## taar2025

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---

### FY25 overview and key statistics
- FY25 covers the period from May 2024 to end-April 2025.
- Total MCM CD activities in FY25: 1,024.
- Number of recipient countries, territories, and regional institutions in FY25: 150.
- MCM CD spending in FY25: $51 million.
- Comparison with FY24: FY24 had 1,037 activities and $52.1 million in spending.
- Direct delivery shares (percent of total):
  - Central Bank Operations — 38
  - Debt Management — 17
  - Financial Supervision and Regulation — 8
  - Monetary and Macroprudential Policies — 21
  - Capital Flow Management — 5
  - Financial Crisis Management — 5
  - Payments and Infrastructure — 4
  - Systemic Risk Analysis — 0.4
- Bulk of delivery concentrated in three areas: financial supervision and regulation, central bank operations, and debt management—together accounting for over three quarters of MCM CD.
- Regional distribution ranking: Africa, Asia and the Pacific, the Middle East and Central Asia, the Western Hemisphere, Europe.

### Modalities, formats, and delivery approach
- Modalities of CD delivery in FY25:
  - In person: 55 percent of engagements
  - Virtual: 30 percent of engagements
  - Hybrid: 15 percent of engagements
- Forms of CD:
  - Technical assistance (TA) constituted more than two thirds of CD delivery.
    - Over three quarters of TA in FY25 was delivered in person or in a hybrid format.
    - TA was heavily relied upon in capital flow management, financial crisis management, and monetary and macroprudential policies.
  - Training accounted for about one third of CD delivery.
    - Over half of training was delivered in person or in a hybrid format.
    - Payments infrastructure and financial regulation and supervision relied heavily on training (with 43 percent of payments infrastructure CD delivered via training).
    - Training formats included classroom courses, bilateral and regional workshops and seminars, peer-to-peer learning, and advisory sessions for senior officials.
  - Blended delivery (real-time engagement combined with asynchronous self-paced online modules) expanded, with demand remaining high even as measurement of its effectiveness continues to be refined.
- Programmatic engagements increased to better sequence activities and support medium-term institutional objectives.
- Resident advisors (long-term experts) in the field remained integral to sustained dialogue and on-the-ground support.

### Emerging priorities and thematic focus
- Continued focus on core areas with expanded delivery in:
  - supervision and regulation of fintech, including crypto assets,
  - application of artificial intelligence in central banking communication,
  - cross-border payments,
  - digital currencies and fintech frameworks,
  - climate-related CD.
- Emphasis on tailoring CD to country-specific needs and strengthening integration and synergies with Fund surveillance and lending.

### High-level events and collaboration
- Four high-level events organized and funded in FY25; highlights include:
  - October 2024 seminar (IMF, World Bank, Federal Reserve System) for senior bank supervisors from emerging economies in Washington D.C., with over 50 participants on topics including weak banks, climate-related risks, and digitalization.
  - November 2024 flagship annual long-term expert (LTX) workshop in Washington D.C., supporting team building, knowledge exchange, and alignment with IMF Headquarters policy developments.
- Donor partnerships and collaboration with ICD emphasized across the CD lifecycle.

### LTX (Long-Term Expert) delivery and the annual workshop (Box 1)
- 11th Annual MCM LTX Workshop: November 18–22, 2024, Washington, D.C.
- LTX footprint:
  - 35 regional advisors (LTXs) participated; at end-April 2025 MCM had 37 LTXs—30 placed in RCDCs and 7 in individual countries.
  - LTXs accounted for close to a third of MCM TA missions in FY25.
- Roles and contributions:
  - Provide proximity to country authorities, tailored on-the-ground advice, and traction for CD recommendations—especially in fragile and conflict-affected states (FCS).
  - Facilitate integration of CD with surveillance and lending and coordination with field stakeholders.
- Workshop features:
  - Sessions on sovereign debt restructuring, central bank communication, digital finance, climate risk analysis, and CD governance.
  - Engagements with HQ, a fireside chat with the former First Deputy Managing Director, Gita Gopinath, and MCM Management panel discussions.

### IMF–World Bank collaboration on debt management (Box 4)
- Objectives: strengthen public debt management, improve transparency, enhance debt operations and practices, deepen local currency government bond markets (LCBMs).
- Joint policy guidance referenced:
  - Bank-Fund Guidelines for Public Debt Management (revised in 2014).
  - The Guidance Note on Developing LCBMs (2022).
- Analytical tools used: MTDS and Annual Borrowing Plan frameworks.
- Debt Management Facility (DMF):
  - DMF financed delivery of over 585 TA activities across 83 countries and 22 subnational entities since 2009.
- New initiative: Joint Domestic Resource Mobilization Initiative to support country-led reforms in revenue, expenditure management, and LCBM development.
- Partner funding table excerpts (Millions of USD, as reported):
  - Japan 7. 0
  - Germany1.5
  - Canada1.3
  - Switzerland0.9
  - China0.5
  - Norway0.3
  - Financial Sector Stability Fund (Phase I and II) 4.3
  - Debt Management Facility 1.6
  - Ukraine Capacity Development Fund 0.5
  - Somalia Country Fund 0.3
  - Others0 .1

### Donor engagement, operational improvements, and measurable CD impacts (Section I)
- Internal audit: comprehensive assessment of administrative processes governing the employment lifecycle of LTXs; findings and recommendations to be implemented.
- Donor engagement highlights:
  - Donors invited to select CD missions to observe results and interact with counterparts and LTXs.
  - Eleventh Annual MCM LTX Workshop session on “CD Delivery in the Field: Cooperation with Donor Partners.”
  - March 2025 BIS-IMF Symposium panel moderated by MCM Deputy Director Miguel Savastano.
  - Participation in DMF Stakeholders Forum (June 2024) and Japan Subaccount Annual Strategic Dialogue (November 2024).
- FY25 donor-supported CD achievements (selected):
  - Debt management:
    - Kenya—Supported by funding from Canada, the Kenyan authorities published an improved annual borrowing plan and successfully executed their first treasury bond buyback operation in February 2025.
    - Central African Republic—With DMF support, developed its first-ever MTDS.
    - Guinea-Bissau—Supported by funding from Japan, strengthened Debt Management Office capacity; in February 2025 authorities adopted and published their first national debt management strategy and debt bulletin.
  - Central bank digital currency:
    - Bilateral and regional CD supported exploration of CBDC options in multiple countries and regions (including the Common Monetary Area, Eswatini, Nepal, Pakistan, the Philippines, Tanzania).
    - CBDC Virtual Handbook—supported by Japan, added six new chapters in FY25; Handbook page views reached over 60,000 in September 2024.
  - Climate finance (with support from the German Federal Ministry for Economic Cooperation and Development):
    - Regional trainings and bilateral CD supported climate risk stress testing and data improvements (Barbados, Bangladesh, Seychelles).
    - Regional workshops at IMF regional training centers on adapting supervisory frameworks for climate-related financial risks.
    - Training in Azerbaijan, Cabo Verde, and the West African Economic and Monetary Union on transition taxonomies and climate disclosures; joint MCM and STA TA missions in Azerbaijan and Côte d’Ivoire on transition taxonomy and climate disclosures (March 2025).
- Transparency and dissemination:
  - TA reports and CD documentation shared with donors and, with consent, made publicly available to enable tracking and peer learning.
  - Encouragement for TA mission chiefs and LTXs to meet donors during missions for real-time updates and alignment.
- FY25 country authorities survey (first anonymous survey):
  - Survey period: May 1 to June 13, 2025.
  - Completed by 72 participants, representing a 50 percent response rate out of 143 country authorities surveyed.
  - Key findings on demand and expected support (multiple-response question; results expressed as percentage of responses):
    - 78 percent indicated increased support from MCM over the next two years.
    - 97 percent point to higher demand for CD on climate finance and risks over the next two years.
    - 91 percent anticipate CD demands in banking supervision and regulation.
    - 71 percent anticipate CD demands in central bank operations.
    - 84 percent anticipate CD demands in banking resolution and crisis management.
    - 67 percent anticipate CD demands in debt management.
  - Quality and usefulness:
    - 90 percent rated MCM CD delivery as excellent or very good.
    - 61 percent found the recommendations and advice very useful.
    - 37.5 percent considered the recommendations and advice useful.
    - 1.4 percent considered them not useful.
  - Overall satisfaction:
    - 54 percent very satisfied with MCM’s CD support.
    - 44 percent satisfied.
    - 1.4 percent neither satisfied nor dissatisfied.
  - Identified challenges adapting MCM recommendations:
    - Obtaining approval for legislative reforms.
    - Adapting international best practices to local contexts amid limited data availability.
    - Human resource and capacity constraints, including high staff turnover.
    - Securing senior management buy-in.
    - Timing of capacity building.
  - Suggested improvements:
    - Greater emphasis on practical examples and case studies from similar countries.
    - Further tailoring of recommendations to country-specific challenges.
    - Increasing frequency of in-person and follow-up missions.

