Germany
Sweden
China
Republic of Korea
Luxembourg
Saudi Arabia
Switzerland
European Investment Bank
The Financial Sector Stability Fund (FSSF) is central to the IMF’s delivery of capacity development on financial sector stability issues. Strong financial sector frameworks increase macroeconomic resilience and help mitigate costs of financial crises. Financial sector stability is also a prerequisite for achieving sustainable growth and increasing financial inclusion. Since its launch in late 2017, the FSSF has been supporting the IMF’s CD delivery on strengthening financial sector frameworks in low and lower-middle income countries (LLMICs) and fragile and conflict-affected states (FCSs) through the development and implementation of adequate micro- and macro-prudential frameworks, safety nets, and improvements in financial sector statistics.
Financial Sector Stability Review (FSSR) Coverage*
Financial Sector Statistics Module (FSSM) Coverage*
*Countries that have received TA missions, training workshops or short-term engagements.
The program’s strength lies in its approach: it begins with a rigorous country diagnostic—the Financial Sector Stability Review (FSSR)—to assess the capacity to identify, monitor, and manage financial stability risks. The findings then guide follow-up TA projects, which are carried out in full partnership with recipient countries and in close coordination with other capacity development providers. Five FSSR diagnostics were completed in FY2025 (Kenya, Madagascar, Papua New Guinea, Somalia, and Vanuatu). With these, the total number of completed FSSR diagnostics reached 28. Seven active TA projects remained as of September 2025 (Burundi, Cabo Verde, the Democratic Republic of Congo, Eswatini, Lesotho, Nepal, and Zimbabwe) and five projects are expected to begin following the recently completed FSSR diagnostics. Demand for FSSRs remains strong, with five diagnostics planned for FY26 (Bhutan, Kosovo, Mauritania, the Solomon Islands, and Zambia).
The FSSF Statistics Module continued to support countries in strengthening their financial sector and balance sheet statistics, under the Balance Sheet Approach (BSA) and the Financial Soundness Indicators (FSIs) sub-modules, with nearly all FSSF eligible countries (over 90 countries) having received support so far. As a result, most FSSF-eligible countries can now regularly compile a basic set of FSIs, and the focus is gradually shifting to compiling FSIs for non-banks. Under the BSA submodule efforts continue to focus on developing the primary statistics and improving methodologies and coverage for Monetary and Financial Statistics (MFS), Government Finance Statistics (GFS) and International Investment Position (IIP). In FY25, 31 CD activities were delivered, representing 94 percent of the activities planned for the year. These included STA’s participation in all FSSR diagnostics, complementing the work of Financial Reform Module by assessing the availability and quality of relevant financial sector statistics.
The FSSF-financed CD projects are country-tailored and are accompanied by a rigorous monitoring and evaluation framework. The objectives and outcomes of the FSSF-financed CD projects are combined in a strategic logical framework (logframe) that measures and monitors results and is fully consistent with the IMF’s enhanced results-based management (RBM) framework.
The FSSF-financed activities are delivered through two complementary pillars: the Financial Reform Module and the Statistics Module. The objective of the Financial Reform Module is to strengthen the capacity of country authorities to identify, measure, analyze, and mitigate risks to financial stability. The online training tools provide complementary capacity building in areas of high demand, to support the learning needs of government officials in an accessible and efficient manner. The Statistics Module provides policymakers with key, reliable and comprehensive financial sector statistics for assessing financial sector stability, risks, and vulnerabilities, as well as the interconnectedness of sectors within an economy and with the rest of the world.
Even though the two modules are managed independently, their activities are closely integrated. While the Financial Reform Module is overseen by the IMF’s Monetary and Capital Markets Department (MCM) and the Statistics Module is managed by the IMF’s Statistics Department (STA),coordination and integration between both modules depends on country-specific circumstances.For some of its missions, MCM consults closely and coordinates with STA, who leads on the statistical aspects of the TA.
