TA and guidance:
  - MCM prepared guidance notes on regulatory and supervisory responses to the COVID-19 shock and on orderly unwinding of such measures.
  - Timely advice via notes and small engagements will form part of blended CD delivery in supervision going forward.

### Central Banking
- Central banking CD spans institutional and operational capacity-building: monetary operations frameworks, foreign exchange operations, central bank governance, banknote management, balance sheet and financial reporting.
- For FCS and low-income countries, focus is on modernization of central banks; for others, challenges include changing mandates and more complex policy operations in a complex macrofinancial environment, including climate change.
- Rising technical capacity of counterpart central banks increases demand for technically advanced CD; analytical approaches will shape medium-term delivery.
- Main evolving analytically driven areas:
  - Forecasting and modeling:
    - In FY2021, MCM introduced modern forecasting techniques for liquidity management and calibration of monetary operations to allow policy makers to factor risk into decisions.
    - Work started on assessing impact of changes in macroeconomic variables “at-risk” (inflation, GDP, and others) on central bank balance sheets, relevant where balance sheets increased in the COVID-19 crisis.
    - Advanced modeling framework based on Value-at-Risk estimate used to identify optimal foreign exchange intervention triggers.
    - MCM, together with the IMF’s Information Technology Department (ITD), produced free and open-source software to help central banks implement new quantitative tools and delivered hands-on training.
  - Systemic liquidity management:
    - Conceptual framework for liquidity management supportive of exchange rate and monetary arrangements and market development.
    - Practical recommendations on methods to determine policy rate and interest rate corridor, forecast liquidity, calibrate instruments, design collateral framework, and emergency liquidity assistance (ELA).
  - Market development diagnostic:
    - Comprehensive and systematic market survey with data infrastructure for collection and analysis to underpin interbank market reform and development.
    - Surveys collect feedback and systematically process information; approach has been particularly useful and triggered interest from authorities.
  - Collateral and ELA frameworks:
    - Revamping collateral and ELA frameworks; CD advice during COVID-19 gave attention to treatment of credit claims and less liquid assets.
    - Advice on ELA refined to focus on conditionality and monitoring framework, including funding plans and public communication.
    - MCM developed a template for ELA in fully dollarized economies emphasizing good governance and strict conditionality.
  - Digitalization:
    - Digital central banking: MCM is working to understand implications of currency digitalization for central bank operation and risk management, including collateral provision.
    - LTXs in each RCDC proactively engage counterparties on implications of digital currency for policy implementation as part of mainstreaming digital issues.
- Central Bank Transparency:
  - New work program to improve central bank governance launched in 2022, building on the new IMF Central Bank Transparency Code (CBTC).
  - CD program to engage countries in a full CBTC review using a five-pillar framework: (i) governance, (ii) policies, (iii) operations, (iv) policy outcomes, and (v) official relations.
  - CBTC reviews to establish a baseline and develop roadmaps for targeted technical assistance for concrete improvements and tangible results.
- Delivery modalities and tools:
  - CD delivered in coordination with other areas (economic modeling, financial markets infrastructure, debt market development, crisis management).
  - LTXs in central banking placed in most RCDCs for sustained engagement.
  - HQ missions, webinars, regional workshops used.
  - Databases maintained: MOID and CBLD facilitate cross-country comparisons and toolkits for central bank operations remain key.
  - MOID is updated on a 3–4-year cycle, with the last update in 2018 reflecting responses from 125 countries, including 2 monetary unions.
  - CBLD most recent update is 2021.