### Selected country case studies and programmatic engagements (Section II)
- CABO VERDE: Operationalizing the resolution framework
  - MCM mission March 2024 in Praia to evaluate and advise BCV on operationalization.
  - Recommendations: expand resolution tools (including bail-in powers and asset transfers under strict conditions), improve resolution planning and operational capacity, establish independent resolution function within BCV.
  - Implementation: resolution unit became operational during FY25; head appointed and recruitment underway; medium-term workplan proposed.
- KOSOVO: Programmatic approach to strengthen the bank supervisory framework
  - Follow-up to 2019 FSSR; sequenced TA on implementing Supervisory Review Process (SRP).
  - Missions: initial in November 2024; subsequent in May 2025 on supervisory key risk indicators.
  - Approach: structured, sequenced programmatic TA aligned with CBK-developed roadmap; targeted updated FSSR diagnostic planned for FY26.
- PFTAC (Pacific Island Countries): Upgrading prudential standards and supervisory frameworks
  - Coverage: 13 PICs listed (The Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga, Tuvalu, Vanuatu).
  - Five-year work to align standards with the Basel Framework and BCPs; challenges include proportionality, fragility, natural disasters, attrition, staffing shortages.
  - Outcomes: Solomon Islands issued five upgraded prudential standards; supervisory manuals drafted by Cook Islands, Solomon Islands, Vanuatu.
- SURINAME: Programmatic approach to debt management and transparency
  - CARTAC-targeted TA to improve public sector debt records and operational processes.
  - Program components across FY24 and FY25: capacity-building workshops, operational upgrades, software recommendations, mentoring for knowledge retention.
  - Outcome: March 2025 Suriname completed IMF-supported program; plans to develop domestic bond market.
- RWANDA: Integrating climate shocks into forecasting and policy analysis systems
  - FY25 FPAS TA developed extreme weather indexes and satellite-model framework; integrated with nowcasting and QPM analysis.
  - Empirical "rules of thumb":
    - (i) dry spells during planting seasons reduce crop production by approximately 7 percent;
    - (ii) a 10 percent decline in crop production (relative to normal levels) corresponds to a 5 percent increase in fresh food prices.
  - Findings: adverse weather shocks significantly reduce agricultural output and can lead to food price inflation, with implications for monetary policy if second-round effects risk de-anchoring inflation expectations.
- BOTSWANA: Enhancing Emergency Liquidity Assistance (ELA) and collateral frameworks
  - MCM mission September 2024 following 2023 FSAP recommendation.
  - Recommendations: draft public ELA regulation, define policy parameters, enhance operational preparedness via simulations, set collateral framework (eligibility, valuation, haircuts), establish internal ELA decision-making processes, balance discretion with transparency and ex-post disclosure.
  - Simulation: used actual balance sheet of a domestic bank with severe deposit outflow; over 20 BoB staff participated; improved BoB collateral policy and preparedness.

### Resident long-term experts (LTX) profiles and delivery modalities
- Overview: 37 LTXs are central to MCM CD delivery; interviews with three LTXs featured:
  - Lusine Margaryan — Start date: November 2023; Workstream: Financial supervision and regulation; RCDC: METAC; Location: Beirut, Lebanon; Countries covered listed.
  - Juan Vilanova Pardo — Start date: May 2024; Workstream: Debt management; RCDC: PFTAC; Location: Suva, Fiji; Countries covered listed.
  - Eugenio Avisoa — Start date: April 2023; Workstream: Financial supervision and regulation; RCDC: AFRITAC Central (AFC); Location: Libreville, Gabon; Countries covered listed.
- Typical activities:
  - Continuous follow-up with authorities, preparation for missions, informal interaction when not on mission.
  - Resident modality advantages: proximity, trust-building, contextual knowledge, sustained follow-up, quicker engagement than HQ-only TA.
- Common challenges and adaptive approaches:
  - Limited institutional capacity and human resources, high turnover, weak project management, security/health risks, remoteness and logistics costs.
  - Programmatic, step-by-step roadmaps for FCS; regional partnerships to share costs and create synergies.
- Notable achievements by resident experts:
  - Development of Excel Visual Basic Application tool enabling first bank rating exercise (Eugenio).
  - Progress on Internal Capital Adequacy Assessment Process and attitudinal shifts in authorities (Lusine).
  - LCBM regional workshop and training-of-trainers using MTDS Analytical Tool (Juan, March 2025).

### Regional Capacity Development Centers (RCDCs), training centers, and LTX placements (Appendices)
- RCDCs listed by region with locations and member countries (selected examples):
  - AFRITAC Central — Libreville, Gabon — Member Countries: Burundi, Cameroon, Chad, Central African Republic, Democratic Republic of Congo, Gabon, Equatorial Guinea, Republic of Congo, São Tomé and Príncipe.
  - PFTAC — Suva, Fiji — Member Countries: Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Republic of the Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tokelau, Tonga, Tuvalu, Vanuatu.
  - METAC — Beirut, Lebanon — Member Countries: Afghanistan, Algeria, Djibouti, Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Sudan, Syria, Tunisia, West Bank and Gaza, Yemen.
- Regional Training Centers (selected):
  - ATI — Port Louis, Mauritius (started June 2013).
  - CEF — Kuwait City, Kuwait (started 2011).
  - CICDC — Beijing, China (started April 2018).
  - JVI — Vienna, Austria (established 1992).
  - STI — Singapore (established 1998).
- APPENDIX II — MCM Long-Term Resident Expert Placement (as of April 30, 2025): selected placements (affiliation, country, topic, donor partner) — samples include AFRITAC Central — Gabon — Banking Supervision and Regulation — Multi-donor; PFTAC — Fiji — Public Debt Management — Japan; METAC — Lebanon — Debt Management — Netherlands; National Bank of Cambodia — Central Bank Operations — Japan; National Bank of Tajikistan — Macroprudential Policies — Switzerland; and others as listed.
- MCM Technical Assistance Management — Main contact points (names, telephone numbers, and email addresses listed for Director, Deputy Director, Technical Assistance Strategy Division Chief, Deputy Division Chiefs, Regional Advisors). Notes included on retirements and planned retirements for specific staff.

