{
  "title": "IMF and BIS—Working Together to Boost Financial Stability",
  "publication": "IMF News, February 8, 2018",
  "sourceUrl": "https://www.imf.org/en/news/articles/2018/02/08/sp020818-imf-and-bis-working-together-to-boost-financial-stability",
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  "summary": "Purpose: strengthen member countries' expertise in financial sector supervision and regulation through capacity development.",
  "publishDate": "2018-02-08",
  "sections": [
    {
      "heading": "I. Introduction & Theme",
      "content": "- Purpose: strengthen member countries' expertise in financial sector supervision and regulation through capacity development.\n- Capacity development described as:\n  - Hands-on assistance and training.\n  - Sharing knowledge across countries.\n  - Promoting financial stability that underpins durable and inclusive growth.\n- Framing quotes used:\n  - Benjamin Franklin: “ an investment in knowledge pays the best interest.”\n  - Voltaire (French): “ Aucun problème ne peut resister à l’assaut de la pensée soutenue,” with translation “No problem can withstand the assault of sustained thinking.”\n- Historical and budgetary context:\n  - IMF began providing technical assistance to central banks in the 1960s.\n  - Today, capacity development accounts for more than a quarter of the IMF’s total budget—about $267 million in 2017.\n  - The IMF serves 189 member countries."
    },
    {
      "heading": "II. Capacity Development—People-focused",
      "content": "- Core message: capacity development is people-centered—coaching, skills transfer, knowledge sharing.\n- Long-term experts highlighted as central actors:\n  - Representative practitioners illustrate how capacity development works in practice.\n- Example: Carmencita Santos\n  - Over the past 23 years, worked with bank supervisors, financial regulators, parliamentarians, and central bankers.\n  - Career path: Central Bank of the Philippines → IMF one-year and two-year assignments → country engagements including Guyana, Lesotho, Tanzania, Rwanda, Ghana, Myanmar.\n  - Developed the “working team approach”: clients absorb knowledge and quickly teach it to teammates, facilitating institutional knowledge transfer.\n- Example: Leonard Chumo\n  - Career path: financial accountant and analyst in Kenya → banking supervisor at the Bermuda Monetary Authority and the Central Bank of Ireland → mission chief for the European Central Bank → IMF long-term expert based in Nigeria.\n  - Activities in Nigeria:\n    - Supporting implementation of “Pillar 2” of the Basel framework.\n    - Coaching teams on assessing bank capital levels.\n    - Providing training on stress-testing methods.\n    - Developing training materials tailored to Nigeria’s financial sector.\n- Framing: long-term experts are “the face of the Fund”—teachers, ambassadors, trusted advisers.\n- Institutional emphasis: putting people at the center benefits member countries and global financial stability."
    },
    {
      "heading": "III. Capacity Development—Products and Partners",
      "content": "- Products (knowledge-sharing instruments and areas of engagement)\n  - Objective: help members build capacity across fiscal, monetary, statistical, and financial areas.\n  - Case examples:\n    - Cambodia: IMF helped create key central bank functions after the country’s civil war; multi-year efforts on banking regulation and supervision supported commercial bank lending, growth, and employment.\n    - Jamaica: Fund supported the Financial Services Commission in strengthening supervision of insurance and securities firms to identify and address risks and make the financial system more supportive of growth.\n  - Approach:\n    - No one-size-fits-all—help members adapt global regulatory reforms to specific circumstances.\n    - Evolving focus on fintech, virtual currencies, new financial business models, and heightened money-laundering and financial stability risks.\n    - Cybersecurity emphasized as a key threat to financial stability.\n    - IMF participation in workshops on managing cyber risk to improve policy advice and capacity development.\n- Partners (funding and collaboration)\n  - Funding and contributors:\n    - Last year, more than 40 member-countries provided funding for capacity development efforts.\n    - These partners—led by Japan and the European Union—finance about half of IMF work in this area.\n    - Contributions include sponsoring experts, financing technical assistance programs, and funding global capacity-development centers.\n    - Partners also contribute to “thematic funds” supporting priorities including financial stability and strengthening financial integrity.\n  - Collaboration with other organizations:\n    - Complementarity with BIS and the BIS Financial Stability Institute (FSI).\n    - Online learning:\n      - Fund has helped train nearly 10,000 government officials through free online courses.\n      - Since 2013, the Fund has trained more than 34,000 individuals, including nearly 10,000 government officials.\n      - BIS/FSI known for e-learning expertise (example: “FSI Connect”).\n      - Joint BIS-IMF initiative:\n        - A new online course on banking supervision is being created jointly.\n        - Some 200 government officials from 41 countries are expected to participate in this joint course later this year.\n        - New BIS-IMF course is a 40-hour training program, with 5 case studies and 5 interactive webinars.\n    - Pedagogical principle: combine well-designed online courses with face-to-face training and assistance to maximize results."
    },
    {
      "heading": "Conclusion",
      "content": "- Learning framework and call to action:\n  - Proverb: “Tell me, and I forget. Teach me, and I remember. Involve me, and I learn.”\n  - By stepping up capacity development and deepening collaboration with the BIS, member countries can be involved in a powerful learning experience.\n  - Role encouragement: be teachers, ambassadors, and trusted advisers.\n\nAs prepared for delivery, February 8, 2018. IMF Communications Department.\n\n---\n\n\n References\n\n- Christine Lagarde\n- Jamaica and the IMF\n- Nigeria and the IMF\n- Speeches\n- PRESS CENTER\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2018/02/08/sp020818-imf-and-bis-working-together-to-boost-financial-stability"
    }
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    "Published: February 8, 2018",
    "Purpose: strengthen member countries' expertise in financial sector supervision and regulation through capacity development.",
    "Capacity development described as:",
    "Framing quotes used:",
    "Historical and budgetary context:",
    "Core message: capacity development is people-centered—coaching, skills transfer, knowledge sharing.",
    "Long-term experts highlighted as central actors:",
    "Example: Carmencita Santos",
    "Example: Leonard Chumo",
    "Framing: long-term experts are “the face of the Fund”—teachers, ambassadors, trusted advisers.",
    "Institutional emphasis: putting people at the center benefits member countries and global financial stability.",
    "Products (knowledge-sharing instruments and areas of engagement)",
    "Partners (funding and collaboration)",
    "Learning framework and call to action:",
    "[Christine Lagarde](https://www.imf.org/en/About/senior-officials/Bios/christine-lagarde)",
    "[Jamaica and the IMF](http://www.imf.org/external/country/JAM/index.htm)",
    "[Nigeria and the IMF](http://www.imf.org/external/country/NGA/index.htm)",
    "[Speeches](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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