### Debt Management
- CD assists member countries with issuing and refinancing debt, MTDS and its update and implementation, Annual Borrowing Plans, Local Currency Government Bond Market (LCBM) development and assessment, and monitoring public debt liabilities.
- New areas of demand: liability management operations (LMO) to mitigate refinancing risks, issuance of Environmental, Social, and Governance (ESG) bonds, and investor relations for improved debt transparency.
- IMF policy guidance shaping CD delivery:
  - Issues in Sovereign Domestic Debt Restructuring: guidance on mitigating adverse effects from domestic debt restructuring and financial stability considerations due to a stronger sovereign-bank nexus.
  - Role of State-Contingent Debt Instruments (SCDIs) in Sovereign Debt Restructurings: foundation for CD on developing targeted SCDIs to prevent inefficient and costly restructurings.
  - Developing Government LCBMs: guidance note providing a comprehensive framework for LCBM development to design proper sequences of policy actions, diversify government funding sources, and manage risks.
- Tools and training:
  - Jointly developed tools with the World Bank support advisory work and training.
  - Growing number of long-term advisors and virtual-format training provided globally.
  - FY21: MCM created and delivered a MOOC, with IMF’s ICD and the World Bank, on developing a MTDS.
    - First iteration ran January to February 2021, with 175 participants passing the course and registering large learning gains.
    - Second run started in May 2021 and was made open access.
    - Third run launched in September 2021; a French version is being developed.

### Financial Crisis Management and Bank Resolution
- Improving financial safety nets is critical; COVID-19 underscored importance of effective financial sector safety nets comprising supervisory early intervention, a resolution regime, deposit insurance, and central bank liquidity arrangements.
- Safety nets enable authorities to handle distress, stem contagion, resolve failing institutions, and protect smaller depositors.
- MCM CD in crisis management focuses on strengthening safety net components and building operational capacity.
- Approach:
  - Assess components of countries’ financial safety nets through bilateral engagement and provide guidance on optimal utilization.
  - Encourage alignment with international standards and support contingency planning and timely strengthening of capabilities to deal with weak or failing banks early.
  - Prioritizing reforms is advisable as strengthening safety nets and contingency planning can take considerable time.
- Training and delivery:
  - Regional training and seminars retooled for virtual delivery via RCDCs and partner organizations for cost-effective engagement.
  - Ongoing development of an online training course on bank resolution with the BIS’ Financial Stability Institute.
  - Bilateral TA delivered largely through HQ staff and STXs, sometimes coordinated with financial supervision LTXs; LTX use reserved for particular situations.
- Post-pandemic balance sheet challenges:
  - As the pandemic wanes, tackling high levels of nonperforming loans (NPLs) expected to be a focal point of CD initiatives.
  - Corporate vulnerabilities and contact-intensive industry shocks can lead to elevated NPLs that erode bank solidity and undermine credit intermediation.
  - Supervisory responses to encourage timely recognition of loan losses, creation of specialist units for loan workouts, development of bank-specific timebound NPL reduction strategies, and removal of impediments to NPL resolution including barriers to distressed asset market development.

*Source: taar2022-25 - Section 2*

### Section 3

### taar2022-25 - Section 3

### Distressed assets and nonperforming loans (NPLs)
- MCM-delivered CD (sometimes in conjunction with efforts by LEG) will support authorities to:
  - improve oversight of banks with high NPLs; and
  - develop NPL reduction strategies tailored to country-specific circumstances (e.g., macroeconomic conditions, magnitude of the NPL overhang, financial sector buffers, type of distressed assets, legal and judicial constraints).
- CD leverages best practices for dealing with distressed assets and draws on related IMF work on unwinding COVID-19 policy interventions and managing systemic banking crises.

### Monetary policy and macroprudential frameworks
- Strategic focus:
  - Strengthening monetary policy frameworks and understanding interactions among monetary, macroprudential, and other policies.
  - Integration with foreign exchange policies, capital flow management, reserves management, and central bank organization and independence.
  - CD delivered via FSSRs, LTXs, and HQ-led missions; includes data collection, monitoring, analytical tools, and institutional capacity building.
- Key current areas of demand:
  - Foreign exchange policy
    - Transitioning to greater exchange rate flexibility; a forthcoming TA handbook chapter outlines options, prerequisites, and steps for transitions.
  - Forecasting and Policy Analysis Systems (FPAS)
    - FPAS models and decision-making processes for inflation-targeting regimes remain a key CD area; MCM and ICD completed a stocktaking of FPAS TA experience documenting key features and best practices.
  - Models to improve FPAS
    - An MCM team has been developing and estimating a small open economy DSGE model with balance sheet and other frictions to analyze interest rate and exchange rate shocks and policy interactions.
    - From early 2020, MCM has worked with the central banks of Malaysia and Thailand on calibrating the model and is preparing to help operationalize it and provide training; similar missions may be provided to other emerging market countries.
  - Central bank policy communication
    - Demand for CD in communications has increased; in early 2022, MCM published a TA handbook chapter on elements of successful communication frameworks and practices.
- Macroprudential frameworks
  - Establishing macroprudential policy frameworks: TA to help countries create institutional arrangements, dedicated macroprudential functions, and interagency coordination; continued demand in FSSR and FSAP contexts.
  - Operationalizing macroprudential policy: TA to develop strategies mapping objectives and risk indicators to policy actions, close data gaps, and establish operational readiness; LTXs and HQ-led missions active.
  - Calibration of macroprudential tools: Increasing demand for advice on calibration (e.g., countercyclical capital buffers, borrower-based tools) that accounts for benefits, costs, and potential for relaxation in stress periods; supported by ongoing analytical work feeding into the TA handbook.