*Source: Capacity Development Annual Report 2025 | Monetary and Capital Markets*

### PREFACE

### PREFACE

### Overview: Fiscal Year Context
- FY25 covers the period from May 2024 to end-April 2025.
- MCM’s capacity development (CD) work was delivered against a global backdrop marked by:
  - heightened trade and geopolitical uncertainty,
  - weak growth prospects,
  - high debt burdens,
  - ongoing digitalization and the emergence of artificial intelligence (AI).
- MCM CD was anchored in the 2024 IMF CD Strategy Review, emphasizing greater flexibility, integration, and tailoring of CD activities.

### Key activities and statistics
- Total MCM CD activities in FY25: 1,024.
- Number of recipient countries, territories, and regional institutions in FY25: 150.
- MCM CD spending in FY25: $51 million.
- Comparison with FY24: FY24 had 1,037 activities and $52.1 million in spending.
- MCM delivered CD across its core workstreams, with direct delivery shares (percent of total) reported as:
  - Central Bank Operations — 38
  - Debt Management — 17
  - Financial Supervision and Regulation — 8
  - Monetary and Macroprudential Policies — 21
  - Capital Flow Management — 5
  - Financial Crisis Management — 5
  - Payments and Infrastructure — 4
  - Systemic Risk Analysis — 0.4
- Bulk of delivery concentrated in three areas: financial supervision and regulation, central bank operations, and debt management—together accounting for over three quarters of MCM CD.
- Regional distribution: Africa consistently ranked as the top recipient, followed by Asia and the Pacific, the Middle East and Central Asia, the Western Hemisphere, and Europe.

### Modalities, formats, and delivery approach
- Modalities of CD delivery in FY25:
  - In person: 55 percent of engagements
  - Virtual: 30 percent of engagements
  - Hybrid: 15 percent of engagements
- Forms of CD:
  - Technical assistance (TA) constituted more than two thirds of CD delivery.
    - Over three quarters of TA in FY25 was delivered in person or in a hybrid format.
    - TA was heavily relied upon in capital flow management, financial crisis management, and monetary and macroprudential policies.
  - Training accounted for about one third of CD delivery.
    - Over half of training was delivered in person or in a hybrid format.
    - Payments infrastructure and financial regulation and supervision relied heavily on training (with 43 percent of payments infrastructure CD delivered via training).
    - Training formats included classroom courses, bilateral and regional workshops and seminars, peer-to-peer learning, and advisory sessions for senior officials.
  - Blended delivery (real-time engagement combined with asynchronous self-paced online modules) expanded, with demand remaining high even as measurement of its effectiveness continues to be refined.
- Programmatic engagements increased to better sequence activities and support medium-term institutional objectives.
- Resident advisors (long-term experts) in the field remained integral to sustained dialogue and on-the-ground support.

### Emerging priorities and thematic focus
- MCM sustained focus on core areas while expanding delivery in emerging domains, including:
  - supervision and regulation of fintech, including crypto assets,
  - application of artificial intelligence in central banking communication,
  - cross-border payments,
  - digital currencies and fintech frameworks,
  - climate-related CD.
- MCM emphasized tailoring CD to country-specific needs and strengthening integration and synergies with Fund surveillance and lending to maximize impact.

### Events, collaboration, and high-level engagement
- MCM organized and funded four high-level events in FY25 to share insights and best practices; two highlighted in the preface:
  - October 2024 seminar (IMF, World Bank, Federal Reserve System) for senior bank supervisors from emerging economies in Washington D.C., with over 50 participants on topics including weak banks, climate-related risks, and digitalization.
  - November 2024 flagship annual long-term expert (LTX) workshop in Washington D.C., supporting team building, knowledge exchange, and alignment with IMF Headquarters policy developments.

### Acknowledgments and institutional contributors
- Gratitude expressed to donors and partners for support that enabled MCM CD delivery and impact.
- The 2025 MCM Annual Report documents over 1,000 CD activities and highlights contributions across central bank operations, financial sector supervision and regulation, crisis management, debt management, monetary policy, and financial stability analysis.
- Prefatory leadership:
  - Kenji Okamura, Deputy Managing Director, International Monetary Fund
  - Tobias Adrian, Financial Counsellor and Director, Monetary and Capital Markets Department
- Report preparation: staff from the Technical Assistance Strategy Division of the Monetary and Capital Markets Department under the guidance of Miguel Savastano and Oana Croitoru. Core team: Sipho Makamba, Betty Afework, Dana Andreicut, Ibrahima Sangare, Sebastien Clanet, Natalia Naryshkina, Chloe Zhang, Brenda Sylvester, Kateryna Botsu, Tsegereda Mulatu.

*Source: PREFACE, taar2025 - PREFACE*

### BOX 1. ANNUAL MCM LTX WORKSHOP

### BOX 1. ANNUAL MCM LTX WORKSHOP

### Workshop overview
- The 11th Annual MCM LTX Workshop took place in Washington, D.C. during November 18–22, 2024.
- It brought together the 35 regional advisors (LTXs) from MCM stationed in Regional Capacity Development Centers (RCDCs) and central banks across the globe.
- The week-long discussions highlighted the significant role LTXs play in CD delivery and in providing hands-on technical advice to developing countries, especially FCS.

### Role and contributions of LTXs
- LTXs provide proximity to country authorities, enabling tailored, on-the-ground technical advice and enhancing traction of CD recommendations.
- At the end of April 2025, MCM had 37 LTXs—30 placed in RCDCs and 7 in individual countries.
- LTXs made a significant contribution to MCM direct delivery in FY25, accounting for close to a third of MCM TA missions in FY25.

### Themes, topics, and CD lifecycle
- Participants engaged in active discussions covering all aspects of the CD life cycle, sharing best practices in integrating CD with surveillance and lending, and exploring effective coordination with key stakeholders in the field.
- Specialized topics covered included:
  - sovereign debt restructuring
  - central bank communication
  - advancements in digital finance
  - climate risk analysis
  - key CD governance and operational aspects

### Engagements with HQ and strategic insights
- The program provided an opportunity for LTXs to meet key stakeholders in HQ, including country teams and functional division experts.
- A fireside chat with the former First Deputy Managing Director, Gita Gopinath, emphasized the importance of strong institutions for sustainable development.
- A panel discussion facilitated by MCM Management helped harness strategic insights.
- LTXs appreciated the Managing Director's concluding remarks about the importance of building bridges and relations on the ground, and an interactive Q&A provided perspectives on the Fund's long-term strategic vision and the essential contributions of LTXs as trusted advisors.

