IMF and World Bank Approach to Cross-Border Payments Technical Assistance

Policy Papers, December 22, 2023

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The G20 made enhancing cross-border payments a priority.
The Roadmap for Enhancing Cross-Border Payments, launched in 2020, is the first attempt by the international community to address cross-border payments challenges holistically.
A key foundational element in the Roadmap was the publication by the FSB of 11 quantitative targets to define the Roadmap’s aims and create accountability.
Technical Assistance (TA) plays a critical role in helping achieve the Roadmap targets and relates closely to, and builds on, the IMF’s and World Bank’s respective missions.
The paper outlines a multi-year strategy to provide TA to meet the cross-border payments targets and:
- details the important role TA plays in achieving the Roadmap targets;
- summarizes stocktakes conducted by the IMF and World Bank of recent and ongoing TA supporting cross-border payments;
- explains the IMF’s and World Bank’s approaches to cross-border payments TA.
The IMF and World Bank commit to collaborating, coordinating, and complementing each other on cross-border payments TA wherever possible and appropriate at country/project level.

TA is presented as critical to meeting the Roadmap’s 11 quantitative targets set by the FSB.
TA is positioned as an instrument that closely aligns with the IMF’s and World Bank’s missions to support faster, cheaper, more transparent and more inclusive cross-border payment services.
TA activities are framed as transformative for citizens and economies by improving cross-border payment services.

The paper summarizes stocktakes conducted by the IMF and World Bank of recent and ongoing TA supporting cross-border payments.
Stocktakes are used to inform the multi-year TA strategy; specific stocktake findings are summarized in the paper (details in the full text).

The paper explains the respective approaches of the IMF and World Bank to delivering cross-border payments TA.
Emphasis is placed on joint work, complementarity, coordination, and collaboration at the country/project level wherever possible and appropriate.