### Capital flow management and Article VIII issues
- Scope and role:
  - CD on capital flow management and Article VIII issues is central to MCM’s mandate and is closely interlinked with monetary, exchange rate, financial sector, and macroprudential policies.
  - AREAER database provides yearly descriptions of foreign exchange arrangements, exchange and trade systems, controls on current transactions and capital controls and is an important input to CD.
- Institutional view guidance:
  - Work is guided by the Institutional view on liberalization and management of capital flows, clarifying when capital flow management measures are appropriate and conditions for greater liberalization.
  - CD delivery primarily through HQ staff and STXs via technical assistance missions and training.
- Article VIII CD:
  - Supports member efforts to eliminate measures inconsistent with Article VIII obligations and to improve FX system functioning, including FX market operation, elimination of restrictions and multiple currency practices.
  - CD on Article VIII mainly delivered by HQ staff and experts in close cooperation with LEG on jurisdictional issues.

### Financial stability
- Demand and focus:
  - High demand for tools and approaches to understand financial stability risks, communicate risks, and develop analytical tools including stress testing.
  - Basic solvency and liquidity stress testing frameworks are in place at most central banks and supervisors; CD supports further refinement and targeted tools.
  - COVID-19 highlighted the need to understand liquidity and foreign exchange market vulnerabilities and corporate sector vulnerabilities; calls for enhanced data collection and stress testing tools increased.
  - Expansion of systemwide financial linkage and contagion analysis enabled by increased availability of Balance Sheet Approach/financial accounts by counterpart data through STA’s CD and FSSR work.
- Tools and communication:
  - Continued enhancement of analytical toolkits tailored to developing countries; work with countries to improve data collection and implementation.
  - Increased interest in communicating financial stability risks and policies; CD on communication provided to central banks and other agencies.
  - Financial stability CD traditionally delivered from HQ, with growing demand for LTXs driven by FSSR CD Roadmaps.

### Digital money and finance
- Broad objectives:
  - Assist authorities in adjusting regulatory and supervisory frameworks, monetary operations, payment systems, and currency policy to capture digitalization benefits and mitigate risks.
  - Work spans regulation and supervision, oversight, financial market infrastructures, cybersecurity, and central banking.
- Topics and activities:
  - Initial CD focused on workshops and training on regulation of fintech and crypto assets, modernization of payment systems and FMIs, electronic and mobile money, marketplace lending, open banking, operational and third-party risks, regulatory sandboxes, RegTech and SupTech, and CBDC development.
  - Payment systems and FMIs: Growing requests for CD on oversight of nonbank access, modernization, interoperability, and strategic overhauls.
- Central Bank Digital Currency (CBDC)
  - "More than 100 countries" are currently investigating CBDC; a handful have launched CBDCs or pilots.
  - CD requests vary from early exploration to detailed design and execution; projects adapt to country circumstances while emphasizing macrofinancial impacts including legal and regulatory frameworks.
  - CD delivery modalities for CBDC:
    - Bilateral engagements for tailored country advice.
    - Regional workshops and training for knowledge exchange.
    - Analytical work to develop theoretical bases, policy views, and frameworks.
    - “CBDC program evaluations” by expert groups led by IMF staff for objective comprehensive reviews.
  - Growth and modalities:
    - MCM will broaden CD modalities including online training and LTXs.
    - MCM delivered a first hands-on bilateral advice on regulation and supervision of crypto assets.
    - A major project, with funding from the Japan Administered Account for Selected IMF Activities (JSA), will build a digital money toolkit and develop online seminars and training over the medium term.
    - Anticipated strong demand for digital payments and FMIs CD through RCDCs and increased demand for LTX support.