### Highlights and operational notes
- The workshop served as a forum to exchange best practices for integrating CD with surveillance and lending and to deepen coordination with field stakeholders.
- Emphasis on the centrality of LTXs for delivery in fragile and conflict-affected states (FCS) and for sustaining programmatic CD approaches in-country.

*Sources: CDMAP, ICD/ACES, and IMF staff.*

### BOX 4. IMF-WORLD BANK COLLABORATION ON DEBT MANAGEMENT

### BOX 4. IMF-WORLD BANK COLLABORATION ON DEBT MANAGEMENT

### Overview
- The IMF and the World Bank maintain a longstanding partnership to strengthen public debt management through joint policy guidance, analytical tools, and capacity development (CD).
- Collaboration objectives: build resilient debt frameworks, improve transparency, enhance debt management operations and practices within a prudent policy and operating framework, and deepen local currency government debt markets.
- Joint resources inform TA missions, regional training, and online material delivered by both institutions to guide authorities.

### Joint policy guidance
- Bank-Fund Guidelines for Public Debt Management (revised in 2014)
  - Help enhance debt management practices and reduce vulnerability to financial shocks.
- The Guidance Note on Developing LCBMs (2022)
  - Provides a roadmap for emerging and developing economies to assess and advance their LCBMs.

### Analytical tools
- MTDS and Annual Borrowing Plan frameworks
  - Guide sovereign borrowing decisions and strategy implementation.

### Capacity Development through the Debt Management Facility (DMF)
- The DMF is a multi-donor trust fund that has helped finance delivery of over 585 TA activities across 83 countries and 22 subnational entities since 2009.
- DMF-financed CD promotes sound debt management through tailored advisory services, training, peer learning, and dissemination of best practices.

### New initiative: Domestic Resource Mobilization
- The Joint Domestic Resource Mobilization Initiative supports country-led reforms in revenue, expenditure management, and LCBM development.
- It builds on existing collaboration and aligns resource mobilization efforts with national development strategies.

### Key statistics and partner funding (as reported)
- DMF: financed delivery of over 585 TA activities across 83 countries and 22 subnational entities since 2009.
- Table of selected partners and Millions of USD (as reported):
  - Japan 7. 0
  - Germany1.5
  - Canada1.3
  - Switzerland0.9
  - China0.5
  - Norway0.3
  - Financial Sector Stability Fund (Phase I and II) 4.3
  - Debt Management Facility 1.6
  - Ukraine Capacity Development Fund 0.5
  - Somalia Country Fund 0.3
  - Others0 .1

*Source: BOX 4. IMF-WORLD BANK COLLABORATION ON DEBT MANAGEMENT (taar2025 - BOX 4. IMF-WORLD BANK COLLABORATION ON DEBT MANAGEMENT).*

### SECTION I

### SECTION I

### Internal audit and operational improvements
- Internal Audit conducted a comprehensive assessment of the administrative processes governing the employment lifecycle of LTXs.  
- Findings and related recommendations will be implemented to further improve CD delivery and operational efficiency.

### Donor involvement in strategic events
- MCM treats donors as strategic partners throughout the CD lifecycle and collaborates with the IMF Institute for Capacity Development (ICD) to:
  - Invite donors to select CD missions.
  - Enable donors to observe results of their support.
  - Facilitate interaction between donors, country counterparts, and CD-delivering experts (LTXs).
- FY25 donor engagement highlights:
  - Eleventh Annual MCM LTX Workshop included a session on “CD Delivery in the Field: Cooperation with Donor Partners,” featuring representatives from Switzerland’s State Secretariat for Economic Affairs, METAC, and ICD.
  - March 2025 BIS-IMF Symposium: panel moderated by MCM Deputy Director Miguel Savastano featured speakers from the Saudi Central Bank, Luxembourg Ministry of Finance, and the IMF’s Executive Director for Japan, discussing donor funding priorities and expectations for CD implementation and reporting.
  - Participation in DMF Stakeholders Forum (June 2024) and Japan Subaccount Annual Strategic Dialogue (November 2024), enabling policymakers, donor partners, and IMF staff to exchange views on strategic CD priorities and challenges.
- Donor engagements provided opportunities for donors to engage directly with beneficiary countries and observe the real-world impact of contributions.

### Showcasing measurable impact through selected achievements (Box 8)
- Demonstrating concrete outcomes is used to convey accountability and transparency to donor partners.
- FY25 donor-supported CD achievements include:

  Debt management
  - Kenya—Supported by funding from Canada, the Kenyan authorities published an improved annual borrowing plan and successfully executed their first treasury bond buyback operation in February 2025.
  - Central African Republic—With DMF support, the Central African Republic developed its first-ever MTDS.
  - Guinea-Bissau—Supported by funding from Japan, institutional capacity at the Debt Management Office was strengthened; in February 2025 the authorities adopted and published their first national debt management strategy and debt bulletin.

  Central bank digital currency
  - Bilateral and regional CD—With support from the government of Japan, MCM facilitated exploration of CBDC options and policy implications across several countries and regions, including the Common Monetary Area (comprising Eswatini, Lesotho, Namibia, and South Africa), Eswatini, Nepal, Pakistan, the Philippines, and Tanzania.
  - CBDC Virtual Handbook—Supported by Japan, a reference guide added six new chapters in FY25. The number of page views of the Handbook reached over 60,000 in September 2024.

  Climate finance (with support from the German Federal Ministry for Economic Cooperation and Development)
  - Climate-related financial stability risks—Regional trainings and bilateral CD (Barbados, Bangladesh, Seychelles) helped authorities develop frameworks for climate risk stress testing and improve data collection and usage for physical risk analysis.
  - Climate-related financial supervision—Regional workshops at all IMF regional training centers provided guidance on adapting supervisory frameworks for managing climate-related financial risks.
  - Climate information architecture—Training in Azerbaijan, Cabo Verde, and the West African Economic and Monetary Union helped authorities design transition taxonomies and related disclosures, assess alignment with climate targets, develop climate risk disclosure frameworks, and enhance institutional coordination. Joint MCM and STA TA missions were delivered in Azerbaijan and Côte d’Ivoire on transition taxonomy and climate disclosures (March 2025).

### Dissemination of CD outputs and transparency
- Transparency reinforced via dissemination of TA reports and CD-related documentation.
- Annual reports on individual projects and funding vehicles provide donors with information on:
  - How CD aligns with surveillance and lending priorities.
  - What has worked well.
  - Planned improvements.
- With consent of country authorities, reports are made publicly available to enable stakeholders to track progress, follow the reform journey, and engage in peer learning.
- MCM encourages TA mission chiefs and LTXs to meet with donors during missions to:
  - Foster relationships.
  - Facilitate real-time updates.
  - Align future fundraising efforts with evolving priorities.
  - Help donors demonstrate transparency and accountability to their constituents regarding the use of public funds.