FSSF delivery focuses on the following modalities:
Phase I (FY2018-24) of the FSSF was highly successful, establishing a strong track record in supporting LLMICs and FCSs to strengthen their financial stability frameworks through comprehensive programmatic approaches. By the end of FY2024, 23 FSSR diagnostics were completed and almost all countries with a completed diagnostic benefitted from follow-up TA projects. In terms of the Statistics Module, since the launch of Phase I, almost the entire universe of over 90 eligible countries has been covered through either TA missions, trainings, or limited engagements to develop relevant financial sector and balance sheet statistics Looking specifically at TA missions, nearly 60 LLMICs have benefitted from the Statistics Module by end-FY2024. Demand for FSSF-supported capacity building remains strong, with positive feedback from authorities, particularly valuing the tailored technical assistance provided by resident advisors.
Phase II (FY2025-29) of the FSSF will continue to support eligible countries in strengthening financial sector stability frameworks. The FSSF will remain the main thematic fund financing IMF CD activities to identify, assess, monitor, and mitigate systemic risks to financial stability in LLMICs and FCS. The objectives of individual projects will depend on country circumstances. Multilateral CD activities will complement bilateral country work.
The Steering Committee (SC), comprised of representatives from donors, the IMF and the World Bank, provides the FSSF with its strategic direction. SC members and observers meet once a year to guide the FSSF’s strategic path, review progress against its work plan, and discuss and endorse a work plan for the following 12–18 months. A mid-year check-in enables the SC to review progress with the work program over the first half of the fiscal year and to endorse any planned changes for the rest of the fiscal year.
Updated FSSR table of country diagnostics and follow-up TA
|
|
Country |
FSSR Diagnostic Completed/On-going |
IMF Fiscal Year for Diagnostics (May 1-April 30) |
Follow-up Project Completed/On-going |
|
1 |
Bangladesh |
x |
FY20 |
NA |
|
2 |
Bhutan |
x |
FY26 |
|
|
3 |
Burundi |
x |
FY24 |
x |
|
4 |
Cabo Verde |
x |
FY22 |
x |
|
5 |
Cambodia |
x |
FY19 |
x |
|
6 |
Djibouti |
x |
FY20 |
x |
|
7 |
DRC |
x |
FY22 |
x |
|
8 |
Eswatini |
x |
FY24 |
x |
|
9 |
Gambia |
x |
FY20 |
x |
|
10 |
Guinea |
x |
FY20 |
x |
|
11 |
Kenya |
x |
FY25 |
Forthcoming FY26 |
|
12 |
Kosovo |
x |
FY19 and FY26 (updated diagnostic) |
Initial follow-up project completed, new follow-up project forthcoming FY26 |
|
13 |
Lesotho* |
x |
FY21 |
X |
|
14 |
Madagascar |
x |
FY25 |
Forthcoming FY26 |
|
15 |
Mauritania |
x |
FY26 |
|
|
16 |
Moldova* |
x |
FY22 |
x |
|
17 |
Nepal |
x |
FY23 |
x |
|
18 |
Nicaragua |
x |
FY19 |
NA |
|
19 |
PNG |
x |
FY25 |
Forthcoming FY26 |
|
20 |
Rwanda |
x |
FY20 |
x |
|
21 |
Sierra Leone |
x |
FY21 |
x |
|
22 |
Solomon Islands |
x |
FY26 |
|
|
23 |
Somalia |
x |
FY25 |
x |
|
24 |
Sri Lanka |
x |
FY19 |
x |
|
25 |
Tajikistan* |
x |
FY22 |
x |
|
26 |
Uganda |
x |
FY18 |
x |
|
27 |
Uzbekistan |
x |
FY21 |
x |
|
28 |
Vanuatu |
x |
FY25 |
Forthcoming FY26 |
|
29 |
Vietnam |
x |
FY23 |
x |
|
30 |
West Bank and Gaza |
x |
FY19 |
x |
|
31 |
Zambia |
|
FY26 |
|
|
32 |
Zimbabwe |
x |
FY19 and targeted follow-up FY25 |
x |