### Cybersecurity
- Three-pillar CD approach (since 2017):
  - An annual cybersecurity risk workshop for cybersecurity professionals from central banks and supervisors in low-income and developing economies.
  - Periodic regional workshops targeted at regions covered by RCDCs.
  - Bilateral CD projects offering deep-dive tailored analysis and recommendations.
- Focus and tools:
  - CD focuses on integrating cyber risk into financial sector surveillance and is tailored to low-income countries and low-capacity financial systems.
  - New CD tools to be finalized include an online cyber course and a cyber supervision toolkit to increase efficiency and reach.
- Demand trajectory:
  - Demand for cybersecurity CD will continue to be strong with projected modest growth.
  - Core program: cybersecurity risk regulation and supervision; rising demand for CD on third party providers, cyber testing, information sharing, and incident reporting.
  - Feedback from CD on low-income country constraints feeds into MCM policy formulation and international fora engagement.
  - A Staff Discussion Note “Cyber Risk and Financial Stability” highlighted IMF CD efforts and diverse CD products.

### Climate-related financial risks
- Emphasis:
  - Building capacity to tackle climate-related financial risks is high on MCM’s CD agenda.
  - Demand is a growth area and expected to expand quickly as policies and tools are developed.
  - Central banks and supervisors increasingly recognize climate-related financial risks as material and potentially threatening to financial stability; work to address these risks is in early stages.

*taar2022-25 - Section 3*

### Section 4

### taar2022-25 - Section 4

### Climate-related financial risks and financial stability analysis
- Supervisors need to develop comprehensive supervisory guidelines, methodologies, risk indicators, and regulations for financial institutions to manage governance, management, and disclosure of climate risks.
- Addressing existing data gaps is necessary to effectively identify, assess, and address climate-related financial risks as part of ongoing supervisory activities.
- Building capacity now is key because there is currently a structural lack of knowledge and skills in central banks, supervisory authorities, and financial institutions to effectively assess climate risks.
- MCM priorities and actions:
  - Incorporate climate risk into financial stability analysis, including stress testing.
  - Develop tools and techniques that will form part of MCM capacity development (CD).
  - Develop additional toolkits for inclusion of climate risk in stress testing analysis and a broadly available knowledge management tool for country authorities.
  - Disseminate knowledge and toolkits as a growing part of CD delivery.
  - Continue workshops with RCDCs and expand topics and geographic reach of webinars to help authorities incorporate climate risk into financial sector supervision.
  - Build capacity of central banks to develop strategic roadmaps to reflect climate and transition risks in policies and balance sheets.
  - Continue to provide CD to help central banks better reflect and respond to climate risks in policies and balance sheets.

### Gender-balanced financial sector policies
- MCM has begun developing activities to help countries promote gender-balanced policies in the financial sector, supported by analytical underpinnings and operational guidance.
- Coordination and partnerships:
  - Work in close coordination with the IMF’s Senior Advisor on Advancing the Fund’s Gender Work.
  - Partner with organizations that analyze and promote gender equality in finance.
- Focus to date:
  - Financial inclusion aspects of gender and building awareness of the need for gender diversity in financial sector leadership.
  - IMF staff work (SDN 15 /17 and 18/05) highlights that greater inclusion of women as users, providers, and regulators of financial services would foster greater stability in the banking system and enhance economic growth.
- Partnerships and examples:
  - Partnered with Women’s World Banking for webinars on gender-balanced leadership.
  - Will work with the Toronto Centre on gender inclusion in finance in the context of an FSSR.
  - Emphasis on embedding gender work into existing workstreams including supervision, central bank governance, and financial inclusion.