### Feedback from country authorities and CD survey (Box 9)
- In FY25 MCM conducted, for the first time, an anonymous survey to gather country authorities’ views on MCM CD. MCM plans to run the survey yearly going forward.
- Survey administration details:
  - The survey was conducted from May 1 to June 13, 2025.
  - It was completed by 72 participants, representing a 50 percent response rate out of the 143 country authorities to whom the survey was sent.
- Key survey findings:
  - Demand and expected support
    - 78 percent of responses indicated increased support from MCM over the next two years.
    - 97 percent of responses point to higher demand for CD on climate finance and risks over the next two years.
    - 91 percent of responses anticipate CD demands in banking supervision and regulation.
    - 71 percent of responses anticipate CD demands in central bank operations.
    - 84 percent of responses anticipate CD demands in banking resolution and crisis management.
    - 67 percent of responses anticipate CD demands in debt management.
    - Note: CD demand in the survey is based on a multiple-response question; results are expressed as the percentage of responses rather than the percentage of respondents.
  - Quality and usefulness
    - 90 percent of survey respondents rated MCM CD delivery as excellent or very good.
    - 61 percent found the recommendations and advice very useful.
    - 37.5 percent considered the recommendations and advice useful.
    - 1.4 percent considered them not useful (Figure 20, left panel).
  - Overall satisfaction
    - 54 percent of respondents indicated they were very satisfied with MCM’s CD support.
    - 44 percent reported they were satisfied.
    - 1.4 percent reported neither satisfied nor dissatisfied (Figure 20, right panel).
  - Identified challenges in adapting MCM recommendations:
    - Obtaining approval for legislative reforms.
    - Adapting international best practices to local contexts amid limited data availability.
    - Human resource and capacity constraints, including stemming from high staff turnover.
    - Securing senior management buy-in.
    - Timing of capacity building.
  - Suggested areas for improving MCM CD delivery:
    - Greater emphasis on practical examples and case studies from countries with similar institutional and economic contexts.
    - Further tailoring of recommendations to better reflect country-specific challenges.
    - Increasing the frequency of in-person and follow-up missions to maintain momentum and support effective implementation of recommendations.
- Collective interpretation:
  - The findings suggest deep appreciation and strong demand for MCM CD.
  - MCM’s efforts reflect commitment to utilizing donor contributions effectively, transparently, and with lasting impact through partnerships, shared accountability, and focus on results.

*Source: SECTION I, Capacity Development Annual Report 2025, Monetary and Capital Markets*

### SECTION II  |  31Capacity Development Annual Report 2025  |  Monetary and Capital Markets

### SECTION II  |  31Capacity Development Annual Report 2025  |  Monetary and Capital Markets

### CABO VERDE: OPERATIONALIZING THE RESOLUTION FRAMEWORK
- Context and activity:
  - MCM mission conducted in March 2024, in person in Praia, Cabo Verde, under the umbrella of the FSSR follow-up TA workplan.
  - Objective: evaluate existing resolution framework, identify opportunities for enhancement, and advise BCV on operationalization.
- Key findings and recommendations:
  - Expand resolution tools, including introducing bail-in powers and enabling asset transfers under strict conditions.
  - Improve resolution planning processes and enhance operational capacity to implement resolution actions.
  - Organizational improvements: establish an independent, dedicated, and well-resourced resolution function within the BCV.
- Implementation status:
  - MCM continued engagement during FY25.
  - The resolution unit became operational during FY25, with the head of the unit appointed and recruitment for further staff underway.
  - A proposal for a medium-term workplan was provided; implementation of the proposed medium-term workplan will be a priority for the new unit head.
- Policy implication:
  - Strengthened resolution tools and organizational capacity are essential to maintain financial stability and enable swift action in bank resolutions.

### KOSOVO: PROGRAMMATIC APPROACH TO STRENGTHEN THE BANK SUPERVISORY FRAMEWORK
- Context and activity:
  - Follow-up to the 2019 FSSR diagnostic that identified supervisory framework improvements.
  - MCM delivered sequenced TA on implementing the Supervisory Review Process (SRP).
  - Initial mission in November 2024; subsequent mission in May 2025 focused on supervisory key risk indicators.
- Key findings and approach:
  - Shift from directly adopting EU SRP regulations to a comprehensive, structured, sequenced approach beginning with foundational supervisory processes.
  - CBK proactively developed an independent roadmap with MCM inputs; programmatic TA built on that roadmap.
  - CBK identified available data and began developing its own set of supervisory key risk indicators prior to the May 2025 mission.
- Implementation and next steps:
  - Participative approach accelerated capacity building.
  - Continued collaborative approach to guide gradual implementation of new supervisory activities.
  - Kosovo to receive a targeted updated FSSR diagnostic in FY26 to take stock of progress and identify remaining TA needs.
  - In-person missions to focus on practical experience and concrete supervisory assessments; virtual sessions and desk reviews to complement.

### PFTAC: UPGRADING PRUDENTIAL STANDARDS AND SUPERVISORY FRAMEWORKS IN THE PACIFIC
- Coverage:
  - PFTAC supports 13 Pacific Island Countries (PICs): The Federated States of Micronesia, Fiji, Kiribati, Marshall Islands, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor Leste, Tonga, Tuvalu, and Vanuatu.
  - Work over the last five years to upgrade and align prudential standards with the Basel Framework including the Basel Core Principles for Effective Banking Supervision (BCP).
- Key challenges:
  - Applying proportionality while ensuring revised standards remain comparable across the PICs.
  - Slower than expected pace of implementation due to fragility, sociopolitical challenges, natural disasters, attrition, and staffing shortages.
- Progress and outcomes:
  - Solomon Islands has issued five upgraded prudential standards.
  - Republic of the Marshall Islands and Solomon Islands have initiated consultation with banks and impact studies for several prudential standards.
  - Upgraded prudential returns adoption on hold pending adoption of upgraded prudential standards.
  - Supervision-side assistance: upgrading prudential returns, creating frameworks for financial risk analysis, training staff, upgrading supervisory rating models, and creating supervision manuals.
  - Supervisory manuals drafted by the Cook Islands, Solomon Islands, and Vanuatu to serve as reference documents and training handbooks.
- Ongoing commitment:
  - PFTAC will continue support until improved frameworks are fully implemented.

### SURINAME: PROGRAMMATIC APPROACH TO DEBT MANAGEMENT AND TRANSPARENCY
- Context and objectives:
  - TA at the request of Suriname to enhance debt management and transparency amid elevated global debt and uncertainty.
  - CARTAC targeted TA for the Suriname Debt Management Office (SDMO) to improve ability to maintain regular, comprehensive, and precise public sector debt records for every public sector entity.
- Program components (FY24 and FY25):
  - Capacity building workshops: train SDMO back-office staff to accurately record and report external debt, especially after a comprehensive debt restructuring; hands-on sessions, case studies, and simulations.
  - Operational upgrades: improve operational efficiency, assess domestic and external debt payment procedures, establish standards for payment instructions, and recommend software solutions to streamline debt management processes.
- Constraints and mitigation:
  - Challenges: staff turnover and technological limitations leading to loss of institutional knowledge and hindered ability to maintain up-to-date debt databases.
  - Mitigation: schedule TA missions after incorporation of new staff; recommend documentation of processes and mentoring programs for knowledge retention.
- Outcomes:
  - In March 2025, Suriname successfully completed its IMF-supported program, meeting significant fiscal and debt sustainability objectives.
  - The country plans to develop its domestic bond market.

