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 Reviews to date

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The strength of the program lays in its programmatic approach, whereby a rigorous diagnostic of the country’s capacity to identify, monitor, manage, and mitigate financial stability risks anchors the follow-up TA projects, which are implemented in full partnership with recipient countries and in close collaboration with other providers of CD. As of July 2023, 21 Financial Sector Stability Review (FSSR) diagnostics have been completed and almost all these countries benefited from follow-up TA projects. Also, around 150 CD activities (122 TA missions and 25 multicounty trainings) were delivered in financial statistics, while a significant amount of CD on financial statistics was also provided via limited engagements.

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 Sector Reform Module (FSRM) and the Financial Sector Statistics Module (FSSM). The FSRM’s objective 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 FSSM 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 FSRM and FSSM are managed independently, their activities are closely integrated. While the FSRM is overseen by the IMF’s Monetary and Capital Markets Department (MCM) and the FSSM 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.

The Financial Sector Stability Fund (FSSF) - Organigram

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CD Modalities

FSSF delivery focuses on the following modalities:

  • FSSR diagnostics. The FSSR diagnostic missions help authorities identify capacity gaps in their financial sector oversight and stability frameworks, as well as in producing relevant financial sector statistics. It develops medium-term work plans which serve as a basis for FSSR follow-up TA projects in the financial sector. The FSSR diagnostic missions are led by IMF staff.
  • FSSR follow-up TA projects. The FSSR diagnostics are followed by a well-prioritized program of CD activities in support of the countries’ financial sector frameworks, including statistics. The FSSR follow-up TA projects are focused on the workstreams/areas where the gaps are seen as largest. The FSSR follow-up TA projects can be delivered through a mix of modalities—long-term resident advisors (LTXs), short-term experts (STXs), HQ staff-led missions, and limited engagements—tailored to the needs of the recipient countries.


  • Multi-country training. Multi-country training comprises the Supervisory Review Online Courses (SROC) and the Annual Cybersecurity Workshops.
  • Statistical CD activities. The FSSM TA supports member countries in strengthening their capacity to produce reliable and comprehensive statistics for the financial sector and its counterparts with the two sub-modules: (i) Financial Soundness Indicators (FSI) and (ii) Balance Sheet Approach (BSA). A variety of delivery options is used for TA, including bilateral missions, regional workshops, and ad-hoc limited engagements in line with the recipient countries’ needs.


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.


FSSR Statistics

FSSR Statistics 

FSSM Statistics (bilateral missions)

FSSN Statistics