### Recruiting experts, long-term advisors, and quality control (Element 3)
- Deep expertise and practical knowledge:
  - MCM recruits HQ staff and experts with practical expertise in central banking, supervision, debt management, and policy making.
  - External experts are backstopped by HQ staff to link HQ and field work.
  - Extensive review and clearance process for all CD outputs is part of quality assurance.
- CD delivery channels:
  - HQ staff, STXs, and resident advisors (“LTXs”) deliver CD.
  - LTXs carry out upwards of 60 percent of MCM CD.
- LTXs (long-term advisors):
  - Placed in member country institutions such as central banks or in the IMF’s RCDCs.
  - Come with significant hands-on experience following a very competitive hiring process; hiring is subject to the same rules as those applied to staff.
  - Assignments range between one and five years, depending on country demand and availability of funding.
  - At end-April 2021, MCM had 30 resident advisors in total, of which 21 were in RCDCs with FCS or directly in these countries.
- Connected CD community:
  - Each LTX works with a TA country manager and an HQ backstopper in the same subject area.
  - Backstopping practices include review of briefs and reports, discussion of current issues, and regular calls and an annual workshop at HQ.
  - LTXs participate in weekly division meetings, have access to MCM and IMF-wide webinars, and communicate with backstoppers and country managers.
- Robust quality control processes:
  - Documentation and review of all aspects of CD activity including briefs, back-to-office reports, and TA reports and materials.

### Integration with surveillance, FSSR, and IMF programs (Element 4)
- CD-surveillance integration:
  - MCM works with IMF area departments (ADs) to coordinate priorities and set medium-term workplans through CDMAP.
  - Around 75 MCM economists and financial sector experts (FSEs) are members of AD country teams in countries that typically face significant financial sector challenges.
  - Presence of MCM staff in AD teams informs AD analysis and provides a basis for accompanying or follow-up CD.
  - FSAPs and FSSRs are useful tools for effective CD-surveillance integration; FSAPs are a surveillance tool with strong links to CD.
- The Financial Sector Stability Review (FSSR):
  - Launched in 2017.
  - Provides a holistic review of CD needs in the context of a country’s financial stability risks combined with a three-year action plan for TA and training.
  - Aimed at low and lower middle-income countries (LLMICs).
  - Two modules:
    - Diagnostic review of financial sector vulnerabilities and risks and related follow-up CD.
    - Targeted TA missions and workshops on financial sector statistics to strengthen evidence-based decision making and reporting.
  - Covers supervision, crisis management, macroprudential policy, financial stability analysis, and financial sector statistical work by STA.
  - Financed through a Financial Sector Stability Fund (FSSF) supported by donor contributions.
  - Current FSSF donors listed in the source include China, European Investment Bank, Germany, Italy, Luxembourg, Saudi Arabia, Sweden, Switzerland, and the United Kingdom.
  - Overseen by a Steering Committee (donor partners, the IMF and the World Bank Group) that provides strategic guidance, sets policies and priorities, endorses annual work plans, and monitors program performance.
  - IMF and World Bank Group have a framework for information sharing and coordination on the FSSR with regular managerial and technical meetings.
  - The FSSF co-finances the SROC for banking supervisors (organized by MCM in partnership with the Financial Stability Institute of the BIS), the Annual Cybersecurity Supervision Workshop, and the MCM Cybersecurity Online Course currently under development.

### Fragile and Conflict-Affected States (FCS)
- FCS are a priority for MCM CD and this will be strengthened in line with IMF Board priorities; the IMF FCS Strategy is expected to be adopted by the IMF Board in the first quarter of 2022.
- MCM CD to FCS over the past ten years:
  - Amounted to about US$130 million, about 25 percent of the IMF’s total CD in these countries.
  - More than half of MCM’s total FCS CD spending was in the African region with substantial amounts in Asia Pacific and the Middle East and Central Asia.
  - Seven FSSRs out of 22 were conducted in FCS countries: Djibouti, The Gambia, Guinea, Kosovo, Sierra Leone, West Bank and Gaza, and Zimbabwe.
  - FSSR engagements with Democratic Republic of Congo and Tajikistan have just started.
- Recent delivery and modalities:
  - A third of TA missions were in FCS in FY21.
  - Webinars and short virtual engagements early in the COVID-19 crisis evolved into longer virtual work, enabling continued engagement despite travel and security constraints.
- Core areas emphasized:
  - Financial sector regulation and supervision, central bank operations, and debt management remain central.
  - Expect a step up in CD on debt transparency and central bank governance.
  - Growing interest in new areas: cyber risks, mobile payments and payment strategies, e-money solutions, fintech-related regulatory framework, and implications of climate change and transition to a low-carbon economy for the financial sector.
- Institution-building considerations:
  - CD engagement in FCS is long-term and requires gradual, well-sequenced reforms and realistic milestones, outcomes, and timelines.
  - Advice must be tailored and prioritized according to the country's place on the fragility spectrum; first-best advice may not work.
  - The blended CD model (mission-based delivery combined with hands-on training, peer-to-peer learning, professional attachments, dedicated online courses, “How-to” knowledge products, thematic workshops, short virtual meetings, and desk reviews) will broaden reach and continuity.
  - Example: annual cybersecurity event funded by the FSSF helped create a peer community of practice among low-income country officials.
- Use of long-term experts:
  - Continued reliance on resident advisors (LTXs) is planned; LTXs proved crucial during the pandemic and adjusted efficiently to remote modalities.
  - With potential persistence or increase in FCS post-pandemic, demand for resident advisors in the field may rise.

### CCAMTAC region
- The Caucasus, Central Asia and Mongolia Technical Assistance Center (CCAMTAC) countries are an IMF CD priority.
- MCM supports intensified work in this region primarily through the new RCDC located in Almaty, Kazakhstan.
- CCAMTAC objectives:
  - Help authorities strengthen monetary and financial sector policies.
  - Ensure robust and effective central banks or regulatory agencies contributing to sound economic growth and development.
- The region is diverse and work will be tailored to individual country needs; the region comprises low-income or fragile countries (Kyrgyz Republic, Tajikistan, Uzbekistan), emerging market economies (Armenia, Georgia), and large commodity exporters (Azerbaijan, Kazakhstan, Mongolia, Turkmenistan).
- CCAMTAC will complement MCM CD work from IMF HQ.

*Source: taar2022-25 - Section 4*

### Section 5

### Section 5

### ELEMENT 5 — CD modalities and blended delivery
- MCM employs a full range of CD modalities to achieve maximum impact, including:
  - virtual engagements and in-person missions;
  - technical assistance and trainings;
  - knowledge management products, toolkits and ‘how-to’ guides;
  - regionally based workshops and technical assistance and large-scale courses;
  - continuous engagements using peripatetic advisors and targeted advisory sessions;
  - long-term experts (LTXs) bilaterally in member countries and at the RCDCs.
- Blending virtual and in-person work:
  - Scoping and preparatory work can be done remotely, creating savings on travel expenses and improving in-person mission efficiency.
  - MCM will continue to refine the blended model to meet evolving member needs.
- Blending bilateral advice with tools and training:
  - MCM explores prolonged engagements that account for absorptive capacity and implementation pace over longer periods.
  - Training remains a core component; MCM’s online courses have had very high attendance and excellent feedback.
  - Planned expansion of knowledge products includes capital flows measures, central bank transparency, climate risk analysis, and cybersecurity.