### RWANDA: INTEGRATING CLIMATE SHOCKS INTO FORECASTING AND POLICY ANALYSIS SYSTEMS
- Context and objectives:
  - FY25 FPAS TA mission developed extreme weather indexes and established a satellite-model framework to quantify and analyze effects of weather shocks and key macroeconomic indicators.
  - Aim: enrich nowcasting and QPM analysis, storytelling, and policy communication at the National Bank of Rwanda (NBR).
- Empirical background and prior results:
  - Previous mission integrated weather shocks into nowcasting agricultural output and food inflation using panel data.
  - Two “rules of thumb” from empirical results:
    - (i) dry spells during planting seasons reduce crop production by approximately 7 percent;
    - (ii) a 10 percent decline in crop production (relative to normal levels) corresponds to a 5 percent increase in fresh food prices.
- FY25 mission activities and findings:
  - Constructed weather variables using daily rainfall and temperature data for main regions of Rwanda.
  - Found adverse weather shocks can significantly reduce agricultural output and lead to food price inflation, implying potential need for monetary policy adjustments if second-round effects risk de-anchoring inflation expectations.
  - Integrated the satellite model with enhanced nowcasting framework to support weather-related scenario analysis and policy tradeoffs.

### BOTSWANA: ENHANCING EMERGENCY LIQUIDITY ASSISTANCE AND COLLATERAL FRAMEWORKS
- Context and activity:
  - MCM mission in September 2024 to enhance Emergency Liquidity Assistance (ELA) and collateral frameworks, following a recommendation of the 2023 FSAP for Botswana.
- Key recommendations and priorities:
  - Draft a public ELA regulation and determine policy parameters (applicable interest rates and terms).
  - Enhance operational preparedness through simulations.
  - Establish approach to evaluate funding plans and outline key components of a master agreement for ELA.
  - Define the collateral framework, including collateral eligibility for monetary policy instruments and ELA, valuation techniques, and risk mitigation (haircut calibration).
  - Set up an internal working group to develop internal responsibilities and the decision-making process for managing ELA requests.
  - Balance discretionary measures to mitigate moral hazard with transparency, real-time communication, and ex-post ELA disclosure strategy.
- Simulation and implementation:
  - Conducted a simulation exercise using the actual balance sheet of a domestic bank subject to a severe deposit outflow.
  - BoB staff executed ELA procedures: assessing ELA request, crafting and enforcing conditionalities, drafting a loan contract, and preparing a case for the BoB Board.
  - The exercise engaged over 20 BoB staff.
- Outcome:
  - Reviewed and improved BoB’s collateral policy and preparedness, enhancing capacity to manage idiosyncratic liquidity risk and fulfill financial stability mandate.
- Testimonial excerpt:
  - The BoB highlighted swift IMF response, tailored recommendations, robust engagement, quick turnaround of the report, and eagerness to continue engagement with MCM.

*taar2025 - SECTION II  |  31Capacity Development Annual Report 2025  |  Monetary and Capital Markets*

### SECTION II

### SECTION II

### Overview
- The work of 37 LTXs, stationed across the globe, lies at the core of MCM’s CD delivery.
- This edition presents interviews with three resident long-term experts (LTXs): Lusine Margaryan, Juan Vilanova Pardo, and Eugenio Avisoa, based respectively in the Middle East, the Pacific, and Central Africa.

### Resident experts: profiles and posting details
- Lusine Margaryan
  - Start date: November 2023
  - Workstream: Financial supervision and regulation
  - RCDC: METAC
  - Location: Beirut, Lebanon
  - Countries covered: Afghanistan, Algeria, Djibouti, Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Sudan, Syrian Arab Republic, Tunisia, West Bank and Gaza, Yemen.
  - Background: 18 years of professional experience acquired at the Armenian Securities Exchange, the Central Bank of Armenia, as well as international organizations and local financial institutions.
- Juan Vilanova Pardo
  - Start date: May 2024
  - Workstream: Debt management
  - RCDC: PFTAC
  - Location: Suva, Fiji
  - Countries covered: The Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tokelau, Tonga, Tuvalu, Vanuatu.
  - Background: 25 years of professional experience working as an expert for the IMF, World Bank, United Nations Development Program, European Commission, and regional macroeconomic and financial organizations.
- Eugenio Avisoa
  - Start date: April 2023
  - Workstream: Financial supervision and regulation
  - RCDC: AFRITAC Central (AFC)
  - Location: Libreville, Republic of Gabon
  - Countries covered: Burundi, Cameron, Chad, Congo, Gabon, Central African Republic, Democratic Republic of Congo, Equatorial Guinea, São Tomé and Príncipe.
  - Background: 18 years of professional experience at the Banque de France, the European Central Bank, the European Insurance and Occupational Pensions Authority, as well as in investment banking.

### Typical activities and daily routines
- Common daily tasks across resident advisors:
  - Continuous follow-up with authorities.
  - Preparation work for upcoming missions and CD delivery.
  - Maintaining informal interaction with points of contact when not on mission.
- Personal routines and examples:
  - Eugenio: runs for 30 minutes at the end of the day when in Libreville; continues running when on mission.
  - Juan: balances planning upcoming missions while wrapping up previous ones; engages with HQ and regional colleagues for knowledge transfer.
  - Lusine: focuses on creating the annual workplan, organizing missions, following up past missions, and collaborating with METAC office colleagues.
- Timeframe observations:
  - Lusine: has been at METAC for one and a half years (at the time of the interview).

### Policy areas and technical focus
- Debt management (Juan — PFTAC)
  - Four main pillars: debt strategy, institutional and transparency support, debt sustainability analysis, and the development of LCBM.
  - Only five countries in the region have LCBMs; development levels vary widely.
  - Priorities: institutional setup, publication of debt management strategies, varying approaches and sources of financing across the region.
- Financial supervision and regulation (Lusine and Eugenio)
  - Focus on developing banking regulation and supervision frameworks for fragile states.
  - Key themes: implementation of Basel I/II/III, adoption of RBS (risk-based supervision), capacity building in supervisory functions, internal capital adequacy frameworks.
  - Challenges in Central Africa: partial Basel implementation, need for cautious proportionate approaches, limited use of past AFC TA recommendations, human resource constraints for new supervisory tasks.

### Challenges faced and CD delivery adaptations
- Common challenges across regions:
  - Limited institutional capacity and human resources; understaffed authorities with high turnover of experienced supervisors.
  - Limited absorption capacity and weak project management culture.
  - High-risk operating environments, including security and health-related risks.
  - Remoteness of some regions leading to high costs for consultants and logistics.
- Specific issues and adaptive approaches:
  - For fragile and conflict-affected states (FCS), CD delivery must be multi-year and adapted to limited capacity and slow implementation tracks.
  - Emphasis on a programmatic, step-by-step roadmap to reassure authorities and sequence reforms.
  - Use of regional partnerships with other CD providers (World Bank, Asian Development Bank, UNDP) to create synergies and share costs.
  - Practical example: redesigning an Excel Visual Basic Application tool with authorities to auto-feed prudential data and produce bank ratings, enabling the first bank rating exercise and improving ownership and RBS implementation.

### Building relationships and value of the resident modality
- Key practices for relationship building:
  - Maintain close, regular contact with authorities (e.g., monthly calls, informal meetings like coffee).
  - Transparency, realistic commitments, and framing CD as a long-term partnership.
  - Use regional events and workshops to consolidate and expand contacts.
- Advantages of the resident modality versus HQ-only TA:
  - Proximity: being one or two hours away reduces time-zone challenges and allows quicker engagement.
  - Trust: easier to build trusted-advisor relationships and to channel questions to HQ.
  - Contextual knowledge: resident advisors can better tailor programs to local realities and maintain sustained follow-up.
- Coordination with HQ:
  - Formal monthly or biweekly exchanges with backstoppers for quality assurance and guidance.
  - Regular resident advisor catch-ups and cross-regional exchanges to share experience and strategies.
  - Example administrative coordination: working with HQ during travel disruptions when missions are suspended due to security risks.

### Use and benefits of regional workshops
- Purposes and outcomes:
  - Enhance awareness of critical subjects and facilitate peer-to-peer learning.
  - Allow participants to assess gaps between national frameworks and best practices.
  - Offer efficiency when multiple member countries share demand, and establish foundations for bilateral TA.
- Examples and impact:
  - Regional seminar on digitalization and ICT risks (2023) led authorities to update regulatory and supervisory frameworks.
  - LCBM regional workshop introduced the framework to the region and set the stage for individual country diagnostic missions.
  - Training-of-trainers on the MTDS Analytical Tool (March 2025) enabled regional experts to multiply capacity and conduct training missions in other countries.

### Prioritization of multiple CD demands
- Common prioritization approach:
  - Scoping missions to outline a comprehensive roadmap, establish priorities, and set timeframes.
  - Explicit discussion of capacity constraints, budget constraints, staffing limits, and appropriate sequencing with authorities.
  - Emphasis on achieving prerequisite steps before advancing to later stages (e.g., need to complete step one before step ten).
- Practical guidance from resident advisors:
  - Authorities are generally reasonable and collaborative; this addresses "80 percent of the problem."
  - Use of benchmarking, identification of prudential choices, and development of tailored implementation roadmaps (e.g., Basel transposition example).

### Achievements and illustrative success stories
- Eugenio (AFC)
  - Identified implementation barriers to RBS in one agency and co-developed an Excel Visual Basic Application tool that auto-fed prudential data and produced bank ratings after two intensive workshop days, enabling the first bank rating exercise and improved ownership.
- Lusine (METAC)
  - Noted a significant positive shift in authorities' attitudes over one and a half years, with authorities moving from focusing on regulatory non-compliance to acknowledging positive changes and initiating projects such as the Internal Capital Adequacy Assessment Process using a step-by-step approach.
- Juan (PFTAC)
  - Organized an LCBM regional workshop introducing the framework; conducted a training-of-trainers enabling regional experts to use the MTDS Analytical Tool and multiply capacity (workshop: March 2025).

### Advice and lessons for new resident advisors
- Practical tips:
  - Initiate missions early to gain local insight; the first mission need not be perfect.
  - Combine technical expertise with diplomatic skills; prepare subjects well in advance and proactively reach out to authorities.
  - Use brief in-person interactions (even ten minutes) to break the ice and build rapport.
  - Recognize that capacity building is mutual learning—both the Center and authorities learn from local experience.
- Mindset and long-term outlook:
  - Adopt a programmatic, long-term strategic development mindset.
  - Emphasize incremental achievements in fragile states; cumulative small victories can lead to substantial impact over time.

*Source: TAAR2025 — SECTION II*

### SECTION III  |  51Capacity Development Annual Report 2025  |  Monetary and Capital Markets

### APPENDICES — IMF Regional Capacity Development Centers and MCM Long-Term Resident Expert Placement

### IMF Regional Capacity Development Centers (RCDCs)
- RCDCs comprise Regional Technical Assistance Centers (RTACs) and Regional Training Centers.
- Regional Technical Assistance Centers (RTACs) are listed by region with location and member countries.

### Regional Technical Assistance Centers (RTACs) — Africa
- AFRITAC Central (Regional Technical Assistance Center for Central Africa)
  - Location: Libreville, Gabon
  - Member Countries: Burundi, Cameroon, Chad, Central African Republic, Democratic Republic of Congo, Gabon, Equatorial Guinea, Republic of Congo, and São Tomé and Príncipe.
- AFRITAC South (Regional Technical Assistance Center for Southern Africa)
  - Location: Ebene Cybercity, Mauritius
  - Member Countries: Angola, Botswana, Comoros, Kingdom of Eswatini, Lesotho, Madagascar, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Zambia, and Zimbabwe.
- AFRITAC West (Regional Technical Assistance Center for West Africa)
  - Location: Abidjan, Côte d’Ivoire
  - Member Countries: Benin, Burkina Faso, Côte d’Ivoire, Guinea, Guinea-Bissau, Mali, Mauritania, Niger, Senegal, and Togo.
- AFRITAC West 2 (Regional Technical Assistance Centre in West Africa II)
  - Location: Accra, Ghana
  - Member Countries: Cabo Verde, The Gambia, Ghana, Liberia, Nigeria, and Sierra Leone.
- AFRITAC East (Regional Technical Assistance Center for East Africa)
  - Location: Dar es Salaam, Tanzania
  - Member Countries: Eritrea, Ethiopia, Kenya, Malawi, Rwanda, South Sudan, Tanzania, and Uganda.

### Regional Technical Assistance Centers (RTACs) — Asia and Pacific
- PFTAC (Pacific Financial Technical Assistance Center)
  - Location: Suva, Fiji
  - Member Countries: Cook Islands, Federated States of Micronesia, Fiji, Kiribati, Republic of the Marshall Islands, Nauru, Niue, Palau, Papua New Guinea, Samoa, Solomon Islands, Timor-Leste, Tokelau, Tonga, Tuvalu, and Vanuatu.
- SARTTAC (South Asia Regional Training and Technical Assistance Center)
  - Location: New Delhi, India
  - Member Countries: Bangladesh, Bhutan, India, Maldives, Nepal, and Sri Lanka.
- CDOT (IMF Capacity Development Office in Thailand)
  - Location: Bangkok, Thailand
  - Member Countries/coverage: Myanmar, Lao P.D.R., Cambodia, and Vietnam. Selected capacity development projects based in CDOT also cover other countries in Southeast Asia and the Pacific Island region.

### Regional Technical Assistance Centers (RTACs) — Middle East and Central Asia
- METAC (Middle East Regional Technical Assistance Center)
  - Location: Beirut, Lebanon
  - Member Countries: Afghanistan, Algeria, Djibouti, Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Sudan, Syria, Tunisia, West Bank and Gaza, and Yemen.
- CCAMTAC (Caucasus, Central Asia, and Mongolia Technical Assistance Center)
  - Location: Almaty, Kazakhstan
  - Member Countries: Armenia, Azerbaijan, Georgia, Kazakhstan, Kyrgyz Republic, Mongolia, Tajikistan, Turkmenistan, and Uzbekistan.

### Regional Technical Assistance Centers (RTACs) — Western Hemisphere
- CARTAC (Caribbean Regional Technical Assistance Centre)
  - Location: Bridgetown, Barbados
  - Member Countries: Anguilla, Antigua and Barbuda, Aruba, The Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Curaçao, Dominica, Grenada, Guyana, Haiti, Jamaica, Montserrat, Sint Maarten, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago, and Turks and Caicos Islands.
- CAPTAC-DR (Central America, Panama and the Dominican Republic Regional Technical Assistance Center)
  - Location: Guatemala City, Guatemala
  - Member Countries: Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama.

### Regional Training Centers — Overview
- ATI (Africa Training Institute)
  - Location: Port Louis, Mauritius
  - Notes: ATI started operations in June 2013. Courses are offered in English and French and are open to officials from 45 sub-Saharan African member countries.
- CEF (IMF-Middle East Center for Economics and Finance in Kuwait)
  - Location: Kuwait City, Kuwait
  - Notes: CEF started operations in 2011. Courses are for officials from Arab League member countries. They are offered in Arabic or English (generally with interpretation into Arabic). The CEF also leads conferences, symposia, and seminars to foster discussion among a broad audience on pressing economic policy challenges facing the Arab world.
- CICDC (China–IMF Capacity Development Center)
  - Location: Beijing, China
  - Notes: CICDC started operations in April 2018. These courses serve officials in China and other countries, including those associated with the “Belt and Road” Initiative.
- JVI (Joint Vienna Institute)
  - Location: Vienna, Austria
  - Notes: Established in 1992, JVI organizes courses for officials from countries in Central, Eastern, Southeastern Europe, the Caucasus and Central Asia, and other selected countries. It has further expanded its offerings to include more advanced courses in macroeconomics and finance.
- STI (IMF-Singapore Regional Training Institute)
  - Location: Singapore
  - Notes: In collaboration with the Government of Singapore, STI was established in 1998 and organizes courses for officials from countries in the Asia-Pacific region.

### APPENDIX II — MCM Long-Term Resident Expert Placement (as of April 30, 2025)
- Placements list affiliation, country, location, topic, and donor partner.
- Selected placements (as listed):
  - AFRITAC Central — Gabon — Banking Supervision and Regulation — Multi-donor
  - AFRITAC Central — Gabon — Monetary and Foreign Exchange Operations — Multi-donor
  - AFRITAC Central — Gabon — Debt Management — Debt Management Facility (joint IMF/World Bank)
  - AFRITAC East — Tanzania — Monetary and Foreign Exchange Operations — Multi-donor
  - AFRITAC East — Tanzania — Banking Supervision and Regulation — Multi-donor
  - AFRITAC East — Tanzania — Forecasting and Policy Analysis System (FPAS) — Multi-donor
  - AFRITAC East (AFE) & AFRITAC South (AFS) — Tanzania — Debt Management — IMF COVID_19 Crisis Capacity Development Initiative/Canada
  - AFRITAC South — Mauritius — Financial Market Infrastructures — Multi-donor
  - AFRITAC South — Mauritius — Monetary and Foreign Exchange Operations — Multi-donor
  - AFRITAC South — Mauritius — Banking Supervision and Regulation — Multi-donor
  - AFRITAC West — Côte d’Ivoire — Debt Management — Japan
  - AFRITAC West — Côte d’Ivoire — Financial Sector Supervision and Regulation — Multi-donor
  - AFRITAC West 2 — Ghana — Monetary Policy and Foreign Exchange Operations — Multi-donor
  - AFRITAC West 2 — Ghana — Financial Sector Supervision and Regulation — Multi-donor
  - Bank of Ghana — Ghana — Financial Supervision and Regulation — Switzerland
  - Bank of Sierra Leone — Sierra Leone — Banking Supervision and Regulation — IMF Financial Sector Stability Fund
  - CAPTAC-DR — Guatemala — Monetary and Foreign Exchange Operations — Multi-donor
  - CAPTAC-DR — Guatemala — Financial Supervision and Regulation — Multi-donor
  - CARTAC — Barbados — Public Debt Management and Climate Finance — Multi-donor
  - CARTAC — Barbados — Banking Supervision and Regulation — Multi-donor
  - CCAMTAC — Kazakhstan — Monetary and Foreign Exchange Operations — Multi-donor
  - CCAMTAC — Kazakhstan — Financial Supervision and Regulation — Multi-donor
  - CDOT — Thailand — Monetary and Foreign Exchange Operations — Japan
  - Central Bank of Congo, Dem. Rep — Congo, DRC — Macroprudential Policy — IMF Financial Sector Stability Fund
  - METAC — Lebanon — Banking Supervision and Regulation — Multi-donor
  - METAC — Lebanon — Monetary and Foreign Exchange Operations — Multi-donor
  - METAC — Lebanon — Banking Supervision and Regulation — Multi-donor
  - METAC — Lebanon — Debt Management — Netherlands
  - National Bank of Cambodia — Cambodia — Central Bank Operations — Japan
  - National Bank of Cambodia — Cambodia — Financial Supervision and Regulation — Japan
  - National Bank of Rwanda — Rwanda — Banking Supervision and Regulation — IMF Financial Sector Stability Fund
  - National Bank of Tajikistan — Tajikistan — Macroprudential Policies — Switzerland
  - PFTAC — Fiji — Financial Sector Supervision — Multi-donor
  - PFTAC — Fiji — Public Debt Management — Japan
  - SARTTAC — India — Monetary and Foreign Exchange Operations — Multi-donor
  - SARTTAC — India — Financial Supervision and Regulation — Multi-donor
  - SARTTAC — India — Public Debt Management — Japan

### MCM Technical Assistance Management — Main Contact Points for Requesting MCM TA
- Director: Tobias Adrian
  - T. +(1) 202.623.5372
  - tadrian@IMF.org
- Deputy Director: Miguel Savastano
  - T. +(1) 202.623.8545
  - msavastano@IMF.org
- Technical Assistance Strategy Division Chief: Oana Croitoru
  - T. +(1) 202.623.9432
  - onedelescu@IMF.org
- Deputy Division Chief: Veronica Bacalu
  - T. +(1) 202.623.4816
  - vbacalu@IMF.org
  - Note: Ms. Bacalu retired from the IMF in August 2025.
- Deputy Division Chief: Silvia Iorgova
  - T. +(1) 202.623.6354
  - siorgova@IMF.org
- Deputy Division Chief: Sipho Makamba
  - T. +(1) 202.623.4729
  - smakamba@IMF.org
- Deputy Division Chief: Joannes Mongardini
  - T. +(1) 202.623.8569
  - jmongardini@IMF.org
  - Note: Mr. Mongardini will retire from the IMF in December 2025.
- Regional Advisor—Africa and Western Hemisphere: John Nelmes
  - T. +(1) 202.361.1835
  - jnelmes@IMF.org
- Regional Advisor—Middle East and Central Asia: Jihad Alwazir
  - T. +(1) 202.623.6658
  - jalwazir@IMF.org
- Regional Advisor—Asia and Pacific: Jennifer Elliott
  - T. +(1) 202.623.8804
  - jelliott@IMF.org
- Regional Advisor—Europe: Mary Goodman
  - T. +(1) 202.623.9337
  - mgoodman@IMF.org

### MCM TA Team closing
- The MCM TA Division sign-off: "See you next year! MCM TA Team"
- Department address:
  - INTERNATIONAL MONETARY FUND
  - Monetary and Capital Markets Department
  - 700 19th Street, NW
  - Washington, DC 20431

*Content from SECTION III — APPENDICES of Capacity Development Annual Report 2025 | Monetary and Capital Markets*

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_Source: https://www.imf.org/-/media/files/publications/technical-assistance-annual-report/taar2025.pdf_