FSSM Bilateral Missions (2018-Aug 2025)
|
Country |
FSI |
BSA |
|
|
1. |
Angola |
X |
X |
|
2. |
Bangladesh |
X |
X |
|
3. |
Bhutan |
X |
X |
|
4. |
Bolivia |
X |
|
|
5. |
Burkina Faso |
X |
|
|
6. |
Burundi |
X |
|
|
7. |
Cabo Verde |
X |
X |
|
8. |
Cambodia |
X |
X |
|
9. |
CEMAC |
X |
|
|
10. |
COBAC |
X |
|
|
11. |
Comoros |
X |
|
|
12. |
Congo, Democratic Rep. |
X |
|
|
13. |
Congo, Rep. |
X |
|
|
14. |
Djibouti |
X |
X |
|
15. |
El Salvador |
X |
|
|
16. |
Eritrea |
X |
X |
|
17. |
Eswatini |
X |
X |
|
18. |
Ethiopia |
X |
X |
|
19. |
Gambia |
X |
|
|
20. |
Ghana |
X |
|
|
21. |
Guatemala |
X |
|
|
22. |
Guinea |
X |
|
|
23. |
Haiti |
X |
|
|
24. |
Honduras |
X |
|
|
25. |
Indonesia |
X |
|
|
26. |
Jordan |
X |
X |
|
27. |
Kenya |
X |
|
|
28. |
Kiribati |
X |
|
|
29. |
Kosovo |
X |
|
|
30. |
Lesotho |
X |
X |
|
31. |
Liberia |
X |
X |
|
32. |
Libya |
X |
|
|
33. |
Madagascar |
X |
X |
|
34. |
Malawi |
X |
|
|
35. |
Maldives |
X |
|
|
36. |
Mauritania |
X |
X |
|
37. |
Micronesia |
X |
|
|
38. |
Moldova |
X |
|
|
39. |
Morocco |
X |
X |
|
40. |
Mozambique |
X |
X |
|
41. |
Nepal |
X |
X |
|
42. |
Nigeria |
X |
X |
|
43. |
Papua New Guinea |
X |
|
|
44. |
Philippines |
X |
X |
|
45. |
Rwanda |
X |
|
|
46. |
Samoa |
X |
X |
|
47. |
Sierra Leone |
X |
|
|
48. |
Solomon Islands |
X |
|
|
49. |
Somalia |
X |
|
|
50. |
South Sudan |
X |
X |
|
51. |
Sri Lanka |
X |
|
|
52. |
Sudan |
X |
X |
|
53. |
Tajikistan |
X |
X |
|
54. |
Tanzania |
X |
|
|
55. |
Timor-Leste |
X |
|
|
56. |
Tunisia |
X |
X |
|
57. |
Uganda |
X |
|
|
58. |
Uzbekistan |
X |
|
|
59. |
Vietnam |
X |
|
|
60. |
Yemen |
X |
|
|
61. |
Zambia |
X |
|
|
62. |
Zimbabwe |
X |
X |
FSSR TA Reports
Burundi: Technical Assistance Report-Financial Sector Stability Review
Papua New Guinea: Technical Assistance Report-Financial Sector Stability Review
Kingdom of Eswatini: Financial Sector Stability Review (imf.org)
Kingdom of Eswatini: Technical Assistance Report-Financial Sector Stability Review (imf.org)
Nepal: Technical Assistance Report—Financial Sector Stability Review (imf.org)
Republic of Kosovo: Technical Assistance Report-Financial Sector Stability Review (imf.org)
Democratic Republic of the Congo: Technical Assistance Report-Financial Sector Stability Review
Republic of Moldova: Technical Assistance Report-Financial Sector Stability Review
Zimbabwe: Technical Assistance Report—Financial Sector Stability Review Consolidated Supervision
Republic of Kosovo: Technical Assistance Report-Financial Sector Stability Review
Zimbabwe: Technical Assistance Report-Basel III Implementation
Guinea: Financial Sector Stability Review
Nepal: Technical Assistance Report—Financial Sector Stability Review
FSSM TA Reports
Zimbabwe: Technical Assistance Report—Financial Soundness Indicators Statistics Mission
Indonesia: Technical Assistance Report-Financial Soundness Indicators Statistics Mission
Philippines: Financial Soundness Indicators
Cabo Verde: Technical Assistance Report-Monetary and Financial Statistics Mission
Philippines: Technical Assistance Report-Monetary and Financial Statistics Mission
Djibouti: Technical Assistance Report-Financial Soundness Indicators Mission
Jordan: Technical Assistance Report-Monetary and Financial Statistics Mission
Maldives: Technical Assistance Report-Financial Soundness Indicators Mission
FSSM Workshops
The Pacific Financial Technical Assistance Centre FSI Workshop