### ELEMENT 6 — Partnerships and dissemination
- Rationale:
  - Building external and internal partnerships expands skills, resources, and synergies with CD stakeholders.
  - Coordination within the IMF and with other providers improves outcomes and complements ongoing work.
- External partnerships:
  - MCM will strengthen partnerships with relevant CD providers for planning, delivery, and evaluation.
  - Coordination mechanisms include stakeholder meetings for large-volume CD recipients, high-level donor forums, country-level partner coordination, meetings with country teams for smaller recipients, and post-FSSR coordination meetings.
  - The World Bank will continue as the main partner for coordination of CD delivered to member countries, with close cooperation on debt management, digitalization, and gender and financial stability issues identified during FSSRs.
  - MCM is a founder member of the Toronto Centre, sponsoring and supporting its activities, including Board participation and co-hosting panels on emerging CD areas such as digitalization, inclusion, gender, and green economy.
- Internal partnerships (main avenues for joint and coordinated actions):
  - Contributing to the work of CCB and the IMF working group on FCS Strategy, IMF ADs and ICD.
  - Close cooperation with IMF ADs on country strategies and major country projects, including the FSSR.
  - CDMAP implementation and Community of Practice discussions.
  - Joint missions with the IMF Fiscal Affairs Department on debt management capacity through treasury cash management and developing local securities markets.
  - Joint work with LEG on legal frameworks in supervision and regulation, crisis management and resolution, digital payments and central bank governance.
  - Cooperation and joint missions with STA on FSSR diagnostics to strengthen capacity to produce financial sector data.
  - Collaboration with ICD on financial modelling and FPAS.
  - Work with ITD on digital money and finance, development of analytical tools and support to hybrid delivery.
- Dissemination of CD information:
  - MCM disseminates TA reports IMF-wide via the Knowledge Exchange Countries platform and the Institutional Repository.
  - MCM encourages publication of non-confidential TA reports by country authorities to spread best practices and cross-country lessons.
  - Over the next three years the goal is to increase dissemination of materials in line with a forthcoming new dissemination policy from the Executive Board and to resume production of small videos, podcasts, and online products for the public via social media and other outlets.
  - Regular briefings to the IMF Executive Board inform on MCM CD activities, challenges, trends, and priorities; example: presentation on Building Capacity in Monetary and Financial Policies in Fragile and Conflict-Affected States.

- External donor support:
  - Partners support over 80 percent of MCM CD field work that includes RCDCs’ activities and a number of bilateral or multilateral country projects.
  - Fiscal year references:
    - Largest Bilateral Contributors to MCM CD, FY2021 (listed in source).
    - Top MCM CD Trust Funds and their Contributors, FY2020 (listed in source).
  - Note: FIRST Phase III ended December 2020; FIRST Phase IV partners include Germany and Switzerland only.

### RESULTS-BASED MANAGEMENT (RBM)
- RBM framework is central to monitoring implementation and assessing outcomes of CD projects:
  - A logical framework (logframe) is created for every project with objectives, outcomes, milestones, and verifiable indicators.
  - RBM is embedded through the CDMAP system and aligned with IMF RBM rollout in FY2017.
- Operationalization and tools:
  - Major investment in 2021 updating the RBM catalogue in CDMAP, including emerging areas of work.
  - Logframes are developed for each project in CDMAP and updated with each new activity.
  - An RBM database was developed to track compliance, facilitate in-depth analysis, and guide decision-making on coverage of CD topics, countries, and institutions.
  - MCM trained staff and experts to develop medium-term projects anchored in the RBM framework.
- RBM and feedback from authorities:
  - Further developing feedback mechanisms and improving analysis of RBM data are medium-term priorities.
  - MCM will seek stronger engagement with recipient authorities to clarify expectations and understand impediments to implementation, embedding feedback into CD design.
  - MCM will develop means to assess projects in CDMAP, monitor and analyze assessments, and derive lessons for future work.

### ELEMENT 7 — Assessment, evaluation, and continuous improvement
- MCM uses feedback processes to ensure quality and continuous improvement:
  - RBM, project assessments, and evaluations gauge absorption and impact of CD and inform adjustments to priorities, modalities, and design.
- Assessment and evaluations practices:
  - Since 2017, RBM is at the heart of MCM CD work; all MCM TA projects are designed using the standard catalogue.
  - All donor-funded CD projects receive periodic assessments prepared by the MCM CD project manager; in FY19 MCM began expanding assessments to internally funded projects.
  - MCM conducts evaluations of one major project per year based on OECD Development Assistance Committee criteria.
  - MCM will participate in the newly designed IMF evaluations program, with an evaluation of a major CD program beginning FY23.

*Source: Monetary and Capital Markets — Capacity Development Strategy 2022–25, Section 5*

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_Source: https://www.imf.org/-/media/files/publications/technical-assistance-annual-report/taar2022-25.